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Mortgage Rules Tightened

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In an effort to crack down on speculators and to discourage people from taking on too much debt, Ottawa is tightening mortgage rules again. These new rules are expected to take effect April 19, 2010. There is growing concern that the housing market in Canada may be overheating. Finance Minister Jim Flaherty stresses that while there is no bubble in Canada's real estate market now, these new…

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Tax-Free Savings Plans

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When Sophia first heard the term Tax-Free Savings Account (TFSA), the first thing that came to her mind was a low- or no-interest account at a bank. She soon learned that just about every investment option available to her in an RRSP is also available to her in a TFSA plan. Glenn, 58, is of modest means and has saved less than $50,000 in his RRSPs. He likes the fact that TFSA withdrawals will not…

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New Years Financial Resolutions

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Jack and Diane want to improve their financial situation and feel that making financial New Years resolutions and implementing them is a good start. To help identify their priorities, they made the following list: Set Objectives - Goal setting is the foundation of achieving financial success. If they write down their goals, it will help Jack and Diane clarify them and establish their personal and…

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Can you spot a Ponzi scheme?

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On June 29, 2009, Bernard Lawrence 'Bernie' Madoff was sentenced to 150 years in prison for perpetrating what has been called 'the largest investment fraud in Wall Street history.' Actual losses have been estimated at $64.8 billion by prosecutors. Apparently, Madoff admitted to his sons that his company, Bernard L. Madoff Investment Securities LLC, was nothing more than a giant Ponzi scheme. What…

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Now is the time to be especially wary

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Uncertain economic times and rising rates of unemployment are creating a new breed of desperate people. Some are turning to frauds and scams as a way out of their troubles. Others are becoming more susceptible to schemes they had hoped would help but are being bilked out of their dwindling cash reserves instead. Hard times tend to bring more frauds and scams out of the woodwork. Fraudsters are…

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