March Wealth Awesome Newsletter

Wealth Awesome Newsletter

AuthorAuthor

Qayyum Rajan & Chris Liew
March 02, 2024

Hey there,

Our newsletter got a makeover! Let us know what you think 🎨 đŸ˜Ž 

The Bank of Canada is in a bit of a bind, trying to figure out when it can start to lower interest rates amidst stubbornly high inflation. Although the bank's key rate remains at 5%, there's hope that rate cuts could be on the horizon, potentially around mid-year, as inflation, which hit 3.4% in December, continues to ease.

But it's not all smooth sailing; inflation remains widespread, with the cost of living, especially housing, still climbing quickly. The Bank is cautious, not wanting to cut rates too soon and risk having to hike them again if inflation doesn't settle down to their 2% target. They're also keeping a close eye on the housing market, wary of prices heating up too much from any premature rate cuts. Learn more about the how the rates work.

Key Takeaway: While the Bank of Canada navigates these inflationary pressures, it's a reminder for investors to stay informed and be prepared for both potential rate cuts and their implications on investments and savings. This situation underscores the importance of a well-diversified portfolio that can withstand interest rate fluctuations.

I know we mentioned EQ Bank in the last few emails, but their 1 year GIC has actually increased since then (from 4.00% to 5.50%). While we wait for rate cuts, we might as well lock things in at a super high rate. You can learn more and sign up for EQ Bank here or 👇️ 

Get a 5.50% 1-Year GIC Interest Rate!

EQ Bank Guaranteed Investment Certificates (GICs) offer incredible GIC rates with a wide range of options, and you can purchase one in seconds!

wealthawesome.com/recommends/eq-bank-gic

MONEY | CPP Payment Dates 2024: Canada Pension Plan Overview

If you’re wondering when CPP is paid in 2024, you’ve come to the right place. I’ll also go over how to receive the maximum CPP payments you can get below.

wealthawesome.com/cpp-payment-dates

MONEY | 15 Best Business Bank Accounts In Canada 2024

I did much of the legwork for you and narrowed down the best business bank accounts in Canada based on business volume and online options.

wealthawesome.com/best-business-bank-accounts-in-canada

INVESTING | Canadian High Dividend Yield Index ETF Review (VDY) 2024

A general equity ETF, aiming for growth by investing in a broad range of stocks. This ETF has an MER of 0.23%. It’s a great all rounder for those looking for income.

wealthawesome.com/ftse-canadian-high-dividend-yield-index-etf-review-vdy-2024

RETIRE | How Much Do I Need To Retire in Canada in 2024?

How much do I need to retire in Canada? Here are 5 simple steps that will help you answer that question.

wealthawesome.com/how-much-do-i-need-to-retire-in-canada

Get a bonus $25 signup offer, with no trading fees!

Get $25 and commission-free trades when you open a Wealthsimple Trade account and fund at least $150. Sign-up today to take advantage of this exclusive offer!

wealthawesome.com/recommends/wealthsimple-trade

RBC Digital Choice Business™ Account

Get unlimited electronic debit and credit transactions, 10 Interac eTransfer transactions and unlimited electronic cheque deposits

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See you next month!

The Wealth Awesome Team

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