GDP Grew

Canadian real GDP grew by a stunning 6.1% slightly above the market consensus expectation of 5.8%.

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Strength

The strength was broad-based with domestic demand at the top of the list.

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Nominal Terms

This helped to support strong gains in corporate (+39.1%) and personal (+2.2%) income.

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What’s In Store for Home Owners & Prospective Buyers

The much anticipated announcement last week from the Bank of Canada raising its overnight rate has Canadian homeowners and those shopping for a home now wondering what they should be doing as interest rates begin to climb.

Canadian Parents Need

Give the gift of an education
Encourage family members and close friends to contribute to your child’s RESP on birthdays and holidays instead of, or in addition to, conventional gifts .
Know your limits
Parents, or young couples with plans to have children, should work together to determine a monthly budget that accounts for long-term savings, with a focus on RESPs .
A paper bag lunch is all gravy
Bringing a lunch from home every day can save upwards of $100 per month, resulting in extra funds which can be used to increase your pre-determined RESP contributions .

Homework On RESPs

Over the last few weeks, thousands of Canadian high school students have been deciding on whether or not to accept university and college entrance offers.

Given that total expenses for a four-year degree can run as high as $60,000 or more, some families may be struggling to find the funds to finance post-secondary education.As the costs of a post-secondary education increase, BMO advises Canadians to consider opening a Registered Education Savings Plan (RESP).

One-Third Of Canadian Credit Cardholders Prefer Cash Back

One size does not fit all Canadians when it comes to credit card reward choices.