46% of Canadians on the brink of insolvency

46% of Canadians on the brink of insolvency

Postby Gone_Fishin » Jan 21st, 2019, 5:31 am

With our trust fund baby prime minister spending the country into bankruptcy, almost half of Canadians find themselves $200 away from being unable to pay their bills. Layer on Trudeau's huge tax increases and punitive carbon tax on everything, and people are in serious financial jeopardy. Sunny ways? I don't think so!


46% of Canadians on the brink of insolvency as rates rise: Survey

Noah Zivitz, BNN Bloomberg

A new survey indicates almost half of Canadians have pushed their finances perilously close to the brink, underscoring the heavy toll that mounting debt loads are taking on households in this country.

Forty-six per cent of respondents to an Ipsos survey conducted on behalf MNP Ltd. said they're within $200 of insolvency every month, compared with 40 per cent who faced such dire circumstances in the previous survey in September.

Nearly the same proportion of respondents (39 per cent) to the latest survey, which was conducted from Dec. 7-12 and is based on responses from 2,154 participants, said they're worried they'll be pushed into bankruptcy if interest rates rise any higher.

“Many [Canadians] have so little wiggle room that any increase in living costs or interest payments can tip them over the edge," said MNP President Grant Bazian in a release.

The Bank of Canada raised its benchmark lending rate three times last year, taking it to 1.75 per cent. The bank left that rate unchanged at its most recent meeting on Jan. 9, but reiterated that rates will "need to rise over time."

Based on the most recent data available from Statistics Canada, a closely-monitored gauge of household debt showed that, on average, Canadians owed almost $1.74 for every dollar of disposable income in the third quarter of 2018.

https://www.bnnbloomberg.ca/46-of-canad ... -1.1201156
Ecclesiastes 10:2 "A wise man’s heart inclines him to the right, but a fool’s heart to the left."
Get a high school drama teacher to run a country, and what do you get? High school drama.

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Re: 46% of Canadians on the brink of insolvency

Postby jimmy4321 » Jan 21st, 2019, 6:18 am

Sounds like they picked a bunch of wussies with zero discipline for this sample, good for you for standing up for them, someone needs to - i guess :up:
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Re: 46% of Canadians on the brink of insolvency

Postby Corneliousrooster » Jan 21st, 2019, 7:27 am

While I too think Trudeau is a bumbling twit, and I disagree with the policies that are digging deeper into the pockets of taxpayers - I find it a bit of a stretch to blame him for the lack of foresight or concern for one's own finances. This has far less to do with the government and far more to do with keeping up with the jones's and zero personal fiscal restraint. When the banks show you how much you can borrow it does not mean you should be financing the maximum amount.

Live within your means - avoid a personal debt crisis.

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Re: 46% of Canadians on the brink of insolvency

Postby jimmy4321 » Jan 21st, 2019, 7:44 am

People used to live where they could afford and in small homes, just look at the north end of Kelowna that pre boomer era.
People trade in new phones, vehicles barely paid for traded for greater debt, constantly eating fast food, just accumulating junk as a sport, young kids wearing big brand etc.
Then , when they're about to hit the wall the bank sends them an email to accept a limit increase to their credit Lol and people accept them like they were ask to the prom.

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Re: 46% of Canadians on the brink of insolvency

Postby LANDM » Jan 21st, 2019, 7:52 am

jimmy4321 wrote:People used to live where they could afford and in small homes, just look at the north end of Kelowna that pre boomer era.
People trade in new phones, vehicles barely paid for traded for greater debt, constantly eating fast food, just accumulating junk as a sport, young kids wearing big brand etc.
Then , when they're about to hit the wall the bank sends them an email to accept a limit increase to their credit Lol and people accept them like they were ask to the prom.


The North end of Kelowna was generally immediate post-war VLA homes. Nothing to do with anything else. A unique situation at a specific time.

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Re: 46% of Canadians on the brink of insolvency

Postby jimmy4321 » Jan 21st, 2019, 8:20 am

Saying north end was wrong , but check out any city and look at many of the old homes. One bath was the norm, sqft for the home were less.
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Re: 46% of Canadians on the brink of insolvency

Postby LANDM » Jan 21st, 2019, 8:25 am

jimmy4321 wrote:Saying north end was wrong , but check out any city and look at many of the old homes. One bath was the norm, sqft for the home were less.

