After the whirlwind economic year we have had, making your finances work for you is already top of mind for most Canadians as we head into 2023. Here are some ideas to make your finances work for YOU in the New Year: Purge Expenses One of the best goals you can have for the New Year is cutting out all those things that didn’t work the previous year. While we are not referring to your water or electricity bills, there are still many ways you can cut down on costs. For instance

With the recent inflation and rising prices occurring across the country, it is time to take control of your finances. One of the quickest ways to understand where your money is going and where you can make changes, is to create a monthly budget. This will help you get a snapshot of your income compared to your spending, and provides an avenue to review all of your outgoing costs and helps you make changes to increase your monthly cashflow - or just feel less stressed! Step 1

The Bank of Canada ends 2022 with another interest rate hike. Find more here. At 10 am eastern, the Bank of Canada announced another increase in its policy interest rate. With no other BoC policy announcements scheduled before 2023, Canada is expected to end the year with an overnight rate of 4.25%. That’s the highest it has been in 15 years as the BoC struggles to tame inflation. To learn more about the Bank’s motivation for this latest hike, and its thoughts on the way for

The latest look at the residential mortgage industry by Canada Mortgage and Housing Corporation shows some marked changes in the market over the last year or so. Notable shifts include a move away from variable rate mortgages and a growing preference for shorter terms. At the beginning of the year more than 70% of all fixed-rate mortgages, initiated or refinanced, had 4 or 5 year terms. Just 11% had shorter terms. However, by July 28% had 2 to 3 year terms, with 45% at 4 or