Interesting news preceded WorldPride Week in Toronto this past June when multitudes within the lesbian, gay, bisexual, transgender or queer (LGBTQ) community gathered for what was heralded as an unprecedented occasion. It was the first ever “WorldPride” event held in North America. Streets hosted parades, parks hosted parties, and locals hosted strangers. But as everyone was preparing to whoop it up, a report from the Bank of Montreal (BMO) dropped a bit of rain on the celebration. Indeed, the report raised a few eyebrows as it looked into issues surrounding so-called “pink dollars.” Turns out that while same-sex couples in Canada have been making great strides on social and legal fronts in recent years, many of them still face hurdles involving personal financial planning.

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Rentin’ in the City.

by Emma Rogers on July 17, 2014

buying a home

I’m going to throw it right out there. I’m a renter in my thirties. Please control your shock and horror and resist your urge to try and make me understand that this is a terrible financial mistake. I’ve heard all of the arguments in favour of buying a home many times before. Over dinner on first dates, while having drinks with friends and at every family event for the last ten years. According to the ‘Toronto Life’ two million is the new one million in Toronto real estate. The truth of the matter is, as a single person living in Toronto who is not making six figures, I actually can’t afford to buy my own place. You would think that this unTorontonian financial candour would end the conversation right there but it doesn’t. There are always the suggestions that I move out of the city to say, Brampton or Caledon like one of my friends did recently and commute. Not an option; ever. Or buy a fixer upper in say, Barrie then do it up and rent it out. Not an option since I’m not Handy Manny. My old school aunt, bless her, even suggested that I ‘shack up’ just for the second income and a shot at the property ladder before it’s too late.

Another suggestion I often hear is, “buy a condo!” One of those fancy shoe boxes in the sky. To be honest, I have thought of that and even looked into it. Almost threw down everything I have to put a deposit on a preconstruction unit. Move in date 2017. Only this one was a baby shoe box and was so low down you could likely see into it from the street like those lower units that sit on the Gardiner. But I have to tell you that once I sat down and did the [click to continue…]


Does money buy happiness? From a credit counselling standpoint, yes.

July 15, 2014

  You’ve probably heard someone at some point say that money doesn’t buy happiness. This could only be voiced by a person who has never lived on macaroni and cheese for long periods of a time; someone who has never purchased an $800 car out of some desperate need for a personal set of wheels; […]

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Looking to repair your credit score? Avoid these five common mistakes.

July 10, 2014

  You may not think about it often, but your credit score can suddenly become the centre of your universe when you’re trying to secure a mortgage, vehicle loan or an apartment. Potential creditors want to believe that you’re fiscally responsible, and a poor credit score caused by past financial woes may lead them to […]

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What would you spend to save your pet? More notes on debt management.

July 8, 2014

  The online ad read: “Reserve your miniature piglet now! Just $875 to $1,200 ($100 deposit required).” Under the banner headline were all sorts of photos of adorable little oinkers, some pink and smooth as a baby’s bottom, some fuzzy and spotted, others furry or what the seller called “shabby chic.” There was Pedro, Natasha, […]

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Good Heavens! Claire Voyant’s July financial planning horoscope.

July 3, 2014

Welcome to the third installment of For The Love of Money’s financial planning horoscope, Good Heavens! This tongue-in-cheek look at financial planning is brought to you by Credit Canada’s visiting amateur astrologer, Claire Voyant. Comments are most welcome. But again we state that Credit Canada takes no responsibility for Claire’s claims since she admits to […]

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Debt stress and the workplace.

June 26, 2014

Back in the day, if you were in debt it was rather obvious since you were in prison. These days debt is much easier to hide, so easy in fact, that some people successfully hide their debt from their significant others. But the stress caused by debt problems is harder to contain and has a […]

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More notes on a bubble and why credit counselling could soon balloon.

June 24, 2014

These days I’m not the only one sounding off about Canada’s domestic housing bubble, soaring  debts, and a future where a lot of freewheeling folks could suddenly find themselves in need of some credit counselling when the spending party is over. Last month I wrote about dark clouds on the horizon. I addressed “creative” lending […]

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Fixed or Variable Rate Mortgages: What’s your cup of tea?

June 19, 2014

A few years ago when I was buying my first home, I was sure I’d be selecting a fixed mortgage rate. I’m the type of person that enjoys the security of knowing what my payments will be each month, and didn’t like the idea of a risky mortgage rate that could increase after buying my home. […]

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Think globally, vacation locally, and reduce your credit card debt.

June 17, 2014

For cost-conscious Torontonians, great summer holidays are literally just around the corner in the form of stay-at-home vacations. In fact, I can think of few cities anywhere that provide more diverse options for summer fun and adventure. That’s good news for locals wishing to enjoy the warm summer sun while cooling their heels on credit card […]

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