Absolutely. The "minimum" seems to be huge with granite, hardwood etc.
I bet we are going to see a continued backlash to excess and will see a continued trend to smaller, more efficient, still high quality. I say continued because I sense that trend has already started in subtle ways.
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Re: 46% of Canadians on the brink of insolvency

Postby monilynno » Jan 21st, 2019, 11:27 am

I've been talking about this for at least 2 years, this is just the latest poll over the last 2 years that shows how cash strapped Canadians have become. Now tell those same 46% of Canadians that a family of 4 will have to find another $2200 a year to keep their heads above water once Trudeau's carbon tax effects are felt.

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Re: 46% of Canadians on the brink of insolvency

Postby Pete Podoski » Jan 21st, 2019, 11:35 am

monilynno wrote:I've been talking about this for at least 2 years, this is just the latest poll over the last 2 years that shows how cash strapped Canadians have become. Now tell those same 46% of Canadians that a family of 4 will have to find another $2200 a year to keep their heads above water once Trudeau's carbon tax effects are felt.


Took a lot of posts before someone got the salient point of the O.P.

The problem is the upward trend of financial struggles, and not what the Trudeau peanut chuckers try to deflect onto individuals' inabilities to get by within their financial situations.

Now Trudeau is charging us all $2,200 more per year, and that will push those within the $200 monthly threshold into insolvency.

The central bank is raising interest rates to prop up the Canadian dollar, which is weakening because Trudeau has closed the country to business.

People are falling further behind, and the boy with the hair and the trust fund doesn't give a flying *bleep* about it.

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Re: 46% of Canadians on the brink of insolvency

Postby monilynno » Jan 21st, 2019, 11:45 am

Staggering share of Canadians fear bankruptcy if interest rates rise much more https://globalnews.ca/news/3962467/cred ... canadians/

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Re: 46% of Canadians on the brink of insolvency

Postby OKkayak » Jan 21st, 2019, 11:49 am

How much is their SUV payment vs a basic car payment, because they "need" an SUV? How much is their cable package because they "need" whichever premium cable movie/sports package they opt for? How much do they pay for their mobile data package the they don't need?

Don't get me wrong, the basics in Canada aren't cheap, and I'm not necessarily disagreeing with the topic, but I bet a lot of people can cut their bills substantially by simply sitting down and comparing what they think they need and what they really do need. But constantly blaming the Government for their foolish spending habits is getting to be ridiculous. Even with the carbon tax (which I don't agree with), we're still no where near other countries in taxes vs income.
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Re: 46% of Canadians on the brink of insolvency

Postby monilynno » Jan 21st, 2019, 11:50 am

And it's not just consumers. Outside the financial sector, 80% of Canadian companies aren't generating enough cash to support their businesses, https://business.financialpost.com/news ... pknycQURPQ
This is the "Booming Trudeau Economy"

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Re: 46% of Canadians on the brink of insolvency

Postby floppi » Jan 21st, 2019, 11:56 am

monilynno wrote:I've been talking about this for at least 2 years, this is just the latest poll over the last 2 years that shows how cash strapped Canadians have become. Now tell those same 46% of Canadians that a family of 4 will have to find another $2200 a year to keep their heads above water once Trudeau's carbon tax effects are felt.


If you writing about the misleading Fraser Fakenews Institute of the $2200 increase to the CPP....that's not even remotely true.


For a person with a income of 55K, the CPP increase for this year amounts to 7 bucks a month or a whole whopping 34 dollars a year :D .
How much more you’ll pay will depend on how much you earn, but an average worker making $55,000 will, for example, pay an additional $7 a month in 2019. That is expected to increase to $34 more a month by 2023.

It’s important to note that the Fraser Institute analysis treats these changes as if they are already fully implemented. In other words, as if the full $34-a-month burden is currently in place......

To calculate the $2,218-per-year increase for middle-class families, the Fraser Institute also counted not only the employee’s increased contribution to the CPP pot but also the employer’s. :200:


This is so there is enough in CPP when you retire and maybe get a raise.....it's all good, no?
Last edited by floppi on Jan 21st, 2019, 12:13 pm, edited 1 time in total.

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Re: 46% of Canadians on the brink of insolvency

Postby jimmy4321 » Jan 21st, 2019, 12:12 pm

Oh I missed it . This is just another Trudeau bashing thread Lol

$2200 is such a load of *bleep* [icon_lol2.gif]
Guess if you repeat it enough the casual reading idiot will believe it.

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Re: 46% of Canadians on the brink of insolvency

Postby monilynno » Jan 21st, 2019, 12:25 pm

No one mentioned the CPP, perhaps you should have your eye glass prescription checked.
But now that you have mentioned it, here's some dubious invests with "Our CPP Money" made by the cultural appropriating trust fund boy.

https://www.cbc.ca/news/business/canada ... -1.3299154

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