Money Congrats, Canadians: You’re world leaders in debt

18:53  28 november  2017
18:53  28 november  2017 Source:   Maclean's

Blue Jays past and present celebrate Jose Bautista’s wedding

  Blue Jays past and present celebrate Jose Bautista’s wedding MLB free agent Jose Bautista got hitched over the weekend, and invited several of his past teammates to take in the celebration. Marcus Stroman was most definitely there, and he even managed to snag a group photo with former Toronto Blue Jays infielder Danny Valencia, along with the team’s current second baseman, Devon Travis.© image image https://www.instagram.com/p/BbuH2TGBPOq/?hl=en&taken-by=sportsnethttps://www.instagram.

A new report shows our household credit tally has surpassed Canada ’s annual GDP. Have we stopped listening to the warnings?

Congrats , Canadians : You ’ re world leaders in debt . That time a kooky leader bizarrely killed a Canada -U.S. free trade deal. Zane Schwartz. UBC Global Reporting Centre wants to train better foreign correspondents.

Credit cards are displayed in Montreal, Wednesday, December 12, 2012. The Canadian household debt compared with income climbed to a record high in the third quarter as borrowing grew faster than incomes. THE CANADIAN PRESS/Ryan Remiorz© Used with permission of / © Rogers Media Inc. 2017. THE CANADIAN PRESS/Ryan Remiorz

Not every record is worth celebrating. Instead, there are some dubious achievements that should prompt sober self-reflection. This is one of those times: A report from the Organization for Economic Co-operation and Development (OECD) shows that Canadian households are among the most indebted in the world. In fact, Canada tops the list of countries surveyed.

Quotes in the article

First International Bank of Israel Ltd

FTIN

10 ways to save more and pay down your debt

  10 ways to save more and pay down your debt Simple strategies to boost your financial knowledge (and your bank accounts) while easing your debtsIf you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track.

Congrats , Canadians : You ’ re world leaders in debt . John McKellar: If you ’ re in debt , why don’t you do what Americans do? Just borrow the money and pay it off!

CBC.caCanadian households lead the world in terms of debt : OECD - CBC.caCBC.caHousehold debt levels in Canada are higher than those in any country included in a new OECD report, and the organization s ays it's a major risk to the country's Congrats , Canadians : You ' re world leaders in

6,948.00
-1.00
-0.01%
S&P/TSX Composite

0000

16,060.69
+18.57
+0.12%
S&P/TSX Venture Composite

ISPVX

794.56
-0.83
-0.10%
S&P TSX 60

TSP60

952.11
+1.48
+0.16%

Household debt is more than 100 per cent of GDP in Canada, according to the report, surpassing other developed countries such as South Korea, the U.S. and U.K. While most countries have seen their levels of indebtedness fall since 2007, Canada is a rare exception, digging itself deeper into the red. The OECD states the obvious: rising debt levels don’t imply immediate doom, but definitely increase a country’s vulnerability to economic shocks.

Screen Shot 2017-11-23 at 1.14.56 PM© Used with permission of / © Rogers Media Inc. 2017. Screen Shot 2017-11-23 at 1.14.56 PM

Some developed countries are absent from the above chart, notably Australia. Like Canada, Australia is dealing with frothy real estate markets and consumers who have an insatiable appetite for credit. A different OECD metric, the household debt-to-income ratio, shows that Canada stands at 175 per cent compared to 212 per cent in Australia. But both countries have a long way to go before catching up to Denmark, which stands at 290 per cent.

Canada falls to Dominican Republic at FIBA World Cup qualifier

  Canada falls to Dominican Republic at FIBA World Cup qualifier Philip Scrubb scored 22 points and pulled down seven rebounds in Canada's 88-76 loss to the Dominican Republic on Monday in their second game of the FIBA Basketball World Cup 2019 Americas qualifiers. © International Basketball Federation Canada falls to Dominican Republic at FIBA World Cup qualifier Dyshawn Pierre had 15 points and five rebounds for Canada (1-1), which had opened the qualifiers with a 93-69 victory over the Bahamas on Friday in Halifax. Rigoberto Mendoza led the Dominican Republic (2-0) with 25 points.

If you ’ re 1.5 immigrants (had childhood in Canada ), I highly recommend you guys to marry canadians …. I don’t know… Congrats , Canadians : You ’ re world leaders in debt .

Congrats , Canadians : You ' re world leaders in debt . What Canada and America owe Haiti.

READ MORE: How Canadian homes became debt traps

Still, Canada achieved another record earlier this year: we’re loading up on debt faster than any other developed country. A report from the Canadian Centre Policy Alternatives found household and corporate debt-to-GDP increased 20 per cent between 2011 and 2016, blowing past Australia’s 14 per cent gain. And in September, the Bank of International Settlements warned the country’s debt levels are putting it at risk. The BIS looks at the credit-to-GDP gap, the difference between a country’s current credit-to-GDP ratio and the long-term trend. Canada stands at 11.3 percentage points above its historical norm. Anything above 10 percentage points could be a sign of trouble, according to the BIS.

Canadians have been flooded with warnings about their spending habits for years, of course, and the headlines, commentary and scolding tend to blur together after a while. So whether Canadians are actually getting the message is an important question. Some see encouraging signs. Douglas Porter, chief economist at BMO, argued in a report this fall that “much of the commentary on this topic has been overwrought.” The savings rate is nearly five per cent, “remarkably close to its 25-year average,” while the debt-service-ratio has been “amazingly stable.” (Though it’s worth pointing out that’s probably a result of low interest rates.) Porter expects the debt statistics everyone frets about will “soon finally top out” and spending will gradually moderate.

When RRSP withdrawals for debt repayment is a bad idea

  When RRSP withdrawals for debt repayment is a bad idea You may have to withdraw twice the amount you oweI currently participate in a DB pension and am in a fairly safe/steady employment position. My RRSP is currently sitting at $150,000 and my salary is approximately $115,000.

Related stories. Congrats , Canadians : You ' re world leaders in debt . ' Canada is back' (just not in Yemen). Roy Moore and the hypocrisy of America's evangelicals. 5 comments. Congrats , Canadians : You ’ re world leaders in debt .

Most dangerous places in Canada : How the ranking works. Is Jordan Peterson the stupid man’s smart person? 244 comments. Congrats , Canadians : You ’ re world leaders in debt .

RELATED: After weathering the Great Recession, can Canada avoid a debt crisis?

Retail sales, for one, are already slowing. Measures implemented to cool the housing market could dampen Canadians’ enthusiasm for debt and consumption, as well. But it’s a very delicate balance. Recent economic data suggest the Bank of Canada will be exceedingly cautious before raising rates further, lest it push indebted households over the edge. Low rates only encourage more spending, however, raising the possibility that debt levels will continue to grow. That is a scary scenario. At this point, Canada doesn’t need to set any more records.

Canada provinces want bigger share of cannabis tax haul .
Canada's upcoming legalization of recreational-use cannabis provoked tensions Thursday between Ottawa and regional governments which fear being saddled with the high costs of setting up distribution networks and enforcement. Leaders of the 10 provinces and three Arctic territories said it was unfair that they must incur these "significant expenses" while having to split taxes on marijuana sales with the federal government.In a statement, they demanded "adequate resources to support the legalization of cannabis," which is scheduled for July 1, 2018.

Source: http://ca.pressfrom.com/news/money/-55194-congrats-canadians-you-re-world-leaders-in-debt/

—   Share news in the SOC. Networks

Topical videos:

This is interesting!