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Automakers want to charge you for subscriptions and aren't giving up

Automakers want to charge you for subscriptions and aren’t giving up

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Automakers have experimented with subscription fees for a range of vehicle equipment and services to generate additional revenue streams.Mike Blake/Reuters When you think about the car of the future, you probably envision an electric vehicle that can parallel park or maybe even drive you to the office. But there’s another less high-tech change in the …

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Canada's banking regulator seeks feedback on proposals that could mean big changes for mortgages

Canada’s banking regulator seeks feedback on proposals that could mean big changes for mortgages

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Office of the Superintendent of Financial Institutions (OSFI) Peter Routledge in Ottawa.Dave Chan/The Globe and Mail Canada’s banking regulator is proposing big changes for housing finance, with potentially three new limits on how lenders make mortgages. The proposal comes after the Bank of Canada has raised interest rates by four percentage points since March 1, …

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Should Frank and Michelle pay off the mortgage on the house using some of the money from his purchase of a half share of the residence?

Should Frank and Michelle pay off the mortgage on the house using some of the money from his purchase of a half share of the residence?

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Michelle, 72, and Frank, 75, plan to get married and merge their finances.CHAD HIPOLITO/The Globe and Mail Frank and Michelle plan to get married soon, merging their finances to some degree while keeping the best interests of their four children in mind. Frank is 75, Michelle 72. They each receive Canada Pension Plan and Old …

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This week's lowest fixed and variable mortgage rates in Canada

This week’s lowest fixed and variable mortgage rates in Canada

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A Snapshot of Mortgage Rates Available This Week on Fixed and Variable Terms and HELOCsGene J. Puskar/Associated Press Slowdown in the interest rate market It’s a grind there, but we’ve made some slight progress in rates this week. Lowest one- and three-year fixed uninsured mortgage rates improved 10 basis points. However, many will still find …

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Do retirees have to pay for private health insurance?

Do retirees have to pay for private health insurance?

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Yvonne Payne is a big proponent of having medical insurance in retirement.JENNIFER ROBERTS/THE GLOBE AND THE MAIL When Yvonne Payne retired at the age of 63, she took part of her business with her. The former Toronto investment professional felt the group medical insurance package her company offered was a bargain, giving her a lower …

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Six tips to cut your expenses, reduce your debt and increase your money in 2023

Six tips to cut your expenses, reduce your debt and increase your money in 2023

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From inflation to high interest rates and a possible recession, this year is off to a bad start for most Canadians financially. But here’s a silver lining: financial troubles can give you a bit of extra punch to stick to your New Year’s resolutions in 2023. Sky-high prices make it easier to tame lingering after-holiday …

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My five confident predictions for the mortgage market in 2023

My five confident predictions for the mortgage market in 2023

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Welcome to Mortgage Rundown, a brief overview of the mortgage finance landscape in Canada by mortgage strategist Robert McLister. Canada’s economy will get ugly in 2023. Runaway inflation always has an unhappy ending. That’s the bad news. The good news is that ugliness does not last. Our central bank will likely be forced to reverse …

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32-year-old computer scientist, earning $83,000 and tenant in downtown Toronto, dreams of a 'comfortable retirement'

32-year-old computer scientist, earning $83,000 and tenant in downtown Toronto, dreams of a ‘comfortable retirement’

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iStockPhoto/Getty Images Paycheque Project is a non-judgmental look at how young adults in Canada spend their money. Name Age: John, 32 years old Annual revenue: $80,000 plus $3,200 secondary income Debt: $0 Savings: $45,330 in savings accounts; $37,100 in TFSA; $58,000 in RRSPs; $132,350 in investments What is he doing: computer professional Where he lives: …

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Ethical arguments against credit cards and rewards points are starting to gain traction

Ethical arguments against credit cards and rewards points are starting to gain traction

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Being a good citizen today means continually looking at the aspects of your life that are working well for you but not good for society. Value judgments must be made about the temperature setting of your thermostat, the type of bag you use at the grocery store, the amount of meat you eat, the vehicle …

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A reality check - for better and for worse - on how homes perform as an investment

A reality check – for better and for worse – on how homes perform as an investment

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Fred Lum/The Globe and Mail If houses are investments, they are subject to the rigorous calculation of investment losses. However much an asset’s price drops, it must rise by a higher percentage just to get back to where it started. The national average resale home price peaked at $816,720 in February and has since fallen …

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