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Sean Cooper is the author of the new book, Burn Your Mortgage. He bought his first house when he was only 27 in Toronto and paid off his mortgage in just 3 years by age 30. An in-demand Personal Financial Journalist, Speaker and Money Coach, his articles and blogs have been featured in publications such as The Toronto Star, Globe and Mail, Financial Post, Tangerine: Forward Thinking blog and TheDot. You can follow him on Twitter @SeanCooperWrite.
The housing market can be a hard thing to predict. But if you’ve found yourself in a predicament that requires you to withdraw your offer, it’s best to consider all your options before making a final decision.
Are you thinking about refinancing your mortgage? Early refinancing has become a bit of a trend; not surprisingly though, everyone is looking to save money where they can. Obtaining a new loan with better interest rates for your home could mean saving money on monthly mortgage payments or using the extra money on other projects such as renovations or making investments.
Be sure to get pre-approved for a mortgage ahead of time because you might not qualify to spend as much on a home as you thought under the stress test.
Are you buying a home or renewing your mortgage soon? Canada’s housing market is in the midst of various changes.
Facing rapidly rising home prices in the GTA, last month the Liberals introduced a 16-point plan to cool the red-hot real estate market. Ontario’s Fair Housing Plan includes a number of measures to address the escalation of home prices in…
By choosing to “accelerate” your payments, you’re actually paying for an extra month of mortgage every year, meaning a slightly higher amount on each payment.
It’s been another banner year for real estate in the Greater Toronto Area. The average price for all property types sold in the GTA came in at $729,922 in 2016 – that’s an increase of 17.3% from 2015.
Want to take out a loan or mortgage, but don’t know where to start? Planning to Borrow by Steve Bang demystifies the world of consumer borrowing. Read on for our review, and prepare yourself before you walk into the bank.
Canadians want better tax resources and clearer communication with the CRA, according to a survey from RedFlag Deals. Here’s how you can find the info you need when filing your return.
The Liberals have announced their new budget, including a $6-billion contingency fund that’s drawing criticism from economists and some Conservatives. Why has such a large fund been set aside – and what will it be used for? Read on for Sean’s breakdown.
Two of Canada’s largest lenders, RBC and Scotiabank, had their credit ratings downgraded last week by Fitch and Moody’s respectively. What’s behind this downgrade – and should banking consumers worry?
Bank of Canada Governor Stephen Poloz recently stated that negative interest rates could be a possibility in bad economic times. How does this monetary policy work? And how would consumers and borrowers be affected?
Cheap vs frugal – believe it or not, there’s a big difference between the two. Sean Cooper, frugal living expert, lists the top things you should never be afraid to spend money on.
There are new Liberal changes for the Home Buyer’s Plan in store, including expanding eligibility beyond first-time buyers. Here’s how the program is changing – and how it could impact your retirement savings.
The Scotiabank GM Visa is the latest credit card to hit the market and earns 5% on the dollar toward a new GM vehicle. But will it get you into the driver’s seat faster? We take a look at the pros, cons, and how soon you could be driving off the lot in your new ride.
The Conservative government announced it plans to expand the maximum withdrawal amount for the Home Buyer’s Plan to $35,000. This is the most recent pre-election promise targeting home buyers struggling with steep affordability – but will this measure help, or hurt, the housing market?
Is it ever a good idea to sign up for a retail credit card? Store-offered cards are experiencing somewhat of a comeback in Canada as they offer features rivaling some of the best on the market. So, are they worth another look?
Good news for prospective home buyers and landlords: the CMHC has announced that 100% of the profit from an income suite can be used toward your mortgage qualification, Previously, only 50% was allowed. Read on to see how this can affect your home financing.
While using Aeroplan points may seem like an innovative solution, when you look at how many points you’ll have to redeem, you probably won’t be as thrilled.
The new TFSA contribution rules state Canadians can save up to $10,000 annually tax-free. But confusion still persists over how these accounts work. Here’s what you need to know.
Services like Plastiq and Rentmoola allow you to pay bills – and even rent – with your credit card. But should you? We break down the pros and cons of paying for more with your plastic.
Credit card interchange fee caps come into effect this month, meaning merchants will pay less to the banks to process every purchase made with plastic. It’s supposed to be a move that will benefit both consumers and business owners – but will it really? We look to examples set in other countries where fees have been capped.
A recent BDO poll finds just over half of Canadians are lying about finances, especially those in the middle-aged demographic. Why all the deception? Read on for the full story.
Planning to give to a worthy cost this year? You’re running out of time – December 31 marks the deadline for charitable giving tax eligibility. Check out our top charitable tax tips.
A recent CIBC study suggests Canadian mortgage debt isn’t as dire as the Bank of Canada claims – in fact, consumers may be paying their mortgages off faster to the tune of $11 billion nationally. But do these numbers really paint an accurate picture of consumer debt in Canada? Read on for the full story.
