Personal Finance in the News – June 2020:
Here’s a summary of June 2020’s Money News:
Read & Watch: CMCH is tightening mortgage rules for homebuyers. Credit scores are becoming more important and debt service ratios are becoming more conservative – therefore more mortgage conservatism may be a good idea given the debt loads out there. For more on that topic, click here. House Hunt Victoria provides a good summary of CMHC’s changes here; for even more, check out this video by BNN.
Read: Bankrupt Hertz Global Holdings has become one of the craziest stories in a long time. Retail investors have flocked to the stock in an attempted epic get-rich-quick scheme, despite the fact that it is… bankrupt! It’s so epic, in fact, that the company is now trying to raise a billion dollars in what it considers “worthless” stock. Regulators are not happy about it, and it is unclear if the fund raise will go through as Hertz planned. If ever the phrase “buyer beware” was applicable, this would be it.
Read: The Canadian Emergency Response Benefit (CERB) is likely the Canadian government’s most important COVID-19 assistance program, but some people have been taking advantage of it. According to this article by CTV, 190,000 Canadians have had to repay some or all of their disbursements. However, while some of the repayments are due to fraud, most actually seem to be because people were (or are) confused about the program’s details. If you’re concerned or need assistance, read articles on the subject like this one by the Motley Fool. Remember to do your homework to avoid going offside.
Read: Covid-19 has had many curious and unexpected side effects – a nationwide coin shortage is one of them. Who would have thought? It turns out that a lot of people and businesses still use a lot of change. Just goes to show the value of saving your nickels and dimes.
Thanks for reading! Stay tuned for more monthly money news next time, and check out my latest blog post on the little known but very important concept of Liquid Net Worth.
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.