Anastasia Mavridis - WhiteHaven Securities Inc.

08/30/2023

Canadian millennials, particularly those who own a home, are set to face steep interest costs and economic damage in the months ahead, according to a new report from RBC.

Rising interest rates are set to ratchet up the pain on millennials and younger Generation X adults, RBC argues, leaving them especially vulnerable to job losses should the economy slow sharply in the months ahead.

Debt loads are particularly straining on core-age working adults compared with two decades earlier, RBC economist Carrie Freestone argued in the report released Wednesday.

Older millennials, adults aged 35 to 44, had debt-to-disposable income ratios around 250 per cent in 2019, while Freestone noted that metric was roughly 150 per cent for the same age group in 1999.

Younger indebted millennials — those under age 35 — had debt loads worth 165 per cent of their disposable income in 2019. Meanwhile, the country’s youngest cohort hasn’t seen a material rise in debt-to-income ratio since the late ’90s, RBC says, while noting only about one-third of that group has a mortgage.

06/21/2023

What is a registered disability savings plan (RDSP)
A registered disability savings plan (RDSP) is a savings plan intended to help parents and others save for the long term financial security of a person who is eligible for the disability tax credit (DTC).

Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59. Contributions that are withdrawn are not included as income to the beneficiary when paid out of an RDSP. However, the Canada disability savings grant (grant), the Canada disability savings bond (bond), investment income earned in the plan, and the proceeds from rollovers are included in the beneficiary's income for tax purposes when paid out of the RDSP.

10/22/2019

Rejoignez-nous pour une soirée d'information avec vin et fromage ! | Join us for an informational evening with wine and cheese!

06/12/2019

The singer had two wills in a cabinet, and one in her couch cushions.

06/12/2019

Do you have all of your affairs in order?

The singer had two wills in a cabinet, and one in her couch cushions.

06/04/2019

Jamie Golombek: Not all expenses associated with your move may be tax deductible, as a Quebec taxpayer learned in court last month