How Is The Canadian Dollar Affecting Your Finances

Next year Canada will celebrate 150 years since its creation as a Dominion. Since then, much has changed. The country has grown, in size, in population and has also found a respectable place for itself on the world stage.

Along with growing international influence, Canada has developed a mature financial system. One which is regarded as amongst the best in the world for stability, viability and service.

All of this nice financial talk brings us to you, and me and our families. Like many Canadians, we like to travel. A nice camping trip, a great Canadian city to discover or maybe a far flung place, somewhere exotic, where our lonely Loonie is either not accepted or simply unknown.

This summer, remember that the little known bird we have on our dollar, is your key to seeing the world or your backyard and its value is determined by many factors.

At its current value, the Canadian dollar will get you around 78 cents U.S. or 70 Euro cents. That value is based on many factors, including:

• The Bank of Canada rate (if it goes up, so does the dollar).
• The value of raw materials like gold, copper, potash and yes, crude oil.
• The general strength of the Canadian economy.

When life is good, the loon flies higher.

All said, keep this in mind before you get into a car, a train, a boat or a plane: set a budget… in Canadian dollars! Then plan your trip with a travel agent, a reputable website or directly with service providers you know you can trust.

Be wary of deals that are too good to be true and protect your personal information like passport details, ID card numbers and credit/debit card info.

Finally, remember that if you are in financial trouble, it’s better to not get deeper into debt by going on an expensive trip. You don`t need to keep up with your neighbor, relative or coworker. You need to take care of yourself even if it means a bit less of an exotic vacation. A staycation can be just as fun and relaxing, especially with nice summer weather.

If you do find yourself overwhelmed financially or in an unfortunate blip of turbulence that just doesn't seem to be righting itself as initially self-planned, seek assistance from a trusted Licensed Insolvency Trustee from MNP Ltd.; we can help you get back onto a path which will allow you to take advantage of the blessing we have in Canada of being able to travel freely, either within our great country or to your exotic destination of choice.