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What the Bank of Canada Interest Rate Hike Could Mean to Canadians

A Large Majority of Canadians Would Struggle to Pay More in Interest Payments on Their Debt The Bank of Canada raised its key lending interest rate from 0.5 percent to 0.75 percent. This is the first increase in the rate since September 2010. The increase will likely mean that average Canadians will pay more on loans such as variable-rate mortgages and lines of credit. Canadian banks tend to increase the rates they charge consumers for different ...
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Alan Farber Drive to Thrive: Raising Money for Kids Help Phone and Toys for SickKids

Wow, what an amazing experience yesterday, delivering almost $15,000 worth of donated Mattel toys to SickKids and raising $13,077 for Kids Help Phone. Alan Farber the joint managing partner of the Farber Finacial Group extremely excited and thankful to all the people who spent the time to raise the money for this Drive to Thrive campaign. Twenty Elves from Farber (and Farber McLay) loaded a 17 foot U-Haul truck full of toys and delivered them to ...
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Farber Financial Group Launches New Corporate Social Responsibility Program

Alan Farber Announced today. I am very excited to announce that we have decided to embark on a significant program called Corporate Social Responsibility (CSR). Simply put, since we have had the good fortune (and worked hard) to build a successful firm, the time has come for us, as a firm, to “give back to our community.” We believe Farber Financial Group has a responsibility to give back to the community. As part of this process we considered se...
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Dealing With Record Consumer Debt Levels – Vancouver Consumer Proposals and Bankruptcies

A recent market study completed by TransUnion, residents of Vancouver hold the undesirable title of having the most consumer debt in any major Canadian city. According to the study and on average, individual (non-mortgage) debt levels hit $41,077 at the end of 2013. Of particular concern is that Vancouver is the only major Canadian city that posted a significant increase in year to year debt – a total of 7% or $38,357 at the end of 2012, to $41,0...
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Insolvency Trustee Interview In The Globe And Mail

This Monday, December 2nd 2013, our Partner and Insolvency Trustee Andy Fisher  was interviewed by Rob Carrick from The Globe and Mail. Seniors are facing financial challenges that previous generations did not. Here are a few suggested by Andy Fisher, an Insolvency Trustee at Farber Financial Group: Extra costs : Cellphones, computers and Internet access are comparatively new costs for seniors and essential for keeping in contact with f...
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Are Canadians STILL not saving for retirement?

I was somewhat surprised to see a piece in Thursday’s Toronto Sun, written by Sharon Singleton, about Canadians and their retirement savings .  Or, in this case, the lack thereof. Apparently, according to a poll conducted by the Bank of Montreal (BMO) Retirement Institute, only 40% of the respondents actually have any funds put aside for retirement.   Despite the fact that the more than 2,000 Canadians polled were aged 35 years of age, ...
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How Bankruptcy Saved One Single Mom’s Life & Gave Her A Fresh Start

This past weekend the CBC’s The Sunday Edition With Michael Enright ran a thought-provoking and sensitive essay by single mom, Kyla Hanington . This is an extremely interesting and emotional story about someone who went through tough financial times before discovering a solution that altered and dramatically improved her life. Just when she thought there was no hope, a credit counselor referred her to a Trustee – a decision that (in her...
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CIBC Acquisition Could Mean Fewer Choices For Canadians

Today’s Financial Post article on the Canadian Imperial Bank of Commerce’s acquisition of a $2.1-billion credit card portfolio from Citigroup’s Canadian Mastercard business, will firmly intrench the CIBC as the largest issuer of credit cards in the country. Why is that newsworthy? By acquiring Citigroup’s Mastercard business, as well as two other recent acquisitions of CIT cards, and a minority stake in Bermuda-based bank N.T. Butterfield & S...
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Farber Bankruptcy Trustee Andy Fisher interviewed by CBC News

Bankruptcies declined 11% in previous years The total number of Canadian businesses and individuals claiming bankruptcy dropped 11.5 per cent in 2010 compared to the previous year, new data released Friday shows. The Office of the Superintendent Of Bankruptcy Canada said consumer insolvencies were 11 per cent lower last year over 2009, while commercial insolvencies declined by 22.3 per cent. The term insolvency refers to people who unde...
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Gen Xers Are Racking Up Debt But Not Saving

Gen Xers Carrying Too Much Debt, says recent survey Not that this will come as a surprise to most people, but it was revealed in a recent survey by the Investors Group that Gen Xers (Canadians aged 30 – 45) are grappling with higher mortgages and more credit card debt that their parents’ generation. It seems Gen Xers, with their higher income potential, post-secondary education and lack of pension plan investments, are buying more and saving less...
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Where have all the full-time jobs gone? And what does it mean for our economy?

Statistics Canada released its employment figures for July today and the news wasn't good.  Approximately 139,000 full-time jobs disappeared (including the slashing of jobs in the education, finance, insurance, real estate and leasing categories).  Granted, 130,000 part-time jobs were added during this same time period.  But we all know you cannot equate part-time jobs with full-time employment.  Many of those part-t...
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