“Your Money” on CTV Morning Live
Check out this week’s CTV Morning Live Your Money segment. Tune in as Coast Capital Savings’ financial gurus provide simple financial help on issues that matter to you.
January 27, 2015 – Bank of Canada Rate Drop
Last week saw a surprising move by the Bank of Canada when they reduced the overnight rate by 0.25%. The drop has left many Canadians confused – but not to worry, we’re here to help alleviate some of that confusion.
- The Bank of Canada hopes to minimize the transition period between the negative impact of slumping oil prices and positive impact of the weaker dollar on exports and manufacturing.
- This has already affected lower mortgage rates, and it’s likely that you’ll see a drop in rates for your savings deposits, affecting how hard your money is working for you.
- Be cautious – just because the rates for mortgages have dropped, it doesn’t mean that they won’t spike back up. Don’t base your purchase solely on these all-time low rates.
- Be sure to save your money – look towards putting money towards a TFSA, an RESP, an RRSP or another beneficial savings vehicle. Speaking to your financial advisor can help you understand what the best fit for you is.
- There’s nothing wrong with enjoying the immediate savings, but be conscious of what you can spend. Keep an eye on your balance and be sure to budget for more than what you’re currently paying.
Looking for more helpful information? Check out past segments