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Category: For Your Information

Bank of Canada slashes key rate; cites weak economy, stalled exports

The Bank of Canada is cutting its key interest rate for the second time this year, citing a larger-than-expected first half contraction and a “puzzling” stall in non-energy exports. The central bank lowered its benchmark overnight rate by a quarter percentage-point Wednesday to 0.5 per cent, blaming faltering global growth, disinflation and low prices for oil and other commodities.

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How do I make my retirement savings last?

Q: I have $700,000 in retirement savings and a small pension of $1,000 a month and CPP and OAS. How should I invest this to last 30 years?

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Two mortgage terms that present solid value (and two that don’t)

Mortgage rates have been all pleasure and no pain for an oddly long time.

Take five-year fixed rates. They’ve drifted lower for more than a year and a half with no significant upturns along the way.

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Scared to spend your retirement savings?

Q: I’m 56, have no debt, make about $78,000 a year and own my townhouse. I will have a small defined benefit pension (about $17,000 per year) at 62. Right now I have about $450,000 in RRSPs, non-registered investments and pension combined. I plan to quit at 59, then work three more years at an easy job just to maintain my expenses. Then I’ll retire for real at 62 and work part-time.

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Ten obstacles to getting the best mortgage rate

Anyone with a mortgage wants the lowest possible rate. But there’s an array of requirements for snagging the best all-around deal, and some of them are counter-intuitive. Once people have chosen the term and rate type for their mortgage, they often find that rates for that same term can vary by a percentage point or more. Countless factors can keep borrowers from getting a rock-star deal. Here are 10 of them:

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