Personal Finance

Looking to insure your engagement ring? Review your home policy first

Tara Deschamps, The Canadian Press 5 minute read Thursday, Jan. 12, 2023

TORONTO - Diamonds may be forever, but most know all it takes is an errant slip or a forgetful wearer for wedding and engagement rings to end up lost for good.

Before walking down the aisle, many Canadian couples look into insuring their new rock.

"My belief is anything that would be catastrophic to lose should be insured," said Amy Mandel, a Greater Toronto Area woman who has insurance on the engagement ring she was given in 2019.

"My attitude is if I have a break-in and if someone says to me 'give me your ring' or if I lose it, it's not a big deal, it's insured."

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50 guests or less: Couples opt for micro-weddings amid inflation

Rosa Saba, The Canadian Press 5 minute read Preview

50 guests or less: Couples opt for micro-weddings amid inflation

Rosa Saba, The Canadian Press 5 minute read Tuesday, Jan. 10, 2023

Danielle Woodcock was planning her wedding when the COVID-19 pandemic hit, delaying and eventually cancelling her big day. By the time she revisited it in 2021, she had decided to go in a different direction – a micro-wedding.

Her guest list, once around 100, dwindled to 30 people, and in the end, she and her partner James Costello spent less than $10,000.

Before going the micro-wedding route, the venue and food alone was going to cost well over $10,000, she said.

While many couples had smaller weddings in recent years because of pandemic restrictions, decades-high inflation is leading many to opt for a micro-wedding, which typically includes up to 50 guests.

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Tuesday, Jan. 10, 2023

Wedding rings sit on a table in Memphis, Tenn. on March 22, 2015. THE CANADIAN PRESS/AP-Karen Pulfer Focht

Wedding rings sit on a table in Memphis, Tenn. on March 22, 2015. THE CANADIAN PRESS/AP-Karen Pulfer Focht

Feeling the pinch of higher interest rates? It won't get less painful — unless you start paying it off

Joel Schlesinger 5 minute read Preview

Feeling the pinch of higher interest rates? It won't get less painful — unless you start paying it off

Joel Schlesinger 5 minute read Saturday, Jan. 7, 2023

A new year offers a fresh start that may be especially helpful for those increasingly feeling the weight of higher interest rates.

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Saturday, Jan. 7, 2023

Don’t neglect bonds this year despite tough 2022, experts say

Craig Wong, The Canadian Press 3 minute read Preview

Don’t neglect bonds this year despite tough 2022, experts say

Craig Wong, The Canadian Press 3 minute read Thursday, Jan. 5, 2023

OTTAWA - Bond portfolios took a beating in 2022 as interest rates climbed, but experts say investors shouldn't neglect bonds this year as the Bank of Canada nears the end of its rate hike cycle.

Christine Tan, assistant vice-president portfolio management at SLGI Asset Management Inc., said high quality bonds is where she's looking for opportunity in 2023.

"We really like bonds and where we're going with bonds is we're just keeping it simple," Tan said.

Tan said because she believes Canada is closer to peak interest rates than the U.S., her bond allocation is overweight Canadian government bonds.

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Thursday, Jan. 5, 2023

The Bank of Canada building is pictured in Ottawa on Tuesday, Dec. 6, 2022. Bond portfolios took a beating in 2022 as interest rates climbed, but experts say investors shouldn't neglect bonds this year as the Bank of Canada nears the end of its rate hike cycle.THE CANADIAN PRESS/Sean Kilpatrick

The Bank of Canada building is pictured in Ottawa on Tuesday, Dec. 6, 2022. Bond portfolios took a beating in 2022 as interest rates climbed, but experts say investors shouldn't neglect bonds this year as the Bank of Canada nears the end of its rate hike cycle.THE CANADIAN PRESS/Sean Kilpatrick

Ending interest rate hikes weighs heavily on investors heading into 2023

Joel Schlesinger 5 minute read Preview

Ending interest rate hikes weighs heavily on investors heading into 2023

Joel Schlesinger 5 minute read Saturday, Dec. 31, 2022

Interest rates and their direction will undoubtedly pique investors’ interest in 2023.

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Saturday, Dec. 31, 2022

Brent Joyce, chief investment strategist at BMO Private Wealth.

Brent Joyce, chief investment strategist at BMO Private Wealth.

