The Financial Group

The Financial Group Helping people reduce debt, increase wealth and protect their families!

06/04/2025

The Bank of Canada announced that it will hold its key overnight interest rate at 2.75%, maintaining its current position as it carefully monitors the balance between inflation pressures and economic growth.

01/14/2025

People wonder what is the best interest you can get on your money?
To start, you should continuously save!

You could put it in a Savings or Chequing Account!
(Very little to no Interest)

You could put it into a TFSA, RRSP, FHSA or Non-Registered Account!
(Inside that you can put it into a High Interest Savings Account, GIC, Mutual Funds or Segregated Funds)

HISA = 2.65%
GIC = 2.55%
Mutual Funds = 5% to 25%
Seg. Funds = 5% to 25% (Market Protection, Bypass Estate)

TFSA (Interest earned is tax free)
RRSP (Claim deposits against your taxes, Interest earned is taxable)
(Home Buyer Plans available)
FHSA (Claim deposits against your taxes, Interest earned is taxable)
(Withdrawals for Down Payment is Tax Free!)
Non-Reg (is charged as Capital Gains)

Which is best for you?
Let me help you.

[email protected]

10/23/2024

The Bank of Canada made a significant move today, cutting its key interest rate by 0.50%, bringing the policy rate down to 3.75%. This is the largest rate cut we've seen since the 2009 financial crisis (outside of COVID times) and marks the fourth consecutive rate reduction since June.

With inflation now below the Bank's target at 1.6%, and growth slowing in the economy, more rate cuts could be on the horizon. This is great news if you have a variable-rate mortgage or are nearing your mortgage renewal, as it could lead to lower borrowing costs and monthly payments

09/04/2024

The Bank of Canada has just announced another quarter-point rate cut, bringing the key interest rate down to 4.25%.

06/20/2024

Here’s a snapshot of OAS:

OAS begins at age 65 and can be deferred to age 70. For every month of deferral, 0.6% is added to a person’s benefit. If someone does wait until age 70, the benefit will be 36% larger (excluding CPI increases).
People over age 75 get an automatic 10% bump in their OAS payment.
OAS benefits can be clawed back, more on that below.
The 2024 maximum benefit for those under 75 is $713.34, for those over 75 it is $784.67.
The claw-back threshold was $86,912 for 2023 ($90,997 for 2024), for every dollar of net income above these figures results in a 15-cent reduction in the benefit.
In 2023
If a person under age 75 earned $134,626 or more, all of their OAS will be clawed back.
If a person over age 75 earned $137,331or more, all of their OAS will be clawed back.
After we file our taxes in April, the government does the math to see how much we earned in 2023 and adjusts OAS payments accordingly. OAS payments may be adjusted and will stay at the adjusted amount between July this year and June the following year.
Looking at 2024, any OAS pension will be eliminated if a person earns over the maximum 2024 threshold, which is $142,609 up to age 74 and $148,179 for those over 74.

06/06/2024

Bank of Canada has reduced Interest Rates by a quarter of a percent to 4.75%!
Lower Interest Rates are always good!

01/24/2024

Bank of Canada holds overnight rate steady at 5%

With the recent report of the inflation exceeding 3%, it came as no surprise today that The Bank of Canada did what most economists were forecasting and held the overnight rate steady at 5% in the first policy decision of 2024. This extends the pause in rate hikes following the last in July to 6 months. The Bank of Canada seemed positive that the current rate would continue to correct inflation, however they required time to work. With inflation remaining sticky, as well as wage growth, any chance of an early reduction "went out the window". In fact, many economists have now pushed back their initial forecasts from December, suggesting that any reduction in rate may not come until mid-summer, with many reports now suggesting as late as July before we start to see cuts.

There is some good news though for Canadian households as well. With the softening of the Canadian economy, almost all economists that have weighed in on the forecast of the overnight rate for 2024 agree, there's most likely no more foreseeable rate hikes coming. This is welcome news after the 10 rate hikes that have occurred since March 2022. With inflation remaining sticky, and with the Canadian Economy shrinking by an annualized 1.1% in the 3rd quarter, the Bank of Canada has some significant work in front of them. The Bank of Canada is expecting inflation to ease, and that economic growth will be flat.

01/16/2024

Do you wish to save money in 2024!!
Do you put it in a local bank?
Do you put it in an Upper Level Bank?
Do you put it in an Insurance Company?

What type of account do you put it in?
Savings/Chequing?
TFSA?
RRSP?
Non-Registered?
FHSA?
RESP?
RDSP?
LIF, LIRA, RRIF?

What do you invest in that account?
Savings?
HISA?
GIC?
Mutual Funds?
Segregated Funds?

Call me at 705-627-6109 if you want answers!

05/02/2023

Are you a home owner?
Debt getting tougher to survive?
Interested in saving up to 1000.00 a month off expenses?
Learn how at our Free Information Seminar!
Lunch will be provided!
Sat. May 27, 2023 at 1pm.
Campbellford Legion, Vimy Room.
Call to reserve your spot. Call 705-627-6109

Address

Campbellford, ON

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