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26.02.2021 / 01:37

Canadian banks report better-than-expected profits amid COVID-19 pandemic

COVID-19 pandemic — even as TD was one of six Canadian banks that reduced its provisions for bad debt, citing better prospects for the economy.TD, CIBC, RBC, National Bank, BMO and Scotiabank all reported better-than-expected profits in the three months ending Jan. 31, as provisions for credit losses fell and net income climbed from the same period last year, before COVID-19 was declared a pandemic.

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Canada’s banks brace for possible wave of loan defaults. Why that matters

Canada’s biggest banks saw the country’s major lenders move in lockstep ahead of a projected economic downturn, with each putting more money away for a possible rise in credit losses.Experts say the more expensive cost of borrowing in Canada and the possibility of job losses could catch up to households and push a growing number into default, though some believe the worst of the debt pain is likely at least a year away.Canada’s big six banks — TD Bank, RBC, BMO, Scotiabank, CIBC and National Bank — all reported earnings for their first fiscal quarters this week, with similar-sounding results. All reported a dip in profits as they put more money aside to handle credit losses.

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Stocks climb as Yellen, Biden’s pick for Treasury Secretary, backs stimulus plan

Wall Street‘s main indexes rose on Tuesday as U.S.

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Over half in Saskatchewan close to insolvency: report

financial struggles facing Saskatchewanians seven months into the coronavirus pandemic, and one suggests more than half are close to being insolvent.Fifty-three per cent of respondents in MNP’s recent Consumer Debt Index, which surveyed Saskatchewan and Manitoba residents, said they were $200 or less from being insolvent at end-of-month.Pamela Meger, a Licensed Insolvency Trustee (LIT) with MNP in Regina, says that the response wasn’t unexpected. She said that surveys in March, before pandemic lockdown measures were implemented, indicated 44 per cent of people were already in that situation.

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Majority of Gen Z Canadians close to insolvency amid coronavirus pandemic, poll finds

COVID-19 very differently — and it largely depends on how vulnerable they were prior to the pandemic, a new poll suggests.The youngest people in the workforce — those in Generation Z — appear to be struggling the most, according to the poll, which was commissioned by insolvency firm MNP.Nearly 70 per cent are $200 or less away from insolvency, which includes 39 per cent who are already insolvent, meaning their financial resources aren’t enough to cover their current obligations.Other groups among the hardest hit in the pandemic include renters — 57 per cent who are in that same position — about half of women, and 67 per cent of households earning under $40,000.“The younger generation, those still with student loans, Z generation … renters,

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ANALYSIS: Trudeau government nears the record for leaving Parliament without a budget

Canada’s coronavirus deficit soaring to $343B as feds warn of ‘permanent change’ to economy Before becoming PBO, Page worked in the Finance Department helping to prepare budgets. These days, he’s the founding president and CEO of the Institute of Fiscal Studies and Democracy at the University of Ottawa.Page acknowledges that budget preparation would be significantly different in the current year but he’s convinced there is a way to do it.“It’s a different way of operating.

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Canada ‘bets the farm’ on deficit spending amid coronavirus resurgence

Canada‘s vow to double down on pandemic-related spending to keep the economic recovery underway in the face of a second wave of COVID-19 infections will support activity but raises questions over the burgeoning deficit, economists say.The Liberal government on Wednesday made sweeping promises of major new investments and policy initiatives saying “this is not the time for austerity,” while giving few details on how those plans would be financed and at what cost.An economic update, including fiscal projections, will be released later this fall, it said.“It seems like they’ve bet the farm and doubled down on spending,” said Ian Lee, associate professor of management at Ottawa’s Carleton University.

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Atlantic Canada airports estimate 92 per cent drop in summer travel

Atlantic Canada Airports Association said Tuesday the 11 airports it represents are projected to lose a total of 5.5 million passengers and $76 million in revenues this year.

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Many Canadians will turn to debt when government benefits run out, survey suggests

Household debt ratio drops to 158% of disposable income, down from 175% The survey, which was commissioned by insolvency firm MNP Ltd. earlier this month, found that among respondents currently receiving benefits due to the coronavirus pandemic, 45 per cent will take on more debt in the event that financial support ends.“That’s a pretty startling figure,” MNP President Grant Bazian said in an interview.Twenty-one per cent said they would use credit cards, and eight per cent said they would rely on payday lenders.

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World Bank chief urges G20 nations to reduce debt of poorest countries amid coronavirus

Group of 20 major economies to extend a freeze in official debt payments by the poorest countries through the end of 2021, and said they should start talks on reducing the debt of some countries.Malpass told a virtual meeting of G20 finance officials that some major official creditors were not participating fully in the Debt Service Suspension Initiative (DSSI), and private creditors should stop collecting payments from the poorest countries. Coronavirus: Groups urge G20 to extend, expand debt freeze for poorer countries “Even with these immediate steps … many of the poorest countries won’t be able to make the resulting debt burdens sustainable in the medium term,” he said.

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More seniors expected to turn to reverse mortgages due to COVID-19

novel coronavirus pandemic is driving renewed interest in reverse mortgages, as cash-strapped seniors look for financing options and rethink their plans to spend their last years in long-term care homes.A reverse mortgage allows Canadians aged 55 and over to borrow against their home equity. The loan, which can be taken as a lump sum or monthly income, requires no payments.

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ANALYSIS: A looming coronavirus debt crisis could swamp Canadian households

coronavirus pandemic that began as a public health crisis then metastasized into an economic crisis is likely to finish as a debt crisis that could end up swamping not only some governments but also hundreds of thousands — if not millions — of Canadian households.The growing accumulation of debt at the household level combined with reduced incomes to service that debt — two phenomena characteristic of this pandemic — also threatens to slow the recovery.

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How Beauty Entrepreneur Angela C. Styles, Made A Way With No Blueprint

UnBossed Podcast here: Raising money as an entrepreneur isn’t as straightforward or glamorous as it often appears on social media. Serial entrepreneur and Emmy award-winning beauty industry vet Angela C.

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Lethbridge finance experts discuss market trends and offer tips on saving money during COVID-19 pandemic

Although the COVID-19 pandemic is bringing a lot of economic uncertainty to many Albertans, some experts say there are ways to protect and even grow your money as the crisis continues.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0