Tips for families, retirees, gig workers, investors and more, from Rob Carrick
We have now seen the Bank of Canada pass on two straight opportunities to raise rates, a sign that borrowing costs are high enough now to contain inflation. The bank stayed on the sidelines in March and April, and then resumed rate hikes. But the economy is too fragile today to withstand much more pressure from rising rates.
This fragility is where to focus your attention in managing your investments and finances in the months ahead. Here are some thoughts on preparing for some specific groups:Make sure you have enough secure, risk-free cash in your registered retirement income fund to cover two or three years’ worth of mandatory withdrawals. High interest savings products for investors and short-term guaranteed investment certificates let you park money safely and earn roughly 4.5 to 5 per cent.
Are you a young Canadian with money on your mind? To set yourself up for success and steer clear of costly mistakes,
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