Bank of Canada Holds Prime Rate in Face of Unpredictable Global Climate

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Bank Steadies itself as Possible Domino Effect Threatens European Economies

What a large number of analysts have been predicting for months has proven true; the Bank of Canada has opted to keep its benchmark, overnight interest rate at 1 per cent.

The rate announcement came with a message: at present, combating inflation needs take a back seat to spurring economic growth amid the debt crises being faced in European and U.S. markets.

“The U.S. economy has grown at a slower pace than expected and continues to be restrained by the consolidation of household balance sheets and slow growth in employment,” a press release issued by the BoC stated. Continue reading “Bank of Canada Holds Prime Rate in Face of Unpredictable Global Climate”

Stampede Buzz of Activity Could Mark Economic Recovery

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Local Businesses see Up-Surge of Corporate Spending

Is it the enchantment cast by the recent visit of the Duke and Duchess, which sadly ends today, or an indication that the City of Calgary is enjoying better economic times? According to yesterday’s Calgary Herald, the answer lies in the latter.

The Herald highlights the fact that this year’s food and drink haunts have seen a marked increase in business these days over the same period passed in 2010 and 2009. Continue reading “Stampede Buzz of Activity Could Mark Economic Recovery”

Improve Bad Credit in Six Easy Steps

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Credit score is one of the major players in determining the amount of financing and interest rate you are eligible to receive. Credit history proves to lenders how reliable you are when granted funds. Leading up to your mortgage application, there are six, quite simple steps you can take to help improve your credit rating.

Remember that regardless of a company’s claim to possess the ability to repair your credit score for you, in Canada, this is just not possible. Don’t fall prey to a credit repair scam. Though there are actions you can take to improve your own credit rating, there is no easy way out or fee you can pay to have the slate completely cleaned. Instead, follow the following and improve your credit rating the right way. Continue reading “Improve Bad Credit in Six Easy Steps”

Drunk Driving Highest in Interior BC Towns, Not Urban Areas

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According to ICBC investigation records, as accessed by Global News in an exclusive investigation, the postal code areas showing the highest rates of alcohol-related suspensions are within interior towns, not heavier populated urban areas.

The top 10 highest volumes of alcohol-related suspensions per postal code – ranging from 12-hour license suspensions to impaired driving causing death – were found in the following locations, as reported from April, 2010 to April, 2011:

Continue reading “Drunk Driving Highest in Interior BC Towns, Not Urban Areas”

How to Calculate Mortgage Penalties

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There are numerous good reasons as to why mid-term you may be considering the option of breaking your mortgage. You may have found yourself in need of extra finances, have located a much better rate, are aiming to consolidate high interest debts, are interested in early renewal or are paying out the balance of your home loan early.

Before you make your decision, you will need discuss the option with your mortgage broker and weigh the mortgage penalty fee against your potential future savings.

The Mortgage Penalty Calculator is a helpful resource Canadian Mortgage Trends has supplied to Canadian mortgage holders amid these important considerations. The calculator can provide you with an estimation of what your penalty fee will look like as you determine your best financial route. Continue reading “How to Calculate Mortgage Penalties”

Building up your Retirement Emergency Fund

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According to an Ipsos Reid Retirement Risk survey conducted earlier this year, roughly 72 per cent of Canadians approaching retirement are concerned over how they will maintain a comfortable standard of living through their retirement years. Most Canadians are additionally anxious that their savings will not be sufficient in covering needed health care expenses.

Sun Life Financial spoke to two experts in the finance field – Jim Yih, author of 10 Things I Wish Someone Had Told Me About Retirement and Gail Bebee, author of No Hype – The Straight Goods on Investing Your Money – who recommended the following tips on building, and maintaining, your emergency retirement fund. Continue reading “Building up your Retirement Emergency Fund”