Rubina Ahmed-Haq is a financial journalist and personal finance expert with more than 15 years of experience. Her career spans three continents with appearances on TV, radio, print and online. She is the Finance Editor for HOMES Publishing. You can also read her columns in CondoLife and Active Life. Rubina runs the website www.AlwaysSaveMoney.ca. She has also contributed on personal finance matters at The Toronto Star, The Globe and Mail, National Post, CTV Newschannel, Mississauga Life Magazine, Masalamomma.ca, OurKidsMedia, CAA Magazine, South Asian Focus TV, ANOKHI Magazine, Bridal Fantasy Magazine, Canadian Running Magazine, FRESH JUICE magazine and NEWSTALK 1010.
The Bank of Canada is holding its key benchmark rate for the seventh time in a row, despite the U.S. Federal Reserve cutting its own for the first time in 10 years.
Chase Bank is forgiving all outstanding debt held by its Canadian credit card customers.
Higher minimum payments are aimed at decreasing the interest paid over the lifetime of a credit card debt.
Interest rates put in a holding pattern as global trade tensions remain top of mind for the Bank of Canada.
Bank of Canada calls for a broader range of mortgage products.
An overview of the CMHC dividend framework, and its effect on Canadians seeking high rate mortgages.
One big bank expects BoC interest rates to hold steady into next year – but not everyone agrees.
Canadian government promises up to 10 percent for first-time home buyers in 2019 Federal Budget
This week, market watchers are waiting to hear what the Bank of Canada will do when do when it comes to interest rates.
Previously, going with a variable mortgage meant saving money over the long term. But last week, RBC cut its 5-year fixed rate by 15 basis points, giving customers the option to…
As the RRSP deadline approaches, it's important to understand if a contribution makes sense for you.
The Bank of Canada decided to hold its overnight rate at 1.75%.
Canadians should brace themselves now for money to get more expensive, and all the other broader impacts of a rate hike on the economy.
With all the hustle and bustle that’s synonymous with this time of year, soon enough, it will be time to file our taxes again.
The Bank of Canada decided to keep the overnight benchmark rate at 1.75% for several reasons, leading to uncertainty as some forecasters now believe there may not be a hike in the upcoming January announcement…
The Bank of Canada announced this morning that it is hiking its key interest rate, for the third time this year, to 1.75%, likely affecting prime rates at banks...
With the new trade agreement, entitled the United States Mexico Canada Agreement (USMCA), Canadians will be able to purchase goods up to $150 CAD without paying…
According to a new MPC report, the new mortgage stress test is leaving 18% of home buyers out of the market, though most can still afford to make monthly payments…
Bank of Canada Governor Stephen Poloz announced at a news conference this morning that the benchmark interest rate is being hiked to 1.5% due to strong numbers. Canadians can now expect increases in goods like…
In 2018, new Ontario mortgage applicants likely won’t be able to afford the same home, as stricter mortgage rules come into place. And while those with a fixed rate mortgage are not impacted by interest rate increases implemented by the Bank of Canada, their affordability will be affected as well.
Effective Jan. 2018, all Canadians applying for a new mortgage will be subject to a stricter stress test to assess if they could still make mortgage payments in the event interest rates rise. The new guidelines will reduce how much you can afford…
As the prime rate rises, so does the cost of borrowing money, or taking out any type of loan. Here are other areas where students can expect rising interest rates to affect their finances come September.
For the first time in almost seven years, the Bank of Canada has raised its key interest rate. In its scheduled Monetary Policy Report (MPR), the bank announced this morning that it is increasing the rate by…
Historically speaking, when American interest rates rise or fall, Canada follows. That might not be the case this time.
Is your credit score mortgage ready? Many Canadians don’t know the state of their score before starting the pre-approval and application process – and they could be in for a nasty surprise. Here’s what you need to know about your score – and how you can improve your chances of qualifying for a mortgage.
The latest numbers from Statistics Canada show the national debt-to-income ratio has hit 164.4% – the biggest increase since 2011. Why is debt spiralling so high in Canada – and what can consumers do to lower their own ratios?
Foreign real estate investment is a point of contention for expensive markets like Vancouver, where locals allege prices are driven excessively high by buyers who don’t even reside in the city. Now, the Conservative government has made a re-election promise to address the issue – but at what cost?
What’s the biggest risk to our economy? It’s not the low price of oil – the Bank of Canada recently revealed that high levels of household debt and steep housing market are their biggest causes for concern. Here’s what that means for you.
It has been a truly hot spring housing season, and lenders are using new mortgage marketing tactics as a result. Here are three we’ve seen so far – and whether they’re truly as great as they seem.
A not-so-nice surprise for Albertans; home buyers can expect their land transfer tax and mortgage registration fees to rise as the province feels the squeeze from dropping oil prices.
Bank of Canada Governor Stephen Poloz has stated economic conditions in Canada will be “atrocious” in Q1. How should Canadian consumers react to this news?
Calgary housing market sales have dropped nearly 40% as the fallout from lower oil prices takes effect, though prices have remained strong. What’s in store for sellers – and prospective buyers waiting for a softer market?