‘Death by a thousand cuts’: How to take stock of your subscriptions

Rosa Saba, The Canadian Press 6 minute read Preview

‘Death by a thousand cuts’: How to take stock of your subscriptions

Rosa Saba, The Canadian Press 6 minute read Thursday, Dec. 29, 2022

As 2022 comes to a close and the cost of living continues to climb, many Canadians are looking for ways to cut back on spending — and some are looking to trim down on subscriptions.

But with subscription services offered in almost every category these days, it can be hard to keep track of exactly how much you're spending on a monthly basis.

Heading into the new year, freelance journalist John Loeppky took stock of his finances and noticed a lengthy list of regular credit card charges.

“It can very easily get away from you," he said.

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Thursday, Dec. 29, 2022

Credit cards are seen in Montreal on December 12, 2012. THE CANADIAN PRESS/Ryan Remiorz

Credit cards are seen in Montreal on December 12, 2012. THE CANADIAN PRESS/Ryan Remiorz

Time, a priceless gift

Joel Schlesinger 5 minute read Preview

Time, a priceless gift

Joel Schlesinger 5 minute read Saturday, Dec. 24, 2022

Aimee Palmer took a leap of faith five years ago, selling her small business for a job in finance.

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Saturday, Dec. 24, 2022

RUTH BONNEVILLE / WINNIPEG FREE PRESS

Aimee Palmer took a leap of faith five years ago, selling her small business for a job in finance.

RUTH BONNEVILLE / WINNIPEG FREE PRESS
                                Aimee Palmer took a leap of faith five years ago, selling her small business for a job in finance.

Experts share tips for young Canadians finding themselves in debt for the first time

Caitlin Yardley, The Canadian Press 4 minute read Preview

Experts share tips for young Canadians finding themselves in debt for the first time

Caitlin Yardley, The Canadian Press 4 minute read Tuesday, Dec. 20, 2022

MONTREAL - While enrolled in university, Eloho Orogun was approached on campus to apply for a $500 student credit card, advertised as a means to improve his credit score.

Met with a self-described shopping problem, it was not long before Orogun opened a second student card with a larger limit.

"The more money I had, the more debt I would get myself into," he said.

Poor spending habits and a lack of understanding of how credit cards work led him down a debt spiral that took him seven years to break.

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Tuesday, Dec. 20, 2022

Credit cards shown on Thursday, Oct. 6, 2022. THE CANADIAN PRESS/Andrew Vaughan

Credit cards shown on Thursday, Oct. 6, 2022. THE CANADIAN PRESS/Andrew Vaughan

Avoiding the 12 financial blunders of Christmas

Laurie Campbell 4 minute read Preview

Avoiding the 12 financial blunders of Christmas

Laurie Campbell 4 minute read Tuesday, Dec. 20, 2022

With the silly season of Black Friday/Cyber Monday in the rearview mirror, we can all take a collective sigh and let our guards down. JUST KIDDING — a new month of shopping exuberance was immediately upon us.

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Tuesday, Dec. 20, 2022

David Zalubowski / The Associated Press files

Comparison shopping, and looking for sales and other great deals, is a key element in avoiding festive-season financial blunders.

David Zalubowski / The Associated Press files
                                Comparison shopping, and looking for sales and other great deals, is a key element in avoiding festive-season financial blunders.

’Tis always the season (for estate planning)

Joel Schlesinger 6 minute read Preview

’Tis always the season (for estate planning)

Joel Schlesinger 6 minute read Saturday, Dec. 17, 2022

Sorry to kill the buzz from the eggnog with a somber discussion about death and money.

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Saturday, Dec. 17, 2022

It’s about more than money: Take time for gratitude

David Christianson 4 minute read Saturday, Dec. 17, 2022

All year long, this column is about money — how to do better with what you have, how to earn more, how to reduce your taxes and other expenses, and how to maximize your returns.

Hosting a holiday dinner? Here are some cost-saving tips

Tara Deschamps, The Canadian Press 5 minute read Preview

Hosting a holiday dinner? Here are some cost-saving tips

Tara Deschamps, The Canadian Press 5 minute read Thursday, Dec. 15, 2022

TORONTO - When Canadians soon gather with loved ones for holiday meals, there will be an unwelcome guest at the dinner table: decades-high inflation.

The measure of how much prices have increased shows grocery bills rose by 11 per cent over the last year alone.

