Air quality advisories issued in 5 provinces, 1 territory
Air quality advisories are in effect across Western Canada as smoky conditions plague some areas, according to the latest forecasts. Here's where.
Many households have made inroads in building up their net worth. Savings levels have soared and household balance sheets have improved.
A new report out on the latest insolvency statistics by MNP Ltd. for the month of November 2021 found the total number of insolvencies decreased by 8.9% year over year.
Consumer insolvencies decreased by 8.7% over the same period, and consumer bankruptcies by a whopping 18.2%.
However, my fear is that this might be a case of that was then and this is now. Here is why I am so worried.
Prior to the pandemic, the debt level of Canadians was skyrocketing. Spending beyond our means had become the norm.
I cautioned on more than one occasion that the day of reckoning was fast approaching, that cash-strapped Canadians barely making ends could force delinquencies higher, should higher rates lead to larger payments and in turn compromise their ability to pay to their debt obligations.
Well, the pandemic hit and rates didn't go higher. In fact, they went lower.
The day of reckoning never transpired for households that were racking up debt and spending as if there was no tomorrow.
However, what did happen was that the pandemic led to job losses and the government stepped in to prop up household balance sheets. Based on lack of insolvencies. this strategy proved highly effective -- and for some households, the ability to experience financial flexibility was welcomed.
Fast forward to today. According to MNP Ltd., given the already shaky ground Canadians were standing on before COVID-19 crisis and the magnitude of the pandemic's economic impact, it won't be at all surprising to see insolvencies increase nationwide. At best, they believe, insolvency numbers will return to the pre-pandemic baseline as federal subsidies and stimulus dollars dry up.
Bottom line: creditors will come crawling back while consumers ignore the financial lessons and flexibility learned during the height of the pandemic. The reality is that many Canadians may very well return to their pre-pandemic levels of spending.
Before you capitulate and throw in the towel, here are a few tips if you are struggling with debt.
Shut the spending down today.
I've learned that people will change their spending habits once they know better or hurt enough.
Rates are headed higher, and you shouldn't be caught off guard. Now is the time to take control. You don't have to become a statistic.
Air quality advisories are in effect across Western Canada as smoky conditions plague some areas, according to the latest forecasts. Here's where.
Many foods fall under the category of ultraprocessed foods, depending on their exact ingredients. This type of food has been studied a lot lately, and the results aren’t great.
Hollywood actor Steve Buscemi has been treated for injuries after being punched in the face while walking in New York City.
Four years on, the controversy over whether airlines owed refunds to passengers after cancelling hundreds of thousands of flights during the pandemic continues to simmer, aggravated by a sluggish, opaque complaints process.
For her latest column on CTVNews.ca, royal commentator Afua Hagan writes about Prince Harry and Meghan Markle's recent visit to Nigeria, calling it a 'deeply meaningful campaign' that was about aligning their ongoing efforts to foster mental-health awareness and promoting the Invictus Games.
Ontario will need 33,200 more nurses and 50,853 more personal support workers by 2032, the government projects — figures it tried to keep secret but were obtained by The Canadian Press.
A tiny contingent of Duke University graduates opposed pro-Israel comedian Jerry Seinfeld speaking at their commencement in North Carolina Sunday, with about 30 of the 7,000 students leaving their seats and chanting "free Palestine" amid a mix of boos and cheers.
Whether you were lucky to nab tickets to one of Taylor Swift's six sold-out Toronto concerts in November or not, a new 'fan experience' hopes to get you into the party spirit.
An endangered North Atlantic right whale has been spotted with gear entangled around its mouth in the Gulf of St. Lawrence.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.
YES Theatre Young Company opened its acclaimed kids’ show, One Small Step, at Sudbury Theatre Centre on Saturday.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'