Toronto’s condominium market is soaring as Canada’s largest city continues to attract more people for work and play. Currently, there are more than 100,000 units under construction, 123 high rise projects underway and 160 planned to start soon.
Patriots may bristle at the "Americanization" of such an iconic Canadian brand, but this new development is good for Canada.
Earlier this month, Statistics Canada misreported Canada’s July job numbers – an important indicator for economic growth. The mistake has since been rectified, but what should consumers know about the situation – and what does the revised data tell us?
The Tax Free Savings Account (TFSA) has now been available to Canadian consumers for six years – but Canadians are still unclear on how to use it. The CRA reports many savers are over-contributing – and getting dinged by tax penalties for their efforts.
What makes for a satisfied Canadian banking customer? According to The Canadian Retail Banking Customer Satisfaction Study, no-fee banking tops the list. The survey, now in its ninth year, was released this week by JD Power and Associates. In it, customers were asked to rank their level of satisfaction with their lender.
Attention Black Friday shoppers – did you know that 50% more Canadians plan to hit the malls this year? However, shopping holidays can be disastrous for those already carrying significant debt. Here are the top do’s – and don'ts – for deal seekers this year.
Opening a joint bank account is a big step for any couple – and it’s important to agree on how that money will be spent and saved. A recent study finds that while many couples share their accounts and assets such as mortgages, they haven’t shared their long term financial plan goals with each other.
Are you planning to take a vacation this fall? A new BMO study finds Canadians are willing to go into debt to finance their getaways. Looking to save costs and get some badly needed R&R? Check out these frugal tips for taking time off.
Deciding whether to start an RESP for your child? Not doing so means missing out on free money – tens of thousands of dollars! Here are a few of the ways your RESP earns money, and some of the most common misconceptions explained.
The Canadian Tire bank branch is set to expand as the retailer giant searches for a new lending partner. Will this have any effect on current banking consumers?
Be wary of unsolicited emails or calls promising a competitive low interest credit card in exchange for a fee – it’s the latest ploy from fraudsters out to acquire your sensitive financial information. Here’s how to protect yourself, and what to do if you’re targeted.
The recent acquisition of Shoppers Drug Mart by Loblaw Cos Ltd. is a move that challenges the onslaught of American big box retailers in Canada. Does this mean lower prices for Canadian consumers?
With no change made to the Bank of Canada’s Overnight Lending Rate since September 2010, economists look at the perceived “rate bias” indicated in the wording of rate announcements. This bias is seen as a hint of where rates may go next and are powerful enough to influence global markets.
Credit card convenience cheques carry hefty interest charges.
Finance Minister Jim Flaherty recently expressed disapproval toward those who plan to short the Canadian housing market. How does short selling work, and could it apply to Canada’s market conditions?
A legal loophole has been discovered that leaves Ontario tenants vulnerable to steep rent increases – particularly in Toronto’s hot condo market. Here’s how to protect yourself from an increase – and how to fight back if they happen to you.
Paying taxes with a credit card has never been an option in Canada – until now. A third party credit card company located in Toronto is now offering the service, which is not endorsed by the CRA. Here’s what you need to know if you’re considering this form of payment.
March is fraud prevention month, and a great time to assess the safety of your finances. Check out our tips for staying extra vigilant.
Downsizing to a smaller home or condo can be an effective way to free up equity, but it’s not always the right route. If you’re a boomer looking to cut corners, but can’t bear to part with the family home, consider these options.
Many Canadian boomers are considering trading the family home for a compact condo to cut living costs. There’s a lot of money to be saved by downsizing – but be aware of your changing financial strategy and insurance needs as well.
Gambling can be a lot of fun – but it can wreak absolute havoc on your finances if you don’t exercise self-control. Now a new era of gambling is upon us – with the help of modern technology it’s easy for anyone to play a game of blackjack or roulette by simply using his or her smartphone.
It seems bank credit rating downgrades are the financial headline du jour – and it all kicked off with news of Dutch bank ING Bank of Canada receiving a hit from Moody’s last week. Why are banks the target of such slashings? As usual, European debt crisis is a contributing culprit.
It’s that wonderful time of year again. When we dig deep into our shoeboxes full of receipts and wait eagerly for official tax documents to arrive in the mail. All to file our tax refund before the end of April. Are you ready for it this year?
CMHC is given permission to insure up to a limit of $600-billion. That threshold is slowly approaching and concerning some mortgage brokers and real estate experts. They say this could adversely affect smaller lenders and consumers in the short to medium term.
Experts will tell you your debt-to-income ratio is one of the best ways to gauge your financial position. The media often quotes the Bank of Canada saying Canadians are at dangerously high levels of debt at 153%. But what does that mean?
Increasingly Canadians looking to buy a house are seeking more information from the professional helping to secure their mortgage. They look to their mortgage expert for good financial advice, guidance and some level of consultation on what most likely is the biggest investment of their lives.
The numbers for Canadians are scary. Only, 1 in 3 have retirement savings, the median value of an RRSP in Canada for those over 55, is only $60,000. On top of this, a mere 1/3 can depend on a work pension after retirement.