Money123: Latest News

All news where Money123 is mentioned

28.04.2021 / 08:03

Canada’s 2021 tax deadline is still April 30. What if you don’t make it?

‘Fear and uncertainty:’ What to expect from your 2021 taxes Filing and paying taxes by the deadline is always a good idea but may be even more important this year if you’re receiving COVID-19 benefits.“If you don’t file, you could see a delay not just in your Canada Child Benefit (CCB), but also any income supports that you may apply for,” says personal finance expert Rubina Ahmed-Haq.Even you don’t owe any taxes, you must file a tax return in order to access any tax credits and benefits you might be entitled to, such as the GST/HST tax credit, the CCB, as well as the Old Age Security pension and the Guaranteed Income Supplement.

Rubina Ahmed Canada Money123 CRA

Here’s how home prices compare to incomes across Canada

What you can buy in housing markets across Canada for $500K, $1M and $1.5M National statistics show the average national home price is now more than seven times the average household income, according to data from the Canadian Real Estate Association and Statistics Canada.The average home price isn’t a perfect measure of what homebuyers are facing in the real world, as the metric can be swayed by variations in types of homes sold in a given period.

Canada city Ottawa Money123 housing market Home prices

Fixed mortgage rates are on the rise, mortgage brokers warn

Ratehub.ca and president of CanWise Financial, a mortgage brokerage.“Any lender who has not yet announced changes to their fixed rates is expected to do so by the end of this week,” Laird said in a statement via email.As of Feb.24, the lowest five-year fixed rate available on Ratehub.ca — and offered through Canwise Financial — was 1.39 per cent.“This rate is from a provider who has not yet announced a rate increase. We are expecting our best rate to be 1.54 percent by the end of this week,” Laird said.The rate hike would translate into a $32 monthly mortgage payment increase for someone buying a $500,000 home with a 10-per-cent down payment and a 25-year amortization, according to calculations provided by RateHub.

Tiff Macklem Canada Money123 Bank of Canada

‘Fear and uncertainty:’ What to expect from your 2021 taxes

“The biggest thing this year is just a fear and an uncertainty and some doubt about how that plays into your bottom line,” says Jennifer Gorman, social care manager for TurboTax Canada, which has hired three times as many tax experts as it did last year for the upcoming season.But the best thing you can do to lower your tax-stress levels is to prepare yourself, gather your documents and file early, tax pros tell Global News. Here’s what you should know about tax-filing this spring:If you’re like most Canadians, the deadline to both pay and send in your tax return is .

Canada Money123 CERB

The pandemic housing craze is fuelling another boom: reverse mortgages

Pensionize Your Nest Egg.While ballooning home prices potentially unlock additional home equity for homeowners, they can lock young people out of the housing market, according to Macqueen.“What stops people, mostly, is the lack of the down payment,” she says.In Toronto, for example, a dual-earner couple with a combined annual income of $200,000 may well be able to comfortably afford mortgage payments on an average-priced home.

Money123

COVID-19 brings at-home test drives for online car buyers

COVID-19 boost online car-shopping, what used to be a white-glove service is becoming increasingly available to average consumers.It’s part of the digital shakeup that’s swept the industry over the past few months, says Ian MacDonald, chief marketing officer at Autotrader.ca, an online vehicle marketplace.Canadians, he says, have long been turning to the web for at least part of their car-buying journey, with around 90 per cent of consumers using the internet at some point in their search.Amid the health crisis, though, it’s becoming easier to go through every stage of the car-buying process without setting foot in a dealership.On Autotrader there are now some 30,000 vehicles available for purchase entirely online, MacDonald says.

COVID19 Money123 Coronavirus

Thinking of selling your home? This could save you thousands

What to do if your mortgage deferrals are almost over and you can’t pay But if the pandemic has tickled your appetite for a bigger home or a gateway far away from the city and its mask-wearing crowd, take a moment to review your current mortgage, several mortgage brokers warn.Breaking your mortgage could cost you up to tens of thousands of dollars these days. In fact, mortgage broker Robert McLister says he’s seen penalties on fixed-rate mortgages as high as $99,000.Penalties are meant to compensate lenders, says McLister, who is mortgage editor at Rates.ca and founder of mortgage rate comparison site RateSpy.com.

Money123

Time to stock up again? The likelihood of empty shelves in a second coronavirus wave

shortage of March 2020 is now a distant memory. But could empty shelves at supermarkets, pharmacies and corner stores make a comeback in the event of a second novel coronavirus crisis in Canada?The answer is complex, experts say.The good news is Canada’s supply chains held up remarkably well during the spring lockdown, says Karl Littler, senior vice-president of public affairs at the Retail Council of Canada.“Re-shelving was a challenge,” he says.

