Did you know that between 1984 and 2009 Canadian real average household debt more than doubled? Mortgage debt accounts for most of this, and as interest rates decreased during that period, the household debt load increased. Things really took off in 2002 and we all know where things ended up in 2008 and 2009. Now, as we dust ourselves off and look around, it is important to reflect upon what we have learned, and to ask: Where is this heading?
Recent study done by the Task Force on Financial Literacy's report to the Finance Minister included 30 recommendations to enable taxpayers to maximize their knowledge, skills and confidence in dealing with their finances, including the a greater uptake in government programs designed to assist Canadians. Some of those programs are initiated by filing a tax return, which is complicated for most.