Today we celebrate International Women's Day!  Here’s to celebrating the achievements of all the amazing women around the world. Wishing you a very Happy Women’s Day! 

OTTAWA - The Bank of Canada is holding its key interest rate steady for the first time in a year while reiterating it is taking a wait-and-see approach with monetary policy.

The central bank says it has decided to hold its key rate at 4.5 per cent based on its assessment of recent economic data.

However, it is keeping the door open to further rate hikes if the economy or inflation run hotter than expected.

In January, the Bank of Canada announced it expected to maintain its key interest rate if economic developments stay broadly in line with its forecasts.

Recent data showed inflation slowed to 5.9 per cent in January while the economy posted no growth in the fourth quarter.

The Bank of Canada says it still expects the annual inflation rate to fall to around three per cent by mid-year.

This report by The Canadian Press was first published March 8, 2023.

Click here to learn more about this decision.

Taxes… not the most exciting topic – we know!

However, if you live and work in Canada, you have to pay them!

You should know that if you pay tax in Canada, you must keep your Canadian tax records for some time after the end of the tax year.

This even applies if you are on a working holiday in Canada and move home when your visa expires.

In this guide, we will explain why you need to keep your tax records in Canada and help you to ensure you keep your tax records for the right period of time.

So…let’s get started!

How long do you have to keep tax records in Canada?

You must keep your Canadian tax records for six years. You must keep your records from the end of the last tax year that you filed a Canadian tax return for.

For example, if you file a tax return for the 2021 tax year, your tax records must be kept until the end of the 2027 tax year.

After delivering eight consecutive rate hikes over the past year, the Bank of Canada is finally expected to leave rates unchanged when it meets this week.

In a statement from its January meeting, the BoC said, “…if economic developments evolve broadly in line with the [Bank’s] outlook, Governing Council expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases.”

That guidance came into question soon after, however, when labour growth surprised to the upside with the creation of 150,000 new jobs in January.

“That wasn’t part of the central bank’s plan,” noted Royce Mendes, Managing Director and Head of Macro Strategy at Desjardins. Not only that, but U.S. inflation numbers suggested a re-acceleration in consumer price growth south of the border.

“Then the data began to cooperate,” Mendes wrote in a research note, pointing to Canadian inflation coming in below expectations for the second straight month and fourth-quarter GDP coming in flat, well below BoC forecasts of 1.3% growth.

As a result, “there’s little doubt the Bank of Canada will hold rates steady” at its upcoming meeting on Wednesday, Mendes suggested.

“The statement accompanying the decision will again leave the door open to further rate hikes if the economy or inflation veer off this path,” he added. “But central bankers will be able to credibly argue that both inflation and the economy have made as much progress as predicted back in January, if not more.”

In a survey of 22 banks conducted by Bloomberg, all expect the Bank of Canada to leave rates unchanged this week.

Click Here To Read More - and stay tuned in for Wednesday.

If you are shopping for a mortgage, it is essential to know what you need to be able to qualify, but it is also important to understand what could be holding you back from qualifying for a mortgage. Below are 5 points that could be impacting your chances of being approved for a mortgage:

1. Carrying too much debt
2. Poor credit history or not enough credit history
3. Not enough income or assets
4. Not enough of a down payment
5. Unstable employment history

If you feel any of the above points could be holding you back from getting approved for a mortgage, reach out to your Mortgage Alliance Professional. They are armed with solutions for every situation. (Source Mortgage Alliance)

It's random acts of kindness day! Random Acts of Kindness Day is a day to celebrate and encourage random acts of kindness. It's a day to celebrate kindness and the whole pay-it-forward mentality. This should be applied every day! 

Wishing everyone a fantastic Long weekend!

Looking at something to do? Click here are some options across Alberta!

Nearly 8 in 10 fixed-payment variable-rate borrowers have hit their trigger rate, according to data from National Bank of Canada.

The finding was released in a report last week written by National Bank Financial economists Stefane Marion and Daren King. They estimated that between 73% and 80% of variable-rate mortgage holders with fixed payments have hit their trigger rate, depending on when the mortgage was originated between 2020 and 2022.

The trigger rate is the point where the borrower’s monthly payment is no longer covering rising interest costs, and generally results in the borrower needing to increase their payment.

Click HERE to on. . .

While rates have been steadily climbing for variable mortgages, fixed mortgage rates have been moving in the opposite direction.

Certain lenders and national brokerages have been gradually dropping rates for select terms since the start of the month. Average nationally-available deep-discount 5-year fixed mortgage rates are now about 20 basis points lower compared to earlier in the month, according to data from MortgageLogic.news.

The move follows the recent decline in the 5-year Government of Canada bond yield, which typically leads fixed mortgage rates.

The 5-year bond yield closed at 3.05% on Monday, bouncing back slightly from a 5-month low of 2.80% reached last week. Still, yields are down from about 3.40% four weeks ago and the 14-year high of 3.89% reached in October.

Click HERE to read on!

3 Reasons you should use a mortgage broker vs going to your bank for a mortgage:

1. Better Rates – Because lenders compete for our business, we get access to discounted rates based on volume and we pass these savings directly on to you.

2. Access to more lenders - When you apply for a mortgage at a bank or credit union, you only have access to the products they offer in-house. With a mortgage broker, you get access to dozens of lenders.

3. Our services are free – we are compensated by the lender.

If you have questions about your mortgage or home financing options, reach out to your Mortgage Alliance Professional. #Mortgages #MortgageAlliance

Central bank has been trying to wrestle sky-high inflation into submission. 

The Bank of Canada has raised its benchmark interest rate again, to 4.5 per cent.

The move was widely expected by economists as the bank tries to wrestle record-high inflation into submission.

It's the eighth time in less than a year that the bank has hiked its trend-setting rate, a move that will make borrowing money more expensive.

But at one quarter of a percentage point, it's also the smallest hike since March, and thus a sign that the bank may be done with hiking rates for the next little while. 

Click HERE to read more.

After receiving input from downtown business owners, Lacombe city council approved a public consultation process targeting parking improvements in the downtown core.

The City says they often receive requests for more parking in the area. While they admit some requests cannot be accommodated due to space limitations, site lines and other considerations, the City says they do look to advance adequate access and to work with businesses whenever possible.

Administration evaluated improvements to two areas which will add an estimated 25 new parking stalls downtown:

• The public parking lot at 5026 49 St (+8 parking stalls)

• On-street parking along 49B Ave (+17 parking stalls)

Click HERE to read more.