It’s not a new concept but it is one that is worth remembering and so I will repeat it. If you want to pay off debt, start by paying less interest.
January is usually a tough financial month for most of us. Holiday bill payments, rrsp contributions, property tax bills and if you are self-employed, you probably have to make some sort of business tax or corporate tax payment. If December is the Holiday Season, then January feels like a hangover!
Banks and Credit Card companies love this time of year because this is when we will normally carry a balance and have to pay those crazy interest rates that range from 9% to 25%. Wait, before you get too depressed, there could be a better option. There’s a less expensive way to manage your debt. Continue reading “Want to pay off debt? Pay less interest!”
New year, new home? It’s a good time to take another look at the Home Buyers’ Plan (HBP).
If you’re planning to buy your first home anytime soon, you may be able to take advantage of a helpful federal government program. This enables you to withdraw money you’ve already contributed to your registered retirement savings plan (RRSP) and use it towards anything related to your home purchase, including your down payment, closing costs or real estate fees.
But, the key is that the funds must be in your account at least 90 days before you can withdraw them under the Home Buyers’ Plan (HBP).
You can withdraw up to $35,000 ($70,000 per couple) from your RRSPs tax- and interest-free to buy or build a qualifying home for yourself or a related person with a disability.
Continue reading “Home Buying Goals? A New Year's Resolution to Keep.”
Part 2 of 2…. In Part 1, we examined rental properties and how they can be a great way to reduce your taxes, build net worth and create an income stream. Part 2 looks at Interest payments. Interest payments are a big part of our personal expenses. Here are a few suggestions on how to reduce your interest costs.
Continue reading “Death, taxes and interest payments. Part 2 of 2.”
Death and taxes, the only two things that are certain in life. You’ve heard this one before. I think there is a third thing that can be just as stressful, ‘interest payments’ (before this article becomes too depressing, I’m going to share some things that will help to reduce our interest costs and minimize our taxes). Continue reading “Death, taxes and interest payments! Part 1 of 2.”
A couple years ago, the federal government brought in some tighter mortgage qualifying rules. The ‘stress test’ was just one of several changes, but it’s definitely the most well known.
The feds wanted to slow the housing market. They also wanted to ensure that borrowers could afford the much anticipated mortgage rate hikes. Rates have to go up some time, right?! When?!
Continue reading “Mortgage Rates are still trending Lower… Yes, in August!”