Debt-to-income ratios are commonly used in the personal finance industry in Canada. The ratio assesses one’s ability to manage and repay debts. You can calculate the ratio by summing all debt payments and dividing by monthly income. Debt-to-income ratios are usually expressed as a percentage. The lower the percentage is, the more effectively a borrower…
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With the 2021 tax season in full swing, we thought it would be the perfect time to share some tax tips. In this article, we’ll look at ways to boost your tax refund, tips on getting your taxes filed on time and a tax credit for people with disabilities. 5 Simple Ways to Boost Your…
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Most of us have found ourselves in a financial jam at some point in our lives. If you’re looking for a loan, consider looking at your life insurance policy. You may be able to borrow money from your insurer. The great news is that the process is simple. The repayments are flexible, and it’s usually…
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A credit score may be only three numbers long, but it can nonetheless affect your life in big ways. As important as it is, not all of us have had the benefit of being good with money all of our lives. And in the aftermath of the COVID-19 pandemic, some of us have had to make…
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Knowing how small business loans work is critical for any entrepreneur. Canada had 1,200,571 small businesses with 1-99 employees in 2019. With more than 99% of agriculture, forestry, fishing and hunting, real estate, and professional and scientific services being small businesses, it’s clear that Canada’s economy is significantly driven by small businesses. Despite their economic…
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Credit is a necessary tool that helps you manage many common life tasks, such as paying for a car, affording a house, financing a business, and more. To qualify for credit, you must have a decent credit rating, or credit score. Credit bureaus determine your credit score based on your payment history. The longer history…
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Finding banks for small business operations is essential. Running a small business requires one to open a business account. There are bank services that can help you manage your business finances (as separate from your personal finances) and grow your business. Nowadays, you can find many banks that offer a wide range of services for…
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Forbearance is when a lender and borrower have a special agreement to suspend or reduce your debt’s monthly payments. To keep the record straight, it isn’t debt forgiveness per se. You can request this financial accommodation from the lender if you’re struggling financially to pay your loan or credit card. Loss of employment, health problems…
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Many Canadians fall victim to scams and fraudulent activities. The Canadian Anti-Fraud Centre (CAFC) recorded more than 46,000 reports from Canadian citizens who have been victims of fraud, with an estimated $98 million of financial loss reported by 19,285 victims. Criminals who carry out frauds and scams will do everything they could to steal your…
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Folks who have debt problems consider various debt-relief options to overcome their financial situation. Most people in debt will likely think of filing for bankruptcy to get rid of their unsecured debts, but taking this approach has its disadvantages. That’s why alternatives to bankruptcy like Orderly Payment of Debt (OPD program) and a consumer…
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