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26 November 2020
This November, the Financial Consumer Agency of Canada (FCAC) is celebrating the 10-year anniversary of Financial Literacy Month (FLM), an idea originally conceived by a handful of nonprofit organizations in a boardroom one Friday afternoon in an effort to raise awareness and support for their efforts to build the financial capability and health of Canadians.   S...
20 November 2020
insauga.com: A recent report from Prosper Canada found 62 per cent of moderate-income households have debt, and low-income households spend approximately 31 per cent of their income on debt repayments.   Based on the findings, the most common forms of debt for low- and moderate-income households are credit card and installment loans. Additionally, most indebted ho...
19 November 2020
Global News: When Janet Yu drove to Toronto from Texas in June to assist her 90-year-old mother, who was recovering from a spinal injury, she never thought she’d end up dealing with not one but two emergencies.  The second crisis emerged when Yu, a chartered professional accountant, sat down with her mother to review her retirement accounts after a trip to t...
17 November 2020
Wealth Professional / Experts warn of impending insolvency wave as income support and deferral programs end. Last week, the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) sounded the alarm as September statistics on insolvencies pointed to a painful reckoning for households across Canada.   Citing figures from the Office of the Sup...
16 November 2020
CBC News: Insolvencies spiked by almost 20 per cent in September and could be poised to skyrocket. After a lull in the early days of COVID-19, more and more Canadians are starting to file for bankruptcy again, and experts in the field say government has to do more and soon or the economy could face a tsunami of insolvencies in the coming months. The Office of the Superi...
11 November 2020
Advisor's Edge, November 10, 2020 - A report from Prosper Canada says that households in precarious financial situations have few options for obtaining financial advice. The report, Roadblock to Recovery, examines the distribution, amount and composition of consumer and mortgage debt held by Canadian households based on Statistics Canada’s 2016 Survey of Financial ...
10 November 2020
Toronto, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Seneca is contributing to the City of Toronto’s response to COVID-19 with two applied research projects focused on helping vulnerable communities access better broadband and government incentives.   The two Seneca projects are among eight resulting from a partnership among the City, Toronto-based postsecondary inst...
9 November 2020
TORONTO, Nov. 09, 2020 (GLOBE NEWSWIRE) — With the country teetering alarmingly on the edge of a financial crisis, Canada’s leading accrediting body for non-profit credit counsellors has released a Bill of Rights for Canadians in Debt.   Credit Counselling Canada has identified major structural gaps in the country’s consumer credit/debt infrastr...
4 November 2020
Benefits Canada: On the heels of winning re-election in British Columbia, the New Democratic Party’s work is just beginning, particularly in delivering on its promise to extend pensions and benefits to precarious workers across the province.   “The provincial government is recognizing that more and more workers no longer benefit from these kinds of&nb...
3 November 2020
Benefits Canada: With Canadian employees feeling the toll the coronavirus pandemic is taking on the economy, should policy-makers facilitate the use of workplace emergency savings plans?   “We know from data that 28 per cent of Canadian households who are financially impacted by COVID in August were drawing down on their [tax-free savings accounts] and [reg...
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