Long-term GICs are a great way to add stability and guaranteed returns to any investment portfolio. Read on to learn more about these investment options.
Findependence Day Book Review: Jonathan Chevreau – A merge of fiction and personal finance drives home money lessons – without it being a math lesson.
Calling all gals looking to take control of their money: Well-Heeled: The Smart Girl’s Guide to Getting Rich is a must-read, chock full of tips for making more money, living debt-free and building a retirement nest egg, all aimed at financially independent young women.
Two-thirds (67%) of high-net-worth Canadians – those with over $500,000 in investable assets –
that have a mortgage have the cash available to pay for their home in full, according
to a recent Investors Group survey.
Automated savings are one of the easiest ways to sock away a nestegg – but only 14% of Canadians are saving their money this way, according to a CIBC poll. Here’s how to make the process of setting money aside regularly less painful.
Rising interest rates can spell trouble for a bond-heavy retirement portfolio – yet a study finds Canadians don’t know how to protect their investments should rates rise. Here are 4 alternatives to consider when safeguarding your retirement plan.
For two-thirds of Canadians without a workplace pension plan, RRIFs will be vital to providing income in retirement, but current withdrawal rules mean seniors run the risk of depleting their funds when they need it most for health and general care.
New homeowners beware – there’s nothing like unexpected renovations to disrupt your budget and break your bank account. This is just what happened to rookie homeowner Sean Cooper this winter – read on to see how he paid for over $20,000 in surprise repairs.
You probably don’t associate summer fun with your bank… but did you know Canada’s big 5 host tons of great (and mostly free) concerts, festivals and events each year? Check out our list of don’t-miss fun events!
The push for Quebec separation has a renewed force, as a popular billionaire media mogul has joined forces with the PQ. This means the outcome of the provincial election on April 7 could determine whether Quebec will become its own nation.
Money Wise blogger Sean Cooper shares his secrets for buying a home – and paying a third of it off – all before turning 31! Read on to learn how he uses smart savings tactics and options like lump-sum payments to achieve his goals.
Suffering from a long term illness like cancer or heart disease can have serious financial implications. Critical illness insurance can help counter these costs. Should you take out a policy, especially if you already have disability insurance?
A new study finds Ontarians are shrugging off their savings plans in order to focus on debt repayment like mortgages. But is it ever a good idea to stop saving completely?
After months of waiting, existing Aeroplan cardholders have a timeline as to when they may transition in the TD CIBC Aimia deal. Here’s what consumers need to know about the switch, and what new features will be introduced for Aeroplan customers in the new year.
Canadians will continue to have among the highest mobile phone rates in the world, while the big three continue their stranglehold on the wireless market.
After four years in the making, the Canada-EU Comprehensive Economic and Trade Agreement has been inked, meaning consumers and businesses will access and benefit from huge new markets. How will this create savings for Canadian consumers, and what may become more expensive?
The Conservatives delivered a throne speech on Wednesday squarely aimed at appeasing consumers.
Pension statements help provide you with the big picture when it comes to your retirement. Here are five things to check on your annual statement.
Gaming can be as addictive as gambling – here’s how you can keep your in-game spending in check and avoiding spending too much.
Talk of a minimum wage increase in Ontario has sparked a debate. While an increase in income and purchasing power is beneficial to workers and the economy, businesses warn of impending job cuts and fewer hours to cover costs.
Back to school season 2013 is just around the corner – and new consumer data shows parents are willing to spend more on school supplies this year, as economic growth and retail prospects improve.
A recent TD poll found that 22% of couples stretch the truth when it comes to their finances, as it remains a taboo topic for many.
It appears the cloud of recession pessimism may be lifting from Canadian investors. A recent TD poll found that respondents feel generally good about their investment portfolios, and about the Canadian economy as a whole.
The failure and subsequent takeover of a small mobile service provider raises questions for mobile consumers: will there ever be more choice than the "big three" providers?
Overdraft protection can bail your bank account out of a tight situation – but using this add-on banking service can rack up high interest debt very quickly. Here’s what you need to know about overdrafts.
Canada unemployment continues to be a national issue, and new graduates are hardest hit. Why are 20-somethings having trouble finding jobs? Is post-secondary debt setting students up for a lifetime of financial struggle?
Target isn’t fully acquiring Zellers; it’s only taking over some of its prime locations. If you’re a Zellers employees this is bad news – not only are you not guaranteed a job, if you do get hired by these new stores, you’ll most likely have to start at a lower wage with fewer hours.
Canadian families are finding it increasingly difficult to save for the future in a post-recession economy. As global economic uncertainty continues, and the consequences of the U.S. fiscal cliff are on the horizon, Canadians are changing their spending habits and developing a new approach to saving.
By now you should have completed your taxes and are most likely eagerly awaiting your return. While some will get just a couple hundred dollars back, some of you could be in for a fairly sizable cheque. It’s easy to get excited about unexpected money, and hard not to want to spend it all at once.