If one of your New Year’s resolutions is to control your spending, you can try a no purchase challenge. This is where you eliminate expenses for certain goods or services for a period of time – a practice that is growing in popularity. If it’s too much of a crash diet, you can also try a “low buy” version where you simply reduce your expenses by a certain amount.
Minimize the risk of shocks related to condominium maintenance costs
When shopping for a condo, maintenance costs are definitely a consideration. But how to assess the risk that fees will increase in future years after your purchase? Jamie Herle, president of the Canadian Condominium Institute, said buyers should take a close look at the health of the building, such as whether it has suffered water damage, to determine if there are any repairs. potential majors that might be needed. He also suggests reading condo documents like the status certificate.
Debate rages over a surtax on expensive Canadian homes
A report by advocacy group Generation Squeeze, which has been backed by CMHC, suggests that one way for policymakers to cool the scorching housing market would be to introduce a annual and progressive surcharge up to 1% on homes valued over $1 million. The report argues that this would “reduce the tax shelter that induces Canadians to rely more on rising house prices as a strategy for saving and accumulating wealth than they would otherwise”.
Growing support for interest rate hikes amid runaway inflation
Nine in 10 Canadians are more worried about rising prices than rising interest rates, says Nanos Research poll conducted for Bloomberg News. This comes despite the fact that many households recognize that they could be affected by rising borrowing costs. The poll also highlights how concerned Canadians are about inflation.
Reports show that Canada’s defined benefit pension plans are well funded
Canadian defined benefit pension plans are in a strong position despite potential challenges ahead, according to two industry reports. Nearly two-thirds of pension plans had a surplus at the end of the year, compared to 53% at the end of the third quarter. Reports point to a number of risks on the horizon, including the fallout from the Omicron variant COVID-19, high inflation and rising interest rates.
Looking for investment ideas this year? Stay with Canada
If you’re looking for stocks to add to your portfolio this year, you might want to look in your own backyard. Canadian companies accounted for almost a quarter of RBC Capital Markets Stock Picks around the world, according to the bank, are poised for gains in 2022. Separately, one of the world’s leading energy fund managers – Eric Nuttall of Ninepoint Partners – said he believes Canada is the best place to be for oil and gas investment opportunities.
The total number of jobs created in Canada in 2021, a new annual record. This figure also adds to growing evidence that the Canadian economy ended the year in a strong position.
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