Finance Minister Jim Flaherty has announced that the government is now tightening up their mortgage rules. There are a total of 3 changes made to Canada’s mortgage rules: The maximum amortization has been reduced to 25 years from 30 years. They are also lowering the maximum amount you can borrow when refinancing a property from

Finance Minister Jim Flaherty has tightened mortgage rules with the intention to tackle the ever growing household debt in Canada. What is happening throughout Canada is that people are borrowing money, stretching it to the limits. What are the new rules? The rules in place will put new restrictions on borrowing against the value of

Ontario’s deficit has come in substantially less than forecasted, however Ontario’s debt is now at a record $212.1 billion. The Liberal government has racked up a deficit of $19.3 billion in 2009-2010, which is $2 billion less than forecasted in the March budget. The issue in with this is that public accounts released show that

Canada’s long list of budget surpluses, a trend during the recession which has made Canadian lenders the envy of other industrialized nations has come to an end on Friday. The Harper government has announced that last year it recorded the first annual budget deficit – $5.8 billion, this has not been seen in more than

This topic has been going on since the stimulus to the Canadian economy went into gear; saying that if the loonie continues to rise at this pace it will have negative repercussions for the Canadian economy. Finance Minister Jim Flaherty said yesterday that he is still concerned with the rapid changes in the value of

Yes, you have read the title correctly, the Federal Government has decided to appoint a task force to work on a national strategy for financial literacy. There are not enough Canadians who are financially literate, and the government has decided it is time to educate. Financial literacy is simply the ability to understand finance. The

Jim Flaherty, the finance minister unveiled regulations which force the credit card industry to overhaul disclosure on fees and give consumers extended time to avoid the high interest rates they are paying.This includes a minimum 21 day interest free grace period on new purchases where consumers have to pay their balance in by the full