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Losing the Canadian Penny

Losing the Canadian Penny
Here we go again, more about the penny. Earlier this year, the government of Canada announced that they will stop producing the penny- apparently it’s more expensive to make than it’s worth. It costs 1.6 ¢ to create a 1¢ penny. In 2010, the Royal Canadian Mint spent $11 million to distribute $6.9 million worth of pennies. Now comes the question, how does this affect businesses, small and large? The penny was originally supposed to be taken out of circulation in the fall of this year, but businesses argued that the transition will affect the upcoming holiday season. So the government has extended...
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Is there any relief ahead for Toronto’s crowded rental market?

Reported on September 7, 2012 What’s the Matter With Toronto’s Condos? When relations with her roomate started to sour, Alice and her boyfriend thought it was a stroke of luck that the roommate decided to move out, leaving them with their Liberty Village apartment to themselves. Just one problem: their property management company wouldn’t simply let the apartment be rented under one name. Both names had to be re-approved, despite the fact that Alice had been a tenant for seven months already. Alice and her boyfriend were then told that a guarantor was needed. Shortly after they were...
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How to crunch your credit card choices to find the perfect plan

The only reason I applied for my first credit card at age 21 was because it had a photo of 1997 Formula One World Champion Jacques Villeneuve’s car on the front of the card. Yes, it was the look of the card that did it for me. How pathetic. The last credit card I signed up for took me weeks of research. It’s practically a full-time job trying to figure out the various point schemes they each have and distilling them down to a common denominator. With some cards you earn one point per dollar spent, whereas others give you 100. Some offer a bonus point for gas purchases and a 1.25-times multiplier...
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As tax savings decline, here are 7 interest-deduction strategies

A friend of mine was sharing with me an anecdote about London’s Hayward Gallery, which established an exhibition of invisible art where virtually everything is left to your imagination. There’s one piece called 1,000 Hours of Staring that took artist Tom Friedman over five years to create. It’s a blank piece of paper, and after five years the artist finally concluded that the piece was finished. I’m not sure of the entrance fee for that exhibit, but I’m pretty sure I could find another way to exercise my imagination for less money. Tax is sort of like that. Tax deductions are in short supply...
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Housing Market Outlook

Here is the housing market outlook given by C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n for the last 6 months of this year as well as into 2013. Resale „„Lower mortgage rates supported Ontario existing home sales early in 2012.„Existing home sales should moderate during remainder of the year as recent price gains dampen consumer demand. „„Thanks to early year strength, Ontario sales will post modest growth in 2012 before stabilizing in 2013. Owing to economic uncertainty, Ontario sales will range between 184,700 to 224,500 transactions this year and next. „„Repeat...
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