In late October, Global News released a report stating that Statistics Canada has been asking several banks for information on the financial transactions of many Canadian households. Concerns on privacy flooded the agency. In a recent statement, the Chief Statistician, Anil Arora, said that the project involving the collection of data from banks will be put on hold until these privacy concerns are dealt with. He also added that the proposal has not yet been implemented and that the agency has not collected any related data. He, however, insists that it is necessary for StatsCan to be able to access data...

Growing up or in school, majority of people have not been taught about finances. And now here we are -- in debt and still clueless on how to manage our finances properly. So what has no financial education brought society today? Here are some not so surprising stats: - According to a 2017 survey by the Canadian Payroll Association, 47% of working Canadians and the same percentage of Albertans said they would find it difficult to meet their financial obligations if their pay cheque was delayed by even a single week.- The same survey also shows that 35% of working Canadians...

The CPP is a mandatory pension plan financed by contributions from employees, employers and self-employed individuals. With very few exceptions, every person over the age of 18 who works in Canada outside of Quebec and earns more than $3,500 per year must contribute to the CPP. As mentioned in part 1 of our blog series, the annual CPP contribution rates will rise starting January 2019. The CPP enhancement will happen in two phases over seven years. Phase 1 takes place from 2019 to 2023 and involves a gradual increase in the contribution rate. Phase 2 will begin in 2024 and will...

Starting January 2019, annual CPP contribution rates will rise over seven years. This change called the CPP enhancement was designed to help increase retirement income for working Canadians and their families. The CPP is a mandatory pension plan financed by contributions from employees, employers and self-employed individuals. The CPP covers all workers in Canada except Quebec which has its own pension plan called the Quebec Pension Plan. Upon retirement, disability or death, the CPP replaces a basic level of earnings for contributors. Once mature, the CPP enhancement will increase the maximum CPP retirement pension by 50%. Please note that the CPP...