In today’s digital age, protecting your financial identity is vital. With the launch of our online broker and investor portals, we want to ensure you are following digital safety best practices around identity theft and financial fraud. Our Broker Portal is an integral part of our delivering fast, flexible, and
In today’s digital age, protecting your financial identity is vital. With the launch of our online broker and investor portals, we want to ensure you are following digital safety best practices around identity theft and financial fraud.
Our Broker Portal is an integral part of our delivering fast, flexible, and easy mortgage solutions for our brokers servicing the needs of alternative borrowers.
Our Investor Portal serves as a convenience feature for our investors never wavering on our commitment to personalized service.
Scroll down to learn more about how you can explore our customer portals while ensuring you are safe with your information.
Protecting your identity starts with securing your digital presence. Your online accounts, especially those related to financial services, are prime targets for cybercriminals. The security of these accounts heavily relies on the strength and secrecy of your passwords.
Passwords serve as keys to your digital life. They grant access to your email accounts, social media profiles, online banking services, and more. Therefore, the security of your passwords is directly tied to the security of your personal information.
Password protection is a critical aspect of online security. A strong, unique password is the first line of defence against unauthorized access to your accounts. Strong passwords keep your personal information confidential, protect your identity and ensure the security of your assets. Weak passwords are easily guessable and crackable, making them a soft target for cybercriminals. They can lead to unauthorized access to your accounts, identity theft, financial loss, and even damage to your reputation.
Click here to access the Broker Portal.
Click here to access the Investor Portal.
Disclaimer: The opinions and viewpoints presented in this document are exclusively those of the several writers and do not represent the perspectives of any associated individuals or organizations, including but not limited to the writer’s current or former employers. Efforts have been made to verify the accuracy of the information and analysis provided, but it is intended purely for informational purposes. The writers alone are responsible for any opinions, forecasts, or predictions made. No guarantees are made regarding the precision or completeness of this document’s contents. This document is not intended to offer professional or investment advice. The writers are not liable for any consequences resulting from reliance on this piece. It is advised that readers consult with a certified expert before making any financial decisions.
It’s National Financial Literacy Month (FLM), where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. Throughout November, the FCAC is discussing the ever-changing financial marketplace and the importance of checking up on financial health. At
It’s National Financial Literacy Month (FLM), where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. Throughout November, the FCAC is discussing the ever-changing financial marketplace and the importance of checking up on financial health.
At Magenta, our goal is to connect people with opportunities to build a better tomorrow. This month, we’re furthering our goal by supporting National Financial Literacy Month and sharing resources dedicated to helping Canadians:
For the final week of Financial Literacy Month, we’ll be discussing:
The best way to protect your financial rights is to understand what rights you have in the first place. Did you know that Canadian laws and regulations help ensure that financial consumers are protected, have access to basic banking services, and are treated fairly by financial institutions? These regulations include your right to:
Understanding these regulations is the first step to ensuring you can protect your financial rights when dealing with your financial institution(s).
When it comes to paying your mortgage, banks are also expected to help consumers who are experiencing financial difficulties due to exceptional circumstances. If you are struggling to pay your mortgage, it’s important that you contact your bank to learn about the relief measures that may be available to you, such as making a special payment arrangement, converting your interest rate, and mortgage deferral programs.
In November 2023, the Liberal government released the Fall Economic Statement (FES), which detailed an initiative it calls the Canadian Mortgage Charter. This charter builds upon the existing expectations related to how financial institutions treat their borrowers. To learn more, please click here: “The New Canadian Mortgage Charter Explained“.
As a Canadian borrower, you have rights when applying for a mortgage, making prepayments, renewing your mortgage, and more. Click here to explore these topics and learn more about your financial rights as a borrower.
When dealing with financial institutions, the FCAC has compiled a list of helpful resources designed to help you understand your financial rights and responsibilities. Below, please find a list of some of these resources:
Please visit the FCAC’s “Financial rights and responsibilities” page to explore more resources available to you regarding your financial rights.
Thank you for tuning in this month with Magenta as we’ve explored the weekly themes of Financial Literacy Month. To learn more about Financial Literacy Month and see additional resources provided by the FCAC, please click here.
It’s National Financial Literacy Month (FLM), where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. Throughout November, the FCAC is discussing the ever-changing financial marketplace and the importance of checking up on financial health. At
It’s National Financial Literacy Month (FLM), where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. Throughout November, the FCAC is discussing the ever-changing financial marketplace and the importance of checking up on financial health.
