Tax-free first home savings account won't make housing more affordable: personal finance expert
Mass layoffs have swept the North American tech sector. For those that are part of a round of layoffs that includes hundreds, if not thousands, of staff members, there might be pressure to sign off on the severance package put in front of you. But employment lawyers say workers still have leverage regardless of the size of the layoff and remind employees they shouldn’t hesitate to fight for their maximum entitlements.
Debt piles up as Canadians struggle with higher cost of living
Roughly one in four Canadians have had to incur debt to pay for basic living costs such as groceries and their mortgage, a survey by Finder has found. “Wages are not keeping pace with higher living costs and this puts middle-income earners—the bulk of Canadians—in a tough position,” the report said.
Cooling inflation little comfort for Canadians
Speaking of that high inflation – the latest Statistics Canada data showed consumer prices grew 7.6 per cent in July year-over-year. One positive sign is it’s a slowdown compared to the prior month but inflation is still running nearly four times higher than the Bank of Canada’s two per cent inflation target. When it comes to grocery bills, food prices rose 9.9 per cent in the month, led by a 16 per cent increase in the price of eggs.
New details about the Tax-Free First Home Savings Account
The federal government has released draft legislation on a new savings account aimed at helping Canadians buy their first home. Here’s a rundown of the basics. It’s important to note homebuyers that already have a Home Buyers’ Plan can’t withdraw funds from that account and this new savings account for the same home purchase.
Home price declines lure out detached-property buyers
Many buyers are still on the sidelines as they evaluate the rapidly-changing dynamics of the housing market. But a RE/MAX Canada report shows some detached-home buyers are starting to dip their toes back in. “For those buyers that were active in [the second-quarter], improved housing affordability due to easing prices and the threat of higher rates down the road clearly provided the impetus for many to leap into detached home ownership,” the report said.
Sell in May and go away? No way, writes Dale Jackson
Historical data shows returns between May and October can be weak, but more often than not, the returns are positive. Personal Finance Columnist Dale Jackson dissects the old investment adage “sell in May and go away,” where investors scale back their stock exposure before the summer months, and whether that’s truly the best mantra to live by.
"It’s safer to presume it’s a scam and contact that company directly if you need to."
- Experts tell the Canadian Press about the steps Canadians can take to protect themselves against fraud when travelling.
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