A Registered Retirement Savings Plan (RRSP) is one of the most powerful tools available to Canadians for building a secure financial future. By offering tax advantages and encouraging long-term savings, RRSPs can play a pivotal role in helping individuals achieve their retirement goals. However, like any financial tool, they come with nuances that can trip you up if you’re not careful.
Read more
RRSP 101: Everything You Need to Know to Start Saving for Retirement
A Registered Retirement Savings Plan (RRSP) is a cornerstone of retirement planning for Canadians, offering significant tax advantages to encourage saving for the future. Understanding how RRSPs function is essential for maximizing their benefits and securing a comfortable retirement.
Read more
Beware of Fake Banking Representatives: How to Protect Yourself and What to Do If You’re a Victim
In recent months, a new wave of fraud has surfaced in Canada, particularly involving scammers posing as banking representatives. This scam, known as the “fake banking representative” fraud, has left many Canadians vulnerable to financial losses. Scammers call or visit victims, pretending to be from their bank, and claim there’s an issue with their account. They then manipulate their victims into sharing personal information or handing over their bank cards. Here’s how to avoid falling victim and the steps you should take if you’ve been targeted.
Read more
How Rising Interest Rates are Affecting Debt Management and Insolvency in Quebec
In recent months, Quebec residents have become increasingly concerned about the impact of rising interest rates on their financial stability. A recent survey by found that more than half of Quebecers are worried that interest rates may not fall anytime soon, posing significant challenges for those managing debt or facing insolvency.
Read more
Navigating Financial Stress and Debts After Job Loss
Losing a job can be one of the most stressful experiences in life. Not only does it affect your daily routine and self-esteem, but it also has a significant impact on your financial stability. Navigating financial stress and debts after job loss requires careful planning and proactive steps to manage your finances effectively.
Read more
Saving Money on a Tight Budget
The annual measurement of viable income by the Institut de recherche et d’informations socioéconomiques (IRIS) in Quebec highlights the increasing cost of living in 2024. This study reveals not just the financial demands for basic necessities but also the broader economic realities many face today.
Read more
Canadian Business Landscape: A Snapshot of Q4 2023
In the fourth quarter of 2023, Canada’s real gross domestic product (GDP) remained relatively stable for the second consecutive month in August. Despite this, inflationary pressures persisted, registering a 3.1% year-over-year increase in October. Employment exhibited minimal change, but the unemployment rate rose to 5.7%, marking the fourth increase in six months.
Read more
Understanding Debt Ratio: A Crucial Metric
Your debt ratio, also referred to as the debt-to-income ratio, is a critical measure reflecting the percentage of your income allocated to servicing debts. Preserving a robust financial profile involves steering clear of these 6 common pitfalls that can jeopardize this ratio.
Read more
Measuring Debt: Beyond the Debt-to-Income Ratio
People who come to us for consultation often question the severity of their indebtedness. Are they worrying unnecessarily, or are they truly on the brink? We explore here the factors involved in this assessment.
Read more
Turning the Page: Starting a Debt-Free Chapter in the New Year
As the calendar flips to a new year, many of us find ourselves reflecting on the past and setting resolutions for the future. For some, a common resolution is to achieve financial freedom, and one significant aspect of this is freeing ourselves from the burden of debt.
Read more