Description: Almost 40% of Canadians owning homes have found themselves in some sort of cash flow crisis in the preceding year according to a recent Globe and Mail report. Increasing house prices might explain why Canadians are reaching out to relatives or loading up the credit card to get through a tough spot in paying the bills. But reality hasn’t quite hit home with many Canadians with approximately 75% of homeowners saying they are in a good position to handle a financial emergency such as a surprise auto repair.
Date: November 26, 2015
1) Have you run into your own cash flow crisis in the past year? How did you respond?
2) Why do you think so many Canadian homeowners are running into financial problems? What does this mean for the economy?
3) What are some ways accountants could contribute to the financial education of Canadians?