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What is the Qualifying Rate?

You’re probably aware that there have been many mortgage rule changes over the last several years, and you’re almost certainly affected whether you’re an existing homeowner or first-time buyer. These rules are designed to ensure a stable long-term housing market, and to make sure Canadians can handle their debt should rates begin to rise.

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No Bank of Canada Rate Change

The Bank of Canada announced today that it is holding the overnight rate steady, again citing escalating geopolitical and trade conflict risks, which are undermining the global expansion. The Bank also noted that in Canada, the response to the strict qualifying guidelines that went into effect January 1 slowed first quarter growth. The next rate-setting day is Wednesday, May 30.

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Morning Radio Show

Every morning at 6:45am Peter can be heard on TSN 1040 with Bro Jake and Dave Pratt during his segment called “Business Update with Peter Cishecki”.  Peter covers various business topics including issues that arise from his day to day interaction with new and existing clients.

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Everything Financial Group
TFSA Limits

TFSAs are an excellent way to deflect tax. The annual maximum contribution to a TFSA was $5,000 from 2009 – 2012 and increased to $10,000 for 2015; $5,500 for 2016 and beyond. The contribution room by 2017 is therefore $52,000 per person (over age 18).

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Everything Financial Group
Peter C. - Advisors Story: Transition & Grow

The Start:
In the 1990s, Peter worked for a “big insurance” company, designing financial plans for clients before financial planning was a buzz word. But, at the height of his career making good money, he decided to pack it in to start his own business.
His mission was to build long-term financial plans to meet client goals – something he didn’t feel he could fulfill under the umbrella of a big financial services firm. In 1996, he started his own company which has since grown through referrals and some smart business moves.

The Challenge:
Peter wanted to spend more time with his clients creating custom financial plans. If he could save time on the portfolio management and administrative side of the business, Peter and his business partner knew that further growth would be achievable.

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Hidden Trigger for Another (Flash) Crash: Passive Investing

Passive investors don't recognize they are actually making active management decisions without understanding what they own.

David Trainer | Jul 11, 2017
Back in December 2013, we put “passive investors” in the Danger Zone for not recognizing that they are actually making active management decisions while skipping out on the due diligence of knowing what they own. We showed how it is practically impossible to make a “passive” choice given the sheer number of index fund options in almost every market segment. Moreover, there are wide holdings differences between funds that, according to their names, appear to be tracking the same thing. Judging by the continued flow of assets into passive index funds and ETFs, investors remain unfazed by these concerns.

Fund Flows...

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Bad behaviour from the big banks? Try their competitors

ROB CARRICK

The Globe and Mail

Published Sunday, Jan. 08, 2017 4:12PM EST

Make it a goal in 2017 to try one new financial product from a company not associated with one of the big banks.

Try an alternative bank offering comparatively high interest rates on savings, or a credit union. Try a robo-adviser, where your investment portfolio is managed for you online at low cost. Try an independent financial-advice firm, or one of the non-bank online brokerage firms that scored well in my recent broker ranking.

Big banks are among this country’s strongest corporations, and they have some good people working for them in branches and head office. But the need to produce ever large profits...

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'We are all doing it': Employees at Canada's 5 big banks speak out about pressure to dupe customers

Calls for parliamentary inquiry following Go Public investigation

By Erica Johnson, CBC News

Posted: Mar 15, 2017 5:00 AM ET

Employees from each of Canada's five major banks say sales pressures are forcing them to use what they consider unethical practices on customers. (Dillon Hodgin/CBC)

Employees from all five of Canada's big banks have flooded Go Public with stories of how they feel pressured to upsell, trick and even lie to customers to meet unrealistic sales targets and keep their jobs.

The deluge is fuelling multiple calls for a parliamentary inquiry, even as the banks claim they're acting in customers' best interests.

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Is your Insurance Coverage In-Force?

This article from July 2013 was recently brought to our attention by one of our team members.  Not only does it resonate with us because it involves the loss of a loved one due to brain cancer, but it is something that we at Everything Financial take seriously with respect to our clients in-force policies.  When the premiums on a policy are not paid, the insurance coverage that is in place is in jeopardy of lapsing and becoming void.  Often this happens by accident when the insured changes bank accounts and forgets to update the carrier, or there are insufficient funds available in the account at the time of withdrawal.  The Insurance Carrier will send out a letter to the insured letting them know that their policy is in jeopardy of lapsing and will inform them as to what needs to be done to ensure it remains in-force.  Sometimes the...

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New Investment Disclosures Lack Detail

Some financial providers are doing the bare minimum to comply with new rules

by Mark Brown

February 8th, 2017

Online only.

New disclosure rules promised to provide investors more clarity on performance, charges and fees, but some financial institutions have decided to provide only the minimum information required.

The new regulatory requirements are laid out in CRM2, the second phase of the Client Relationship Modeladopted by the Canadian Securities Administrators. Under these rules financial institutions must now provide investors with two new reports. These reports are separate from the portfolio statements investors already receive and view online. While portfolio...

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Canadians Dipping Into RRSPs

Have you been withdrawing from your RRSPs to cover illness and disability expenses despite heavy government penalties on early withdrawals? You're not alone.

To protect themselves, many Canadians are turning to insurance - critical illness insurance, disability insurance, and long-term care (LTC) insurance.

Click here to read The Globe and Mail coverage on the trend and how insurance can make a big difference.

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