No house? No problem. Here’s how some Canadians are still growing their wealth
While many Canadians are banking on their home to represent a large portion of their retirement fund, what do you do if you feel you’re already priced out of the market? BNN Bloomberg’s Iva Poshnjari explored how some people are using money that would otherwise be used for a down payment to invest in stocks, digital sports cards, art and other alternatives to grow their wealth.
It’s one of our favourite months at BNN Bloomberg. February is Your Money Month (YMM) where we take a look at your household finances and investments. First up:
YMM: Want to start a side hustle? Here’s how you do it
Starting a side hustle can be exciting – you’re bringing a big idea or novel product to life and you can make some extra cash on the side. But do you have to report your side hustle’s income to the Canada Revenue Agency if the business doesn’t make money? How can you tell if this is a real business or just an expensive hobby? Do you have to register for a GST/HST account? Financial Counsellor Jessica Moorhouse answered those questions and more here.
YMM: Creating a plan to pay off that COVID-19 debt
Recent Statistics Canada data suggests Canadians are resuming their debt binge now that the world is starting to emerge from the pandemic. Meridian Credit Union’s Dilys D’Cruz offered advice on the steps you can take to create a plan to pay off that debt.
YMM: Inflation-proofing your portfolio
Inflation is impacting many areas of our finances – how can you shield your portfolio from it? Canoe Financial Portfolio Manager Steve DiGregorio said there are three areas you should focus on to inflation-proof your investments. Watch the video here.
Prices could sink 20% when “speculative fever” ends: OSFI
Canada’s banking regulator is making waves after warning that home prices could tumble as much as 20 per cent as rising interest rates bring the “speculative fever” in the housing market to an end. OSFI Superintendent Peter Routledge said those price drops would more likely be seen in regions that had a major run-up during the height of the home-buying frenzy.