|  Financial resolutions for 2022 Are you making money-related resolutions to kick off the new year? If you answered yes, you’re not alone. Forty-one per cent of Canadians planned to make financial resolutions for 2022, according to an Ipsos poll conducted exclusively for Global News last month. Forty-eight per cent said they will aim to pay off debt, while 45 per cent want to make and stick to a budget. But like any resolution, the challenge is sticking to it. The key to keeping money-related goals is to have specific, attainable targets and accountability that will keep you motivated throughout the year, according to financial experts. Global News’ Anne Gaviola has more here on how to make money-related resolutions that last.  Richest CEOs had strong 2020 despite pandemic While many Canadians lost their jobs and suffered financial hardship amid closures at the onset of the COVID-19 pandemic in 2020, Canada’s richest CEOs had their second-best year ever. David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, authored a report released Tuesday examining how much the top 100 best-paid CEOs of publicly-traded companies earned in 2020. The highest-paid CEOs earned an average of $10.9 million that year, the report said. The report also said that by noon on Jan. 4, the average CEO in this group would have already earned what the average Canadian worker will make all year. Meanwhile, on the more recent jobs front, the Canadian economy added 55,000 new jobs for the month of December, Statistics Canada reported Friday. However, those additions were before the highly-contagious Omicron variant forced tighter public health restrictions, which are expected to take their toll on the economy in January.  The cost of travel during Omicron In early December, Toronto resident Cindy Norton travelled with family to Cuba in honour of her mother who passed away in the spring. But the trip took a turn when her partner tested positive for COVID-19 days before they were scheduled to fly back to Canada. He was made to quarantine in a different hotel and rebook a flight for two days later. Amy Zheng, who lives in Newmarket, Ont., had a similar experience in Cuba a few weeks later at a different resort. She tested positive for COVID-19 but her boyfriend didn’t, and she was forced to go to a quarantine hotel alone. On top of the emotional stress of being stuck in another country, she paid more than $600 for her extra nights’ stay and PCR tests, among other costs. It’s not clear if she’ll be reimbursed. Industry expert Lesley Keyter stresses it’s important to research what happens if you test positive in a particular country before travelling there, and have a contingency plan if you get stuck, especially amid this more contagious wave of the pandemic. Anne Gaviola has more on the cost of travel during Omicron. ________________________ – THE QUESTION – “Is there a way to protect your credit status via Equifax/TransUnion?“ — A Money123 reader “Thanks for your question. There are two ways to interpret it. If you are concerned about someone using your credit status for fraudulent purposes (such as stealing your identity and applying for credit in your name) you can place a "fraud alert" on your credit report. Both Equifax and TransUnion have a process where you can place an alert, so that you will be alerted whenever anyone (including you) applies for credit. If by "credit status" you mean "credit score," you can protect your credit score by paying your debts on time, and by keeping your credit utilization low.” — Douglas Hoyes, licensed insolvency trustee and co-founder, Hoyes, Michalos & Associates Inc. “Your credit score is based on a scale usually from 300- 900 (higher being better) with the average Canadian score of 720. Note that your score may differ between Equifax and Transunion (Canada's two largest credit bureaus) because not all creditors report to both agencies and the scoring formulas may also be slightly different. The two credit agencies have various fees for their products (free/low fee for a basic report or a monthly subscription fee for a comprehensive report). Some banks and other organizations offer free reports and scores. Your credit report is a rolling six-year summary of your credit history and contains your ongoing credit accounts (such as loans, lines of credits, credit cards, bills like phones, utilities, and mortgages) and shows if you have been on time with payments, and times that have been late or missed. Potential lenders will review your report in their process whether to offer you new credit, and this may also affect your rate of interest. Viewing your report also shows who else has looked at your report. Your current creditors will monitor your account as part of their review. You might want to review your report also (note- I recommend you do this annually). These are both known as 'soft' inquiries. A 'hard' inquiry is when a potential lender reviews your report because you have applied for new credit. These hard inquiries show on your report for up to three years and are visible for other creditors to see. Multiple hard inquiries impact your credit score as it indicates you are looking for credit acceptance. Soft inquiries do not impact your credit score. Bankruptcies and collection agency outcomes are also listed in your credit report.” — Janet Gray, CFP, Money Coaches Canada.
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