22 Jul

Ensure to pay bills on time

General

Posted by: Rabinder Dhillon

Have you ever forgotten to pay a bill on time, missed the due date or misplaced a bill? If you have, you are not alone. These are the top three reasons that Canadians give for why they have missed paying their bills, according to the TD Canada Trust Everyday Banking Poll.
 
Canadians may be overlooking the implications of missed bill payments. A surprising 43% of respondents think that there is no consequence if they miss a bill payment – that they just pay the overdue amount on their next bill.
 
“If you routinely miss your bill payments each month, it can impact your credit rating,” says Carrie Russell, Senior Vice President, TD Canada Trust. “Missing payments by more than 30 days could influence your likelihood to secure a future loan or a credit card because credit-granting companies look at past performance on bill payments as an indicator of future behaviour. It is essential to pay your bills on time. Why jeopardize your ability to access credit in the future?”
 
54% of Canadians report that they miss bill payments but, fortunately, of those who miss payments, 73% of Canadians only miss paying their bills one to three times per year.
 
“Paying interest and late charges on missed bills, even a few times a year, is like throwing money away,” says Russell. “One of the easiest ways to save money and protect your credit score, is to pay bills on time and online. Make sure you have the right everyday bank account – it should include features and services that help make it easy for you to pay your bills on time, keep your payments organized and avoid interest and late charges. If not, you should consider making a change.”
 
Click here to read more from TD Canada Trust.

20 Jul

Bank of Canada raises benchmark by 0.25

General

Posted by: Rabinder Dhillon

Mark Carney has now done twice what no other Group of Seven central banker appears even close to doing once – he raised interest rates for the second month in a row – but global developments could slow his hand.

Tuesday’s move, which brought the Bank of Canada benchmark overnight rate to a still-low 0.75 per cent, reflects Canada’s unique position as a rich country that has recovered almost all of the jobs lost during the recession, where a post-crisis housing boom has already come and gone, and where record overseas demand for safe government bonds is poised to allow Ottawa and the provinces fund a few more years of deficit spending without being crippled by interest payments.

Click here to read the full article from the Globe & Mail

5 Jul

Canada Expected to see Job Growth

General

Posted by: Rabinder Dhillon

Unlike in the United States, June is not expected to have brought Canada its first month of job losses this year.

Statistics Canada’s labour force survey, due Friday, is the highlight of this coming week’s economic data for this country. It will come exactly a week after it was learned the U.S. lost 125,000 jobs last month, putting into question the strength of the economic recovery there.

Click here to read the full article in the Financial Post