"It's crazy, like you need a mortgage to go to the grocery store right now,” said Danielle Gasner, who runs a Toronto catering business and the Girl Gone Kosher food blog.

Similar observations are being made across the country as holiday fixings, including Christmas turkeys and hams, Kwanzaa celebrators’ jollof rice and collard greens and even oil the humble Hannukah latke gets fried in, have risen in price.

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Thursday, Dec. 15, 2022

Sunta Sem, seen in an undated handout photo, is a Toronto private chef and caterer who sells meals through the Cookin app. Sem will swap sweet potatoes for other root vegetables like parsnips or when preparing food with greens, opt for Boston lettuce, which she says hasn't risen in price too much. THE CANADIAN PRESS/HO-Cookin, *MANDATORY CREDIT*

Sunta Sem, seen in an undated handout photo, is a Toronto private chef and caterer who sells meals through the Cookin app. Sem will swap sweet potatoes for other root vegetables like parsnips or when preparing food with greens, opt for Boston lettuce, which she says hasn't risen in price too much. THE CANADIAN PRESS/HO-Cookin, *MANDATORY CREDIT*

Canadian Real Estate Association reports home sales down in November

The Canadian Press 2 minute read Preview

Canadian Real Estate Association reports home sales down in November

The Canadian Press 2 minute read Thursday, Dec. 15, 2022

OTTAWA - The Canadian Real Estate Association says seasonally adjusted home sales were down 3.3 per cent on a month-over-month basis in November.

The association said Thursday the move lower more than erased the gain seen in October and resumed the overall trend lower for the year.

CREA said about 60 per cent of all local markets saw lower sales in November, led by Greater Vancouver and the Fraser Valley, Edmonton, the Greater Toronto Area and Montreal.

Compared with a year ago, actual home sales in November were down 38.9 per cent compared with November 2021.

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Thursday, Dec. 15, 2022

Houses for sale are shown in a new subdivision in Airdrie, Alta., Friday, Jan. 28, 2022. The Canadian Real Estate Association says seasonally adjusted home sales were down 3.3 per cent on a month-over-month basis in November. THE CANADIAN PRESS/Jeff McIntosh

Houses for sale are shown in a new subdivision in Airdrie, Alta., Friday, Jan. 28, 2022. The Canadian Real Estate Association says seasonally adjusted home sales were down 3.3 per cent on a month-over-month basis in November. THE CANADIAN PRESS/Jeff McIntosh

National average rent was over a record $2,000 in November says Rentals.ca

Caitlin Yardley, The Canadian Press 2 minute read Preview

National average rent was over a record $2,000 in November says Rentals.ca

Caitlin Yardley, The Canadian Press 2 minute read Wednesday, Dec. 14, 2022

MONTREAL - The average monthly cost to rent a home in Canada rose to a record $2,024 in November, new data shows, and experts say this trend is showing no signs of stopping.

The National Rental Report published Tuesday said the average price for rent in November was up 2.5 per cent compared with the month before.

On average, renters are paying $224 more per month compared with a year ago, for a gain of 12.4 per cent.

According to the report, the average cost of rent surpassed pre-pandemic prices by 10.5 per cent.

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Wednesday, Dec. 14, 2022

A condo building is seen under construction surrounded by houses as condo towers are seen in the distance in Vancouver, B.C., on Friday March 30, 2018. Vancouver has the most expensive rent in Canada with the average price of a one-bedroom going for $2,633 per month in November. THE CANADIAN PRESS/Darryl Dyck

A condo building is seen under construction surrounded by houses as condo towers are seen in the distance in Vancouver, B.C., on Friday March 30, 2018. Vancouver has the most expensive rent in Canada with the average price of a one-bedroom going for $2,633 per month in November. THE CANADIAN PRESS/Darryl Dyck

Year-end planning brings benefits when calendar flips

David Christianson 4 minute read Saturday, Dec. 10, 2022

The year 2022 will be remembered for a lot of negative things, not completely offset by Canada’s appearance in the World Cup. Maybe we can make the year a little better with our annual year-end tax planning checklist.

Canada a key destination for money laundering

Joel Schlesinger 5 minute read Preview

Canada a key destination for money laundering

Joel Schlesinger 5 minute read Saturday, Dec. 10, 2022

Canada’s got a lot going for it — from natural beauty to a robust economy and generally good government and rule of law… at least compared with many other nations.

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Saturday, Dec. 10, 2022

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