Canadian banks and their never ending bank fees! Every year, we hear of banks increasing their fees and blaming it all on the "competitive nature" of the market, rising costs, inflation, and so on.Banks are expected to seek the highest possible profit (while operating within the confines of the law) for their shareholders, and they have been doing a great job at that, with stock prices, … [Read more...]
Personal Finance
Paying off debt, money management, budgeting, frugal living, and more.
Buying vs. Leasing a New Car
Canadians love new cars. With the prevailing low interest rates, car dealerships had a record sale of 1.948 million vehicles in Canada in 2016, an increase of 2.7% compared to 2015.Data from November 2016 show that the average sales price for cars and light trucks in Canada was $38,800, more than 6% higher than the year before.With respect to buying vs. Leasing, the average monthly car … [Read more...]
Lifelong Learning Plan: Paying For Your Own Education
Much has been said about how you can save for your child's education using the Registered Education Savings Plan (RESP) and associated government grants (CESG, CLB, Provincial education grants).So, how about if you need to go back to school? What are the options you have for funding your dreams of further education?Some reasons why as an adult you may decide to go back to school … [Read more...]
Bank of Canada’s Interest Rate Hike and What It Means To You
Post Updated: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%.On September 6, 2017, following stronger than expected economic growth, … [Read 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...]