At Magenta, our goal is to connect people with opportunities to build a better tomorrow. This month, we’re furthering our goal by supporting National Financial Literacy Month and sharing resources dedicated to helping Canadians:
This week we’ll be talking about optimizing your financial health, managing your money to limit financial difficulties and improving your financial situation. Money worries are the biggest source of stress for Canadians: more than work, personal health, or even relationships. Canadians can avoid this stress by adopting a handful of financial strategies and sticking to them. It’s important to keep in mind that making a budget or consolidating your debt won’t solve all of your money problems overnight, just like getting that new gym membership won’t suddenly make you a marathon runner. Improvements to your financial health, like your physical health, are incremental, the sum total of thousands of little decisions you make every day to maintain your commitment to yourself and those you rely on.
Up for the challenge? Here are a few ways to get started:
Know the Difference Between Good and Bad Debt: Debt isn’t always bad. Sometimes, taking on debt in the present can help mitigate financial problems in the future, provided that that debt is being used to create value, or to produce wealth in the long term. Depending on your location, renovating your home- thereby increasing its resale value- could be a valid reason to take on debt. Taking on a student loan in order to acquire the necessary credentials to get a better-paying job is another example of a debt that could more than pay for itself in the long run.
Make a Budget to Manage Your Money: Simply keeping track of how much you earn, spend, and save can radically change your outlook on your finances. By clarifying your financial situation, you may find it easier to set limits on your spending and live within your means, as well as feel more inclined to be proactive in looking for ways to reduce or eliminate costs.
Set up an Emergency Fund: When you have money set aside for unexpected expenses, you can handle those expenses without having to go into debt or accept high-cost loans to make up the deficit.
Avoid Debt by Saving up for Your Financial Goals: When you not only identify but commit to paper (digital or otherwise) your financial goals, you may feel more accountable when it comes to whether or not you achieve them. It can be all too easy for financial aspirations to appear impossible or abstract: when you itemize your goals with specific dollar values and time frames, it becomes easier to see how far you’ve come, and how far you’ve left to go.
Did you get all the words right? Click here to see the Crossword Answer Key.
Tune in next week to learn more about our final topic: knowing your financial rights. To learn more about Financial Literacy Month and see additional resources provided by the FCAC, please click here.
It’s National Financial Literacy Month (FLM), where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. Throughout November, the FCAC is discussing the ever-changing financial marketplace and the importance of checking up on financial health. At Magenta, our goal is
It’s National Financial Literacy Month (FLM), where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. Throughout November, the FCAC is discussing the ever-changing financial marketplace and the importance of checking up on financial health.
At Magenta, our goal is to connect people with opportunities to build a better tomorrow. This month, we’re furthering our goal by supporting National Financial Literacy Month and sharing resources dedicated to helping Canadians:
For this week’s theme, “What to do in a Financial Emergency”, we’re exploring how you can equip yourself to handle financial emergencies. Whether you’re an investor, a broker, or simply looking to refresh your financial literacy, we hope this article proves useful to you.
As much as managing debt and saving for the future can help to mitigate risk, events outside your control- from personal challenges like illness or loss of income to macroeconomic factors such as recession or rising interest rates- can still threaten your financial stability. It’s a difficult topic to grapple with, after all, no one likes to plan for the worst. But in the wise words of Benjamin Franklin, “By failing to prepare, you are preparing for failure.” He might not be on our 100$ bill in the Great White North, but we’re confident his advice still applies (and we don’t think Robert Borden minds sharing the limelight, either).
To prepare for a financial emergency, the FCAC recommends the following action plan:
You can take advantage of the action plan, free tools, and resources offered by the FCAC.
Financial emergencies can happen to anyone at any time. If you are facing financial issues, you can seek external resources to help you get through a financial emergency.
We’ve created a Financial Emergency Word Search of professionals, institutions, and trusted options you can turn to. Click on the image below to download and print a copy. Go ahead and try it out!
Did you find all the words? Click here to see the Word Search Answer Key.
The good news is, you’re not alone. Your financial institutions may be able to assist you when your financial health hits a rough patch- whether that’s through offering mortgage deferrals or mortgage relief or allowing you to skip a payment cycle on your credit card (a ‘payment holiday’). For more information on what financial lifelines are available to you in Canada, please visit the FCAC’s resource for managing your money in challenging times.
It’s National Financial Literacy Month (FLM), where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. Throughout November, the FCAC is discussing the ever-changing financial marketplace and the importance of checking up on financial health. At Magenta,
It’s National Financial Literacy Month (FLM), where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. Throughout November, the FCAC is discussing the ever-changing financial marketplace and the importance of checking up on financial health.
At Magenta, our goal is to connect people with opportunities to build a better tomorrow. This month, we’re furthering our goal by supporting National Financial Literacy Month and sharing resources dedicated to helping Canadians:
For this week’s theme, “Check up on your debt”, we’ll be discussing the importance of checking up on debt, how mortgages can help, as well as sharing helpful resources for debt management. Whether you’re an investor, a broker, or simply looking to refresh your financial literacy, we hope this article proves useful to you.
