Money News

Money News – August 2020

The summer is nearly over already. August 2020’s Money News takes a look at CERB, the CRA hack, and real estate.

Personal Finance in the News – August 2020:

Here’s a summary of Money News in August 2020:

Read & Watch: For many unemployed Canadians, the biggest financial news comes by way of changes to the Canada Emergency Response Benefit (CERB). There are many good articles out there on the topic, including these by CTV, Global News, and BNN-Bloomberg.

Read: Speaking of governments, lets talk about the CRA. Turns out there was a bit of a cyber attack which resulted in a privacy and data breach. It may be worth trying to log into your CRA account to find out if your information was impacted. This hack serves as a good reminder to use unique passwords for all online accounts, and to change your credentials regularly.

Read & Watch: If a sharp rally in the stock market wasn’t surprising enough for you, July’s rebound in Canadian real estate will shock you again. Of course, one month doesn’t make a trend. Still, rates are falling which may buoy prices, and stress test levels have fallen three times since the pandemic started.

Read & Watch: Canada’s real estate market may not be out of the woods, though. Canadian household debt-to-income remains at elevated levels. The head of the Canadian Housing & Mortgage Corporation also warned (or begged) banks to cut back on risky mortgages. Finally, in October the country may face a mortgage deferral cliff, as the program starts to run up against its six month expiration date.

Thanks for reading Money News – August 2020! Stay tuned for more monthly money news next time. If you missed it, check out last month’s in-depth review on Investing for Beginners.

Disclaimer:

Please keep in mind that I am not a financial advisor, and the opinions expressed are my own. My Money Moves does not provide financial advice – it is an informational website that details my own approach to my own money and personal finances. If you need specific financial help or guidance, please do your own research and seek out a professional who can work with you to reach your goals.

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