Canada covid-19 Money123 Coronavirus

One-third of working moms mulled quitting their jobs due to COVID-19: survey

Pollara Strategic Insights for The Prosperity Project — a newly formed gender-equality volunteer organization with a mission to soften the impact of the pandemic on Canadian women — found the weight of homemaking, child care and schooling during the COVID-19 lockdown fell disproportionately on women. And many who were also juggling professional responsibilities thought about leaving their jobs.While working parents, in general, said they experienced high stress without being able to count on daycares and schools, working mothers were significantly more likely to say they contemplated dropping out of the workforce.

covid-19 Money123 Coronavirus novel coronavirus pandemic

Household debt ratio drops to $1.58 per dollar of disposable income

More to come

covid-19 Money123 Coronavirus novel coronavirus pandemic

Coronavirus has Canadians flocking online for deals on financial products

EQ Bank nearly two years to grow from $2 billion to $3 billion in deposits. But just in the past three months, the online platform of Equitable Bank soared past the $4-billion mark.About 60 per cent of that increase was due to the novel coronavirus pandemic, estimates Mahima Poddar, senior vice president of strategy and digital banking at Equitable Bank.“It’s natural that Canadians are becoming more value-conscious and more savings-conscious,” Poddar says.There are probably a number of factors at play, she says.For one, as the economy tanked and jobs disappeared, many rushed to build up or beef up their rainy-day savings.

covid-19 Money123 Coronavirus

‘Relieved’: Canadians who have exhausted EI included in post-CERB plan

Canada Emergency Response Benefit (CERB) with unusual trepidation.The 44-year old human resources and accounting professional says she lost her job in a corporate restructuring just weeks before the novel coronavirus pandemic began to spread across North America.She made an Employment Insurance claim and started looking for jobs, but just when she was about to sign up for a new position, she says the lockdown came into effect, and the prospective employer rescinded the offer. Liberals unveil $37B for CERB transition to new benefits, EI changes Like thousands of others, Neuburger had to use up her all EI benefits before moving onto the CERB.

Carla Qualtrough Canada covid-19 Money123 Coronavirus CFIb

Working from home for the foreseeable future? It could impact your home insurance

working from home for several more months — and possibly forever.The Bank of Nova Scotia, for example, plans to keep most of its headquarter employees working remotely until 2021 as the novel coronavirus pandemic persists. Ottawa-based Shopify has said most of its staff will be working from home on a permanent basis, while Facebook and other Silicon Valley giants have been toying with similar arrangements for at least part of their workforce.

city Ottawa covid-19 Money123 work from home Coronavirus

Higher prices? Non-refundable reservations? How COVID-19 might change restaurants

coronavirus pandemic has restaurants stuck between the proverbial rock and a hard platter.On the one hand, the health emergency has caused supply-chain disruptions that sent food prices soaring. It also added new line items to the list of restaurants’ costs, such as hand sanitizer and personal protective equipment (PPE) for staff.

Canada covid-19 Restaurants Money123 Coronavirus

What we know so far about the CERB to EI transition

Canada Emergency Response Benefit are waiting to hear what comes next as the economic impact of the novel coronavirus pandemic persists.The last eligibility period for which Canadians can receive the $2,000-a-month benefit ends on Sept. 26.

Carla Qualtrough Canada covid-19 Money123 Employment Insurance Coronavirus

Where to buy kids’ masks in Canada and what to look for

The federal government has yet to release mask guidelines for children, which chief public health officer Theresa Tam has promised by the end of the week. But some provinces like Ontario and Alberta have established students in grades four to 12 will be required to wear masks.

Theresa Tam Canada covid-19 novel coronavirus Money123

Back to school: You can now pay for those jeans in installments

the BBB serving Southern Alberta and East Kootenay.“College students may be targeted, high-school students may be targeted, because they may not have all that disposable money at once,” Thomas says.But the financial companies that offer the service tend to take a radically different view, arguing the new incarnation of BNPL can be a cheaper alternative to traditional credit card purchases.“It really is an alternative to a credit card in many ways,” says Wayne Pommen, president and CEO of PayBright, a Canadian payments platform that offers consumers the option to split smaller purchases into four bi-weekly payments or pay for larger expenses in monthly installments.Often, the option to buy now, pay later comes at check-out.

