Are you investing enough, soon enough? Most Canadians don't have the ability to sock away 10% of their income. By the time the bills are paid and the children are fed most Canadian's don't have the ability to max out their RRSPs. Compound interest which is essential to our long-term financial well-being remains elusive.
With house prices, unemployment rates, and divorce rates increasing annually, it seems like a no-brainer to offset your housing expenses with rent... especially if the basement is a space you can do without. Being a landlord sounds simple. Most peoples understanding is that they'll have to find tenants, fix leaky taps, spruce up the house, and comply with various bylaws.
It's around this time of year where the frantic calls start rolling in - and it continues on until about March. They are from consumers who have been avoiding their credit card statements or logging onto their bank accounts, as the January financial blues set in after weeks of gleeful holiday spending. The experts have a name for it - the "holiday debt hangover."
Don't get caught flushing your money down the drain.
Many people think that the differences in how lenders calculate fixed-rate mortgage penalties are a non-issue now that rates have fallen to ultra-low levels. Nothing could be further from the truth if your mortgage is with a bank at a discounted rate.
The First-time Home Buyers' Tax Credit was introduced as part of 'Canada's Economic Action Plan' to assist Canadians in purchasing their first home. It is designed to help recover closing costs, such as legal expenses, inspections, and land transfer taxes, so you can save more for money for a down payment.
You might be surprised what your credit score is being used for these days...
Lenders are placing more and more significance on borrowers' credit when it comes to applying for a mortgage, line of credit or a credit card. What many Canadians don't know, however, is what affects their score and under what circumstances it will be accessed.
In hot housing markets, buyers sometimes offer to waive the inspection to help their offer stand out from the crowd, writes Dan Steward, an industry veteran. But most real estate professionals agree this is a bad idea. Here's 5 reasons why.
Studies show that folks with complex finances also have the least healthy finances. Here's how to lead a simple money life.
If managing personal financial affairs were easy, we probably wouldn’t graduate in excess of 15,000 accountants each year. Budgets, credit cards, insurance, retirement savings and more—it’s a lot to track, and things are getting more complex all the time.
What is a mortgage, and who owns my home if I have secured financing to purchase it?
Whether you’re new to the home buying process, or a seasoned investor, I bet you didn’t realize that there are at least 20 top mortgage related terms that you may want to understand prior to speaking with a real estate agent or loan officer.
Regardless of what sort of business you run, paperwork, receipts and tax records are bound to pile up. Combining these with your own personal financial paperwork can be an administrative nightmare if it gets out of control. Then, when tax time rolls around or you're looking to apply for a mortgage, finding the right paperwork can be overwhelming. In this article from Moneysense, Gail Vaz-Oxlade shares some helpful hints for self-employed individuals.