How We Tamed Our Debit Card Urge

How We Tamed Our Debit Card UrgeAt a time when we were really watching our pennies, my husband and I decided to use an old-school trick for budgeting to stop us from frittering our money away. I wasn’t sure exactly how much money we actually spent week to week — we were in the habit of going to the bank machine and using our debit cards whenever we needed to buy something.  Read More…

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Buying Your First Home is Now More Difficult

Buying Your First Home is Now More DifficultBuying a first home or taking out a loan against an existing residence will be more difficult for Canadians under new rules announced Thursday, but Finance Minister Jim Flaherty says it’s for their own good. For the fourth time in as many years, the finance minister moved to tighten the mortgage and lending landscape — changes that mean up to five per cent of Canadians who might be considering buying…

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Fed-up Clients Ditch Banks for ‘Transfer Day’

Fed-up Clients Ditch Banks for 'Transfer Day'The social media-organized protest against big banks crescendoed Saturday, with hundreds of thousands of fed-up customers yanking their money from large corporate institutions to dump it into credit unions. Smaller community banks across the United States were recording an uptick in business as a result of the anti-corporate sentiment, which came to a head on so-called international “Bank Transfer Day” on Saturday.  Read More…

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Occupy Toronto Takes to the Streets Again

Occupy Toronto Takes to the Streets AgainAs Occupy Canada protesters across the country spent a second day in tents set up in urban parks on Sunday, protesters in Toronto launched another march in the city’s downtown core and gathered at a central shopping area. Members of the Toronto group who set up an encampment at St. James Park just east of the financial district, were on the move again, chanting, “Whose streets? Our Streets!” on their…

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Pros & Cons of Using a Credit Card-Only Spending System

Pros & Cons of Using a Credit Card-Only Spending SystemWhen it comes to budgeting and spending money we all have our own unique plans. Some of us prefer to track every penny. Some people just go with the flow. Some prefer using cash-only, while others go card-only. I wanted to look at the pros and cons of a card-only spending plan. First well start off by looking at the benefits of a credit card-only (debit and credit) system: More…

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Recession May Have Ended But Economy Still in Hole

Recession May Have Ended But Economy Still in HoleTwo years removed from what many feared would be the total collapse of the world economic and financial systems, Canadians may be forgiven for asking — “What was the big deal?” The most severe global recession in six decades fizzled into a run-of-the mill slump in Canada lasting three quarters and costing just over 400,000 jobs, a mere 2.4 per cent of the labour force. And as the second anniversary…

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Canada’s Largest Bank Goes Paperless

Canada’s Largest Bank Goes PaperlessI know mobile phone companies are going paperless, setting off a lively debate. But I didn’t know that Canada’s largest bank had done the same thing. In May, RBC Royal Bank stopped sending paper statements to its personal banking clients. David, who wrote to me, doesn’t remember getting any notice. I went through a lot of paperwork this past weekend and realized I hadn’t received a statement since April. The…

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How Canada Avoided A Bank Bailout

How Canada Avoided A Bank BailoutA helpful guide as to why Canadian banks avoided the global financial collapse of a few years back spearheaded by the American banks disastrous mistakes.  It also goes into detail as to how the American banks woes are affecting Canadian ones.

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Why banks aren’t paying higher interest rates

Why banks aren't paying higher interest ratesSo far in 2010, Canadians have opened 20 per cent more chequing and savings accounts than last year at this time. That amounts to about $100 billion in new deposits and Canada’s major banks have been fighting for a share of it with incentives, including cash rewards for customers opening new accounts. While consumers can get cash and travel points to open a new account, there is one conspicuous weapon…

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The Lottery and your retirement

The Lottery and your retirementDon’t be one of the boneheads counting on the lottery to retire. Here’s why: Your chances of retiring?  Pretty close to 100% (unless, fate forbid, you die before you retire).  Your chances of winning the Lotto Max?  1 in about 29 million.  (Mathematically it’s closer to 1 in 86 million, but because the way the tickets work it’s about 1 in 29 million.)  1 in 29 million is 0.0000034483%. So,…

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