Canadians cutting back on spending: Angus Reid

An Angus Reid survey found
four in five Canadians have reduced their spending over the past few months amid high inflation. Some are cutting back on discretionary spending while others have delayed a major purchase or are driving less, the survey showed.

Inflation taking a toll on RRSP and TFSA contributions

The higher cost of living also means there’s less money left over at the end of each month for RRSP and TFSA contributions. Unfortunately, skimping on those contributions mean Canadians are denying themselves the inflation-fighting power of compound interest. In this week’s Payback Time column, Dale Jackson breaks down how compound interest works.

When are GICs worth it?

Rising return rates on Guaranteed Investment Certificates (GICs) have recaptured investors’ attention but they still lag the rate of inflation. Do they belong in your portfolio? Many finance experts say yes – in certain situations. Read here for more on how to gauge when GICs are an appropriate fit, and check out why this portfolio manager says GICs are giving investors an alternative to stocks.

Millennials still determined to become homeowners: Survey

Six in 10 millennials are picturing themselves owning a home in the future, according to a survey by Royal LePage. The results come as home prices fall in the wake of rising borrowing rates. Royal LePage warned, however, that home prices could be poised to jump as buyers come off the sidelines and as immigration increases.

Wire transfers are convenient but come with risks

Wire transfers are supposed to be a secure and convenient method of sending funds, but they’re not without their risks if there’s an issue during the sending process. It’s unclear on how often wire transfers go wrong, but data from a Canadian banking watchdog shows they are among the top complaints from consumers.



- That’s the number of job openings in Canada in June, the third straight month where openings were above the one million mark, according to Statistics Canada. Here are the sectors with the most open positions.

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