Blog Archives

The Mortgage: Buying and Financing a Home

Balancing House and Money

For most people, buying or building a home is the largest single purchase and investment they will ever make. There are so many issues to be considered and so many decisions to be made. Once you have decided whether to buy or build, careful consideration must be given to location and neighborhood, size, interior layout and exterior design, affordability and, of course, mortgage and financing. Arranging the mortgage and financing is the first concrete step before proceeding with your purchase or building project.

Buy or Build?

Many families prefer to build a new home for a number of reasons...

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Saving for Retirement

Retirement Plan - Saving for Retirement

Most media articles you read these days that mention saving money suggest that most of us want to save for retirement but few actually manage to make much progress in that regard. There are plenty of reasons quoted for not saving, including the rising cost of living, too many expenses and not enough income, unexpected costs, interruption of income, expanded family and the list goes on. Although there are some very legitimate reasons such as health problems and loss of employment, the real culprit in most cases is, in one word, attitude.

The Problem

We live in a society today which promotes an ...

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RRSP or TFSA – Which Savings Plan is Best for You?

RRSP or TFSA?

What are RRSPs? What are TFSAs? How are they different? What are the advantages of RRSPs and the advantages TFSAs? Which is best fit for your savings plan? Registered Retirement Savings Plans (RRSP) and Tax Free Savings Accounts (TFSA) are both good ways to save and allow Canadians to invest in a variety of funds including guaranteed investment certificates (GICs), mutual funds, stocks and bonds. However, they are subject to very different tax treatment.

RRSP

The annual deduction limit for RRSPs, also known as contribution room, is 18 % of your previous year’s income as reported on your tax re...

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How to Reduce Your Debt

Cutting Expenses to Reduce Your Debt

As mentioned in the Article Debt: The Good, the Bad and the Ugly, consumers themselves must be very concerned about their spending and borrowing. They should be aware of the risks involved with rising interest rates, extended periods of financing, using your home as a piggy bank and maxed out balances when obtaining real estate mortgages, car loans and leases, lines of credit (LOC’s) and credit cards.

The Solution to Personal Debt

The solution is obvious and simple, but it is not easy for some...

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Debt: The Good, the Bad and the Ugly

Debt and how to Get out of Debt

There have been many news articles in recent months highlighting the concerns of federal government finance officials regarding Canadian household debt and the increase in the debt to income ratio to record breaking levels. This ratio currently stands at 165 % which means that the average Canadian household now owes $165.00 for every $100.00 of disposable income. This article will address the following questions which must be asked:

How Has This Situation Developed?

Household debt has increased substantially and rapidly in Canada and many other countries...

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