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 are already out of market price? 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.
This is one of our favorite months at BNN Bloomberg. February is Your Money Month (YMM) where we take a look at your household finances and investments. The first standing:
YMM: Do you want to start a side business? Here’s how
Starting a side hustle can be exciting – you bring a great idea or new product to life and you can earn extra money on top of that. But do you have to report income from your side business to the Canada Revenue Agency if the business isn’t making money? How do you know if it’s a real business or just an expensive hobby? Do you need to register for a GST/HST account? Financial advisor Jessica Moorhouse answered these questions and more here.
YMM: Create a plan to pay off that COVID-19 debt
Recent data from Statistics Canada suggests Canadians are starting to take on debt again now that the world is beginning to emerge from the pandemic. Dilys D’Cruz of Meridian Credit Union offered advice on steps you can take to create a plan to repay this debt.
YMM: Protect your portfolio against inflation
Inflation impacts many areas of our finances – how can you protect your portfolio against it? Canoe Financial portfolio manager Steve DiGregorio said there are three areas you should focus on to protect your investments against inflation. See the video here.
Prices could drop 20% as ‘speculative fever’ ends, OSFI says
Canada’s banking regulator is make waves after the warning that house prices could fall by up to 20% as rising interest rates put an end to the “speculative fever” in the housing market. OSFI Superintendent Peter Routledge said these price declines would be more likely to be seen in areas that saw strong gains at the height of the home-buying frenzy.
Canadians don’t need to worry about Amazon Prime’s price hike
Amazon raises the price of its Main Membership, but the e-commerce giant confirmed to BNN Bloomberg that the increase would only apply to Americans. Amazon said some of the factors fueling the price increase are rising wages and rising shipping costs.
-The number of jobs The Canadian economy lost in January due to further shutdowns, according to Statistics Canada. This figure was higher than the 110,000 loss economists expected.
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