Personal Finance in the News – February 2020:
February’s Money News has been a rough month for financial markets as the COVID-19 virus continues to spread. Though this outbreak has understandably dominated headlines and may have widespread financial impacts, there were many other interesting personal finance stories this month:
Read & Watch: These articles by the Globe and BNN discusses how Ottawa will change the mortgage stress test for insured mortgages. The changes will take place April 6, and the net effect of this change should make it slightly easier for buyers to qualify for a mortgage. The new benchmark will be set at the weekly median five-year fixed insured mortgage rate from insurance applications, plus two per cent. Regulators may consider changes for uninsured mortgages too.
Read: In 2019, Canadian insolvencies rose to the highest level since the Financial Crisis. This is concerning given how low interest rates are currently, that the economy is facing headwinds amid the COVID-19 outbreak, and that we are continuing to see rail blockades across the country. If you’re facing a high debt load, consider reading the Seven Financial Rules I Live By and doing a top-to-bottom review of your expenses.
Read: What is worse than taxes? A taxman who doesn’t know their own rules. For years the CRA has been providing incorrect information on a variety of tax issues. According to the National Post, this issue persists. “Happy” Tax planning everyone! Be careful where you get your advice.
Read: After you’re done paying taxes to a government department that doesn’t understand their own rules, you can read this CBC Go Public article regarding online banking agreements that protect banks and hold customers liable for losses.
Thank you for reading February’s Money News, stay tuned for more next month! In the meantime, check out my latest blog post on simple and straightforward Money Saving Strategies.
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.