Energy Up 4.0 % for 2016
Inflation in Canada for the year 2016. Energy and Gasoline are the big price increases for that year.
Fintech is it the Answer ?
What does fintech really mean, and am I as “joe investor” going to be able to take advantage of technology breakthroughs ? Remember when you were young?
Bungled Mortgages, Friday the 13th and #Moneytalk
It seems some money lenders are not happy with the new Mortgage rules, so they are attempting to bamboozle the system by marketing something called a Bundled Loan (or as I call it bungled mortgages ). The CBC’s explanation of this new poly-morphed debt vehicle is:
Image courtesy of Stuart Miles at FreeDigitalPhotos.net
Canada’s subprime mortgage providers are increasingly teaming up with unregulated rivals to sidestep rules designed to clamp down on risky lending. … The result of these partnerships are so-called bundled loans, which pair a primary mortgage with a second loan from unregulated groups called Mortgage Investment Corporations (MICs).
This loan offer appears to be nothing more than the old trickery of offering 1st, 2nd, and perhaps even 3rd mortgages, except that the 2nd and 3rd mortgages are being provided by different lenders. Despite the fact that this practice is not illegal, the primary lender is obligated to consider all of the borrower’s outstanding debts when offering the main mortgage. It is unclear whether they are taking into account the other parts of the loan bundle. Nevertheless, this situation is a clear example of mishandling mortgages and should be addressed as such.
It is Friday the 13th today. Is it a bad day to invest? I don’t know call me in a year and I will tell you. Should you sell on Friday the 13th? Depends on what you are selling, and whether what you sell goes up in value after you sell it. I never get tired of giving these kind of testicle busting comments. Did you realize that Friday the 13th, always occurs after a Thursday the 12th ?
My Writings for Week Ending January 13th
Last week the year end employment numbers were published by our friends at Stats Canada, and it showed that 2016 Was the Year of the Part-time job, since that is where most of the job growth in Canada took place. It is good there are more jobs, but it is disturbing to see that many folks careers now consist of a few part-time jobs, quilted together to create enough income to live on. Let us hope they are not also looking for bungled mortgages.
A Money Thought
Well, it costs you money, because in Ottawa it is Pothole season!
2016 The Year of Part-time Jobs
Friday, the 2016 year ending Labour Force Survey was published by Stats Canada and it confirmed that 2016 was the year of the part-time jobs. To quote the survey overview: In the 12 months to December, employment… Read More »2016 The Year of Part-time Jobs
Merry New Year 2017, CPP, EI and #MoneyTalk
The year 2017 has begun and hopefully it is a Merry New Year for all of us, given how poorly 2016 seemed to go for some of us. Happy New Year 2017.
If you might have forgotten, CPP and EI restart for those of us who are not CEO’s or get paid over $400K. Those folks still have to pay those, but they only pay it on their first pay cheque.
Curious about how much you will be paying this year? Here’s your sign:
- CPP for regular employees (maximum): $2,564.10
- CPP for self-employed (max): $5,128.20
- EI maximum for non-Quebec folks: $836.19
- EI max for Quebecers : $651.51
Remember that if you tell your co-workers, “Hey I no longer pay CPP”, they can figure out your yearly income.
My Writings for the Week Ending January 6th
I started this merry new year throwing out a little click-bait, stating that I Hate Sean Cooper, which of course is not the case, in fact I admire his ability to pay off his house debt so quickly. It all started listening to a piece on CBC Radio about Sean, and how the Internet trolls were skewering him. I read through the CBC web piece on him, and sure enough there were just asinine comments that made me laugh, and the article wrote itself. Sean has a book coming out soon, that I hope to have a review done for soon.
Car Loans Lasting How Long?
When car loans start lasting 12 years, I have to start wondering when Car Loan Insurance (similar to mortgage insurance) is going to start being offered by banks? I keep cars 12 years, but I don’t want to pay for them for that long (and spreading a Corolla’s loan for that long, would take a lot of work).
