Financial Library

Financial Resolutions for 2013

Posted on: January 15, 2013

Tags:

Give your finances a boost this new year. Here is a list of financial resolutions to help you become better off at the end of the coming twelve months:

Eliminate personal debt. - Brad and Angie had fallen into the very common habit of buying lots of 'stuff' with their credit cards and soon were carrying a balance from month to month. At 19.9%, it is very expensive to live this kind of lifestyle. And any new purchases attract the same financing charge from date of purchase.

Read more about Financial Resolutions for 2013

Home Ownership Can Be Less Taxing Than You Think

Posted on: August 14, 2012

Tags:

tax planning

Front lawns across Canada are sprouting For Sale signs. That this annual phenomena occurs at about the same time as the tax refund season may be purely coincidental. Understanding the financial incentives for home ownership available in the Income Tax Act may save you thousands when buying a home.

Read more about Home Ownership Can Be Less Taxing Than You Think

RRSPs & TFSAs - What's the Difference ?

Posted on: July 10, 2012

Tags:

retirement planning

Tax Free Savings Accounts (TFSAs) were introduced in 2009 and they seem to be struggling to catch on. Registered Retirement Savings Plans (RRSPs), however, have been around for over fifty years and attract billions of dollars of deposits each year. If you are serious about saving for your future, it is important to know the differences between the two.

While RRSPs and TFSAs seem to be very similar on the surface, they are really apples and kumquats apart. The only similarity is that, within limitations, earnings inside either plan are allowed to grow without current taxation.

Read more about RRSPs & TFSAs - What's the Difference ?

An Ideal Opportunity to Improve Your Cash Flow

Posted on: April 9, 2012

Tags:

financial strategies

With so many doom & gloom news headlines, it is refreshing to know Canadians can still get very low fixed rate mortgages. A recent Financial Post article (March 9, 2012) explains that with big banks competing strongly for new mortgage business, now is a great time for Canadians to refinance their mortgages to improve personal cash flow.

Read more about An Ideal Opportunity to Improve Your Cash Flow

These Financial Mistakes Can Cost You

Posted on: March 5, 2012

Tags:

financial strategies

Some financial decisions get made without enough thought given to the long term consequences. Here are some financial mistakes you can avoid:

Mortgage amortized too long:

With lenders offering 30 year amortization periods, it may look attractive to go with a smaller monthly payment to get into a larger house, but the extra interest charges only benefit the lender.