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Economy

5 Ways You Can Get More Control Over Your Savings Account

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Saving for the future is important, but it can be difficult when so many day-to-day expenses arise.

 

If you’re looking to increase your savings in your account, keep reading to learn five strategies to help you save money and reach your financial goals:

 

1. Automate Your Savings

An easy method to save is to automate the process. This means setting up a direct deposit from your paycheque into your savings account.

 

Automating your savings ensures you don’t have access to the money immediately, making it less likely that you’ll use it.

You can also set up automatic transfers between your chequing account and your savings account.

 

2. Make a Budget

Creating a budget is one of the best ways to get control of your finances and make sure you’re saving enough each month. It can be challenging at first, but budgeting can become second nature once you get the hang of it.

 

To create a budget, start by listing all your monthly expenses like rent or mortgage payments, utilities, groceries, etc. Then figure out how much money you have left over after those expenses are paid and set aside that amount as your designated savings account fund.

In the future, try to stick to that budget as closely as possible to maximize your savings.

 

3. Cut Back on Expenses

Cutting back on expenses may mean eating out less, shopping less, or eliminating unnecessary subscriptions and memberships.

 

We all have guilty pleasures when it comes to spending money but cutting back on these little luxuries and redirecting that money into savings can be beneficial in the long run.

Whatever your strategy, find ways to reduce your spending so you can have more money to put into savings.

 

4. Save your Bonus Cash

Don’t spend it all when you get a raise at work, receive a tax refund, a bonus, or even a windfall from friends or family.

 

Allocating that money directly into savings instead of spending it on something frivolous can make a difference. Even if it’s only a few dollars here and there— every bit counts.

 

5. Take on Opportunities

If you’re looking for a more significant boost in saving power, consider taking on additional job opportunities such as freelance work or side gigs.

 

The income from these jobs can help build up your savings even faster than just using the methods above. Plus, other jobs often offer unique experiences and skills that could benefit future opportunities down the road.

 

Patience is Key

Increasing the amount of money in your savings account takes time and patience.

Automating transfers into your savings, making a budget, cutting back on expenses, saving bonus cash are great ways to build up that nest egg.

 

With these strategies in place and some dedication from yourself—you’ll be watching those saved dollars add up before you know it.

 

Economy

Minimum wage to hire higher-paid temporary foreign workers set to increase

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OTTAWA – The federal government is expected to boost the minimum hourly wage that must be paid to temporary foreign workers in the high-wage stream as a way to encourage employers to hire more Canadian staff.

Under the current program’s high-wage labour market impact assessment (LMIA) stream, an employer must pay at least the median income in their province to qualify for a permit. A government official, who The Canadian Press is not naming because they are not authorized to speak publicly about the change, said Employment Minister Randy Boissonnault will announce Tuesday that the threshold will increase to 20 per cent above the provincial median hourly wage.

The change is scheduled to come into force on Nov. 8.

As with previous changes to the Temporary Foreign Worker program, the government’s goal is to encourage employers to hire more Canadian workers. The Liberal government has faced criticism for increasing the number of temporary residents allowed into Canada, which many have linked to housing shortages and a higher cost of living.

The program has also come under fire for allegations of mistreatment of workers.

A LMIA is required for an employer to hire a temporary foreign worker, and is used to demonstrate there aren’t enough Canadian workers to fill the positions they are filling.

In Ontario, the median hourly wage is $28.39 for the high-wage bracket, so once the change takes effect an employer will need to pay at least $34.07 per hour.

The government official estimates this change will affect up to 34,000 workers under the LMIA high-wage stream. Existing work permits will not be affected, but the official said the planned change will affect their renewals.

According to public data from Immigration, Refugees and Citizenship Canada, 183,820 temporary foreign worker permits became effective in 2023. That was up from 98,025 in 2019 — an 88 per cent increase.

The upcoming change is the latest in a series of moves to tighten eligibility rules in order to limit temporary residents, including international students and foreign workers. Those changes include imposing caps on the percentage of low-wage foreign workers in some sectors and ending permits in metropolitan areas with high unemployment rates.

Temporary foreign workers in the agriculture sector are not affected by past rule changes.

This report by The Canadian Press was first published Oct. 21, 2024.

— With files from Nojoud Al Mallees

The Canadian Press. All rights reserved.

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Economy

PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

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OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.

The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.

The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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Economy

Statistics Canada says levels of food insecurity rose in 2022

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OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.

In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.

The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.

Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.

In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.

It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.

This report by The Canadian Press was first published Oct 16, 2024.

The Canadian Press. All rights reserved.

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