News of the day: Canadian savings deteriorate, charitable estate donations, breaking the credit cycle, catastrophic insurance losses and more

It’s Thursday, July 9. Here are the top stories we’re following today.

Canadian savings deteriorate as spending outpaces income: report

Savings have deteriorated for a majority of Canadians, particularly the bottom 80 per cent of Canadian households, as spending significantly outpace income growth, according to research by Boston Consulting Group.

Are you richer than you think? If so, it’s time to think about who is going to get your money

The potentially large size of some estates should start a serious discussion about charitable donations, including annual giving, major gifts and legacy or estate giving.

I pay down my line of credit, then watch it go right up again. How can I break the cycle?

A line of credit has no fixed payment schedule that moves the balance toward zero. Here’s how to make permanent change.

Intact Financial reports ‘elevated’ losses driven by weather events

Property and casualty insurance provider Intact Financial Corp. reported what it described were “unusually high level” of catastrophe losses and large losses in the second quarter, which were higher than anticipated.