Debt history plays a critical role in forming an impression when interacting with financial institutions. Your ability, or lack thereof, to handle debt speaks volumes about you to prospective lenders who may consider the following:
Your financial history will determine how trustworthy you are in the eyes of a lender and is a key determinant of the interest rates you will pay, or even if your loan is approved in the first place.
However, not all debts are created equal. As industry professionals, we know that some debts are more important than others. Debt can be an indicator of a borrower’s ability to uphold their end of a mortgage. For example, when it comes to credit card balances, if you consistently pay down only the minimum amount each month, this can affect your credit score and interest rates accordingly. Minimum payments can be an indicator of an inability to pay down more. Furthermore, even if you consistently pay down your balance entirely, incurring high balances negatively impacts your debt-service ratio (your ratio of your debts to your income), and thus, your credit score in turn. As a rule of thumb, a high balance is considered somewhere in the range of spending over 75% of your limit.
On the other hand, payments made over the span of many years, namely mortgages and other kinds of instalment debt (such as vehicle loans), are often less significant factors. This is due to the debt relative to your income being spread out over a larger period of time. In general, the lower the interest rates and the more flexible the payment schedule for a debt is, the less impact it will have on how lenders consider your applications.
Debt consolidation is a technique in which one exchanges two or more smaller loans for a single larger one. you gain the financial power to pay off your smaller loans. By acquiring a long-term loan, such as a mortgage, you gain the financial power to pay off your smaller loans. A mortgage can help you:
Debt consolidation is one of many tactics to get a drop in your outstanding payments, but it’s only as good as the budget you set to help you pay off your long-term loans. To help you plan your budget, consider using an automated tool such as the Budget Planner offered by the FCAC. It’s fast, easy to use, and best of all: completely free!
Equipping yourself with the knowledge and resources to tackle debt can be beneficial to your overall financial planning. Below, we’ve compiled some options you can use to help you manage your debt:
To learn more about how to manage your debt and how to get help, please visit canada.ca/money.
You can also read the first FLM blog for information on how to get a pulse on your financial health.
November is National Financial Literacy Month, where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. This year, they’re discussing the ever-changing financial marketplace and the importance of checking up on your financial health. At Magenta, our goal is
November is National Financial Literacy Month, where the Financial Consumer Agency of Canada (FCAC) helps equip Canadians with practical tools and tips to manage their money in a changing world. This year, they’re discussing the ever-changing financial marketplace and the importance of checking up on your financial health.
At Magenta, our goal is to connect people with opportunities to build a better tomorrow. This month, we’re furthering our goal by supporting National Financial Literacy Month and sharing resources dedicated to helping Canadians:
Throughout the month, we’ll be discussing weekly themes related to managing your money in a changing world. In this article, we’ll explore what financial health is, and why it’s important, as well as share helpful tips and resources. Whether you’re an investor, a broker, or simply looking to better your financial health, we hope this article proves useful to you.
Financial health encompasses elements such as your savings, expenses, and insurance, especially if you have dependents who rely on your income for their living expenses and more. Much like the health of our bodies, a key component of financial health is how well our financial situation can react to emergencies and sudden changes in circumstances. Just as a healthy immune system has the resources to respond to infections without us noticing the symptoms, when we’re financially healthy, it means we have plans in place for when we’re hit with unexpected expenses or reductions in the flow of income. Knowing you have savings to turn to in hard times is a sign of financial health.
Health is about more than our immune response, however. It’s also a question of nutrition- everyone has different caloric intakes and unique needs that must be met to function effectively. Your personal finances are no different. Depending on your income and style of living, what your pocketbook needs to stay healthy might be different from someone else’s. That’s why it can be useful to perform self-diagnostics when it comes to your earnings and spending habits. To get a more holistic picture of your financial health, a few self-diagnostic questions can include:
Knowing where you’re starting is critical to making plans to improve your finances, whether that’s in learning what numbers you have to work with when budgeting, or noticing if your investment funds might be put to better work elsewhere.
Helping Canadians confidently make financial decisions in the digital economy is a key priority of the National Financial Literacy Strategy. The objective is to reduce barriers by supporting increased digital access and digital literacy.
An example of increased digital literacy could involve keeping a handle on recurring payments. Many products that were once one-time physical purchases have evolved into digital subscription services, and monitoring recurring payments is important to maintaining overall financial health. If you find your subscriptions difficult to track by hand, there are many free apps that can assist you, such as Billbot, Hiatus, PocketGuard, or Rocket Money, among others- but be warned that while their basic subscription tracking and budgeting functions are indeed free to use, many such apps offer additional services at a premium subscription fee of their own.
To learn more about how you can assess and improve your financial health, please visit canada.ca/money.
Be sure to tune in next week when we discuss debt management and debt payment!