Consumer debt reaches new high

Published by Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. on Mar 14, 2018

Including mortgages, Canadian consumers owe $1.821 trillion as of Q4 2017, according to Equifax Canada’s 2017 Q4 National Consumer Credit Trends Report. This compares to $1.797 trillion in Q3 2017 and... Continue reading

FCAC warns consumers against sharing banking information with third-party online services

Published by Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. on Mar 14, 2018

The Financial Consumer Agency of Canada (FCAC) is warning Canadians about the risks of disclosing their online banking and credit card information to third-party financial mobile applications and online... Continue reading

BCSC makes allegation of fraud against B.C. resident related to day-trading

Published by Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. on Mar 14, 2018

The British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that William Wade Furman committed fraud. The notice alleges that between 2012 and 2014, Furman raised approximately $452... Continue reading

Investment decisions intimidate nearly half of Canadians, says survey

Published by Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. on Mar 13, 2018

Forty-six per cent of Canadians are intimidated by investment decisions, according to a new survey released March 12 by BMO SmartFolio, part of BMO Wealth Management. The survey also found that 60 per... Continue reading

Concerns rise over identity theft

Published by Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. on Mar 09, 2018

Seventy-one per cent of Canadians are concerned about identity theft, up from 66 per cent last year, according to an annual fraud survey commissioned by the Chartered Professional Accountants of Canada... Continue reading

Millennials are most vulnerable to investment fraud

Published by Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. on Mar 07, 2018

About one quarter of British Columbians are vulnerable to investment fraud, says a recent poll commissioned by the British Columbia Securities Commission (BCSC). In February, the BCSC surveyed over 500... Continue reading

TFSA contributions on the rise

Published by Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. on Mar 05, 2018

Seventy-three per cent of Canadians consider themselves at least somewhat knowledgeable about Tax-Free Savings Accounts, up from 70 per cent last year, according to BMO’s annual TFSA report, released ... Continue reading

One quarter of retired Canadians live with debt

Published by Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. on Mar 05, 2018

One-in-four retirees are living with debt, such as mortgages or unpaid credit cards, according to the Sun LifeFinancial Barometer, a national survey. The survey results show that 20 per cent of retirees... Continue reading

Half of Canadians are not protecting themselves against identity theft

Published by Thomas B. Russell B.Sc., MBA CFP, CLU, CH.F.C. on Mar 05, 2018

A survey released Feb. 20 by Capital One, a credit card company, says that 71 per cent of Canadians are aware of the impact identity theft can have on their personal finances, including their credit scores.... Continue reading

Canadians are withdrawing more money from RRSPs to cover short-term expenses

Published by Thomas B. Russell B.Sc., MBA, CFP, CLU, CH.F.C. on Feb 19, 2018

Canadians are dipping into their retirement savings to fund short-term expenses, says BMO's annual Registered Retirement Savings Plan study released Feb. 15.  The study says 40 per cent of Canadians have... Continue reading