It's been nearly 7 years since the Bank of Canada (BoC) last raised its key interest rate. Following the financial crises and it's after-effects re: sluggish world economy, interest rates have generally been on the decline. However, on July 12, 2017, the BoC hiked its overnight rate from 0.5% to 0.75%. What's Important About the BoC's Rate Hike? To put things into perspective, the "overnight … [Read more...]
Personal Finance
Paying off debt, money management, budgeting, frugal living, and more.
Expenses You Can Claim For Your Home-Based Business
Starting a side-gig, freelance work, or small home-based business is a great way to supplement the income you make from your main employment. After I began providing part-time web design services, I became interested in how to ensure I could protect my net income, expense the appropriate costs, and minimize my taxes.According to Canada Revenue Agency, "In general you can deduct any reasonable … [Read more...]
12 Savvy Ways To Save Money On Gas
It's mid-spring and with the weather warming up, the roads are becoming busier as activities ramp up and people engage in spring/summer trips and holidays. Gas prices are also trending up!Here are 12 savvy ways to save on your gas bill this summer: 1. Carry out regular maintenance Keeping your engine regularly tuned will increase your fuel efficiency and lower your gas bill. Following your … [Read more...]
4 Ways To Get Your Credit Score For Free In Canada
Want to access your credit score for free? There are now multiple ways to achieve that in Canada. While our neighbours down South have had access to free credit score for more than a decade, it was only recently that Canadians could boast of having the same resource available to them.Gone are the days when you needed to pay $20 or more to TransUnion or Equifax to see your credit score. Through … [Read more...]
Is Mortgage Life Insurance Worth It?
Mortgage life insurance is often sold by mortgage lenders (financial institutions) and offers to pay off your outstanding mortgage (up to a maximum amount) if you die or suffer ill health or injury that prevents you from being able to work and earn money.Mortgage life insurance is also referred to as Mortgage Protection Insurance or simply as Mortgage Insurance. This insurance is very … [Read more...]
12 Easy Ways To Save On Your Home Insurance Premium
Homeownership is costly and the homeowners insurance premium is just one of the many costs a homeowner has to contend with on an annual/monthly basis. Below, I have compiled 12 easy ways to save on your home insurance: 1. Shop around for the best rates Insurance companies and their rates come in all sizes. Be ready to compare rates across different providers, brokers, and agents to see which one … [Read more...]
12 Savvy Ways To Lower Your Water Bill
Lowering your water usage not only lowers your water bill, it also reduces your environmental footprint. It's a WIN-WIN situation!Here are 12 ways to lower your water bill and conserve water today: 1. Check for leaks A leaking faucet, as they say, "is money down the drain." A dripping faucet can waste thousands of litres of water per year, and the same goes for a leaking toilet. Repair … [Read more...]
How To Open A CRA My Account
The CRA My Account is the online service available via the Canada Revenue Agency's website where you can access your personal or business income tax information securely.Want to make your life easier with a hassle-free access to your tax and benefits information? Consider registering for a CRA My Account today! Benefits of a CRA My Account Except for when the website is undergoing daily … [Read more...]