covid-19 Money123 Coronavirus Better Business Bureau jeans

How COVID-19 is luring Canadians into the stock market

Wealthsimple says it has seen a 24 per cent increase in new clients since the onset of the health emergency, while WealthBar says its client base has expanded by 10 per cent over the same period.In part, the influx comes from Canadians who’ve ditched their mutual funds and investment advisors in favour of robo advisors’ low-cost, mirror-the-market approach to investing.In this respect, the market crash brought on by the COVID-19 pandemic is rather typical, says WealthBar’s David Dyck.Every painful market tumble triggers a degree of soul-searching among investors, which invariably leads some to change their investing strategy, Dyck says.But the majority of Canadians who flocked to robo advisors in this crisis appear to be first-time

covid-19 Money123 stock market Coronavirus

2 million Canadians who haven’t yet filed taxes could face benefits interruption, CRA warns

“The CRA recognizes that in the current COVID pandemic environment it’s imperative for benefits to continue without disruption to Canadians,” says Heather Daniels, director-general of the Benefit Programs Directorate at the CRA.But some Canadians will face payment delays if the CRA can’t process their 2019 returns before the beginning of September, Daniels notes.Amid the novel coronavirus pandemic, Ottawa pushed the deadline for most individuals to file taxes from April 30 to June 1 while telling Canadians they had until Sept. 1 to pay any taxes owing without facing interest or penalties.

city Ottawa Money123 CRA

This Ontario man was promised a refund — then Sunwing changed its policy

COVID-19.But for Ajax, Ont.-based Sidor, there seemed to be a big silver lining. While their longed-for trip to San Jose del Cabo, Mexico was off, their airline, Sunwing, would provide a full cash refund, the couple were told.“This is wonderful,” Sidor remembers he and his wife telling each other.

Mexico city San Jose covid-19 Money123 Coronavirus

CERB poses back-to-work dilemma: ‘We’re being incentivized to make just under $1,000’

Why some Canadians have already run out of CERB: ‘I was in tears’ That’s because recipients of the CERB, which provides $2,000 a month to Canadians who’ve lost their income due to COVID-19, can only earn up to $1,000 in a four-week period before losing their benefits.“If they accepted even one more dollar’s worth of work, they lose the $2,000 CERB benefit and are left with $1,001 to support themselves and their family,” economist Tammy Schirle noted in a report for the C.D.

covid-19 Money123 Coronavirus

COVID-19 disability benefit, even if approved, would ‘miss all kinds of people’

disabilities to help lessen the financial strain tied to the novel coronavirus pandemic. That financial aid is now in limbo, as the measure was part of a bill that failed to receive bipartisan support on Wednesday.But even if Ottawa finds a way to deliver the income support, as government officials have vowed to do, the funds will remain out of reach for a significant share of Canadians with disabilities.The money “misses all kinds of people,” said Ottawa resident Robert Morely, speaking before Parliament’s vote on Wednesday.Morely, who was diagnosed with myalgic encephalomyelitis, commonly known as chronic fatigue syndrome, is one of those people.

city Ottawa covid-19 Money123 Coronavirus

Dividend stocks have stumbled amid COVID-19: What does that mean for investors?

“The downside was comparable.

Canada covid-19 Money123 COVID-19 Pandemic Coronavirus

What do the new CMHC rules mean for homebuyers?

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

covid-19 Money123 Coronavirus

COVID-19 refunds: What to know about credit card chargebacks

With restrictions tied to the novel coronavirus pandemic likely to unravel all kinds of summer plans, consumers are scrambling to recoup money paid for cancelled flights, trips, weddings and children’s camps, to name a few.

covid-19 coronavirus news Money123 Coronavirus

From AC units to patio decor: 6 ways to upgrade your COVID-19 summer

As the novel coronavirus pandemic stretches into June, Canada — along with much of the rest of the world — is headed for an unusual summer. But it doesn’t have to be a miserable one.

Canada covid-19 Money123 Coronavirus

CEWS vs. CERB: How the two benefits fit together and who may have to return payments

First there was the Canada Emergency Response Benefit(CERB), a $2,000-a-month benefit designed to quickly put cash into the pockets of millions of unemployed Canadians amid the novel coronavirus pandemic.

Canada city Ottawa covid-19 Money123 Coronavirus

Coronavirus: Need help with mortgage payments? There are options

The coronavirus pandemic is causing workers across Canada to fret for their incomes. Whether you’re worried about the security of your office job, seeing reduced hours or expecting less income from your business or freelancing, the possibility of not being able to make the bills may have crossed your mind.

Canada covid-19 Money123

United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0