The real costs of buying a car
MoneySense Magazine | Canada's Personal Finance Magazine
by The Canadian Press
7h ago
The thrill of driving a new car off a dealer’s lot is appealing, but experts warn not to let the new car smell go to your head when it comes to borrowing money to make it happen. Mark Kalinowski, a credit counsellor and financial educator at the Credit Counselling Society, says you need to know what you can afford when it comes to a car loan. “If you can’t pay for it and they repossess it, well, now your credit’s ruined for a long time,” he said. You can only afford so much credit based on your income level, so if you take on a car loan, that will eat away at other borrowing capacity such as a ..read more
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Statistics Canada reports real GDP up in January 2024
MoneySense Magazine | Canada's Personal Finance Magazine
by The Canadian Press
7h ago
Canada’s real gross domestic product grew 0.6% in January 2024, helped by the end of public sector strikes in Quebec in November and December, Statistics Canada said Thursday. What is GDP? Gross domestic product (GDP) is a statistic economists use to measure the total amount of goods and services produced in a country during a specific time period, usually a quarter or a year. This number is calculated in one of three ways. Read the full definition in the MoneySense Glossary: What is GDP? Where the GDP is going in Canada The agency added that it expected the growth continued in Februa ..read more
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Making sense of the markets this week: March 31, 2024
MoneySense Magazine | Canada's Personal Finance Magazine
by Kyle Prevost
11h ago
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. You can’t handle the truth—Truth Social! You might’ve read a headline like this the past week, “Trump’s social media company to trade on the Nasdaq.” While some might think there’s money to be made, the underlying transaction is substantially more complicated. If you’re looking for the Coles Notes version, know that this story is interesting in the same way as watching a fender bender on the highway holds everyone’s attentio ..read more
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Housing starts stable in 2023, but demand still outpaces growing supply of apartments
MoneySense Magazine | Canada's Personal Finance Magazine
by The Canadian Press
1d ago
The Canada Mortgage and Housing Corp. says construction of new homes in Canada’s six largest cities remained stable at near all-time high levels last year, driven by a surge of new apartments—despite demand still outpacing supply for rental housing. The agency released its biannual housing supply report on Wednesday, which showed combined housing starts in the Toronto, Vancouver, Montreal, Calgary, Edmonton and Ottawa regions dipped 0.5% compared with 2022, totalling 137,915 units. That was in line with the annual average of around 140,000 new units over the past three years. CMHC deputy chief ..read more
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How to save (and invest) your first $100,000
MoneySense Magazine | Canada's Personal Finance Magazine
by Alicia Tyler
1d ago
A popular milestone goal for young adults just starting out is to save $100,000 cash. YouTube and TikTok are buzzing with videos on this very topic, and it makes sense—$100,000 is enough to give you financial breathing room and life-changing options, like making a down payment on a condo or house, buying a car, travelling the world or investing for retirement. Plus, reaching six figures is a big achievement. But is $100,000 in savings good enough? How much interest would you earn on it? And how do you take the first step toward saving that much in cash? We’re breaking down smart strategies for ..read more
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Don’t get stuck on financial advice that doesn’t ring true
MoneySense Magazine | Canada's Personal Finance Magazine
by The Canadian Press
2d ago
Finance tips and advice that worked decades ago aren’t always relevant in today’s day and age. Still, well-meaning friends and family often recycle the same information for younger generations—only for them to find out the hard way the advice might be inaccurate.  Financial experts say they encounter myths every day in their line of work. Popular examples are that home ownership is the only way to get rich or budgeting rules that are outdated. The Canadian Press spoke with Jason Heath, an advice-only certified financial planner at Objective Financial Partners; Jessica Morgan, founder and ..read more
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Why is chocolate getting so expensive?
MoneySense Magazine | Canada's Personal Finance Magazine
by Brennan Doherty
2d ago
Chocolate is a staple at Easter, Hanukkah, Diwali and plenty of other holidays, but the cost has been going up. Global prices have hit highs not matched in nearly five decades. At the time of this writing, the retail price for chocolate in Canada ranges from $19.92 to $66.41 per kilogram (or $9.03 to $30.12 per pound), according to food sourcing platform Selina Wamucii. And Statistics Canada reports that the price of confectionary items rose more than 9% between January 2023 and 2024, while overall inflation for groceries grew 3.4%. Why is chocolate getting so expensive? A lot of ingredie ..read more
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Trump’s social media company to trade on the Nasdaq
MoneySense Magazine | Canada's Personal Finance Magazine
by The Canadian Press
3d ago
Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday. How much is Truth Social stock? Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trump’s media business in a Friday vote. Shares of Digital World have been volatile. On Friday, the stock slumped 13.7% after the merger was approved. In afternoon trading Monday soared 22% to USD$45.40. (All figures in this article are in U.S. currency.) Former U.S. president Donald Trump is s ..read more
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Should you claim your common-law partner on your taxes?
MoneySense Magazine | Canada's Personal Finance Magazine
by Jason Heath, CFP
3d ago
Ask MoneySense My boyfriend hasn’t filed taxes in over 10 years. Will it mess with me if I claim him on my taxes? He’s had no income since 2020. Life has been hard. I’ve been supporting both of us. I thought maybe I’d get a refund if I add him, or will it complicate things too much? —Alison Common-law taxes in Canada: Why you should claim your partner To state the obvious, Alison, your boyfriend should have been filing tax returns, especially in 2020 and previous years. If he was an employee, he may have been entitled to tax refunds due to tax deductions or credits. If he was self-employed ..read more
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Making sense of the markets this week: March 24, 2024
MoneySense Magazine | Canada's Personal Finance Magazine
by Kyle Prevost
1w ago
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. Lower inflation clears runway for rate cuts Canadians dreading their spring and summer mortgage renewals got some good news this week, as Canada’s annualized inflation rate dropped to 2.8%. The Statistics Canada report stated that the slower growth of cell phone service fees, groceries, and internet bills were key reasons why the consumer price index (CPI) number came in significantly lower than the 3.1% economists had repor ..read more
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