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RRSP Contributions: lump sum payments or monthly withdrawals?
We’re in full RRSP season and many Canadians wonder what the best option is between lump-sum payments every winter and monthly withdrawals. Contributing to you RRSP has several advantages: aside from the obvious retirement savings, RRSP contributions are deductible and can be used to reduce your tax. An RRSP also gives you a certain degree […]
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First Time Home Buyers: how you can harness the power of your RRSPs
RRSP season is here! Use the first 60 days of the year to max out contributions to your RRSP. You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund. There are several advantages in maxing out your contributions to your RRSP. All of the income you earn in the […]
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Bank of Canada maintains overnight rate target at 1/2 per cent
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Uncertainty about the global outlook is undiminished, particularly with respect to policies in the United States. The Bank has […]
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Canadian Housing Starts Trend Declined in December
The trend measure of housing starts in Canada was 198,053 units in December compared to 200,105 in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. CMHC uses the trend measure as a complement to the monthly […]
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Bank of Canada rate cut still on the table - Q4 2016 Economic Update with Michael Campbell
The following is an excerpt of an article written by VERICO’s Economic Consultant Michael Campbell and published on the VERICO blog. Read the full article on the VERICO blog   There is no pressure in Canada to raise rates says VERICO Economist, Michael Campbell. "While 3rd quarter economic growth was good, the recovery in energy in the […]
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Canadian home sales cool in November
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were down on a month-over-month basis in November 2016. Highlights: National home sales fell 5.3% from October to November Actual (not seasonally adjusted) activity remained 1.6% above levels in November 2015 The number of newly listed homes edged down 0.4% […]
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B.C. Premier Announces First Time Home Buyer Assistance
This morning B.C. Premier Christy Clark announced the Home Owner Mortgage and Equity (HOME) Partnership program. Through the B.C. HOME Partnership program, the Province is helping first-time home buyers by contributing to the amount they have already saved for a down payment with a loan that is interest-free and payment-free for the first five years. Here […]
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