Personal Finance in the News – July 2021:
Welcome to Money News – July 2021! Noteworthy news this month includes record low variable mortgage rates, tax efficient giving to adult children, and Canada’s expanded workers benefits.
Read: Just when you thought mortgage rates couldn’t get any lower, they go ahead and do just that. Earlier this month, Ratehub.ca reported the lowest 5-year variable rate ever at 0.98%. Though rates could go negative, as they’ve done in Denmark, it sure is cheap to borrow these days. But remember – rates can and do rise.
Read: Continuing with real estate, last month Core Developments, a Toronto-based property developer, announced it was going to spend $1 billion buying up approximately 4,000 suburban homes across Ontario, BC, Quebec, and Atlantic Canada over the next five years. This news has caused considerable backlash and outrage across the country. Around the same time, CNBC published this article regarding a similar trend in the United States, where hedge funds have been outbidding potential buyers by tens of thousands of dollars.
Read: This month I really enjoyed this take from the Financial Post on the most effective and tax efficient ways to pass money on to kids or other beneficiaries – while you’re still alive. While the article isn’t for everyone and is very specific to a certain time of life, it’s nevertheless an insightful and interesting read.
Read: In late June, the federal government expanded the Canada Workers Benefit to include nearly one million more low-income families who didn’t previously qualify. This will give single workers up to $1,400 and families up to $2,400 through tax returns.
Stay tuned for more Money News next month, or check out my recent post on How to Research Stocks. Unlike most posts here, this one is a YouTube video. Enjoy and stay tuned ‘til next time!
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.