When you own real estate, specifically your home, you have equity in your home. Home equity is essentially the amount of money you’ve already paid towards your mortgage loan. Or, the difference between your home’s value and the remaining amount of money left to pay off your mortgage. There are a few ways to realize…
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Many Canadians dread tax time. Tax season takes an emotional toll on us, as it increases strain on relationships, and instills fear of government. Understandably, Canadians sometimes stall filing their taxes, and this is especially true during pandemic times. Entrepreneurs and other self-employed individuals are prone to filing late, as they are likely to reinvest…
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Debt is universal. Most people experience some sort of debt in their lifetime. A significant number of Canadians experience outstanding debt, whether it’s in the form of student loans, mortgage loans, car leases, home loans, or lines of credit. Credit card debt is the most common outstanding debt amongst Canadians, with 29% of Canadians holding…
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Real estate is still one of the best investments in Canada, even now in 2021. With so many forms of investment, real estate gives people the flexibility in deciding how much risk they are comfortable with. For example, someone with a low-risk tolerance might rent out a room in their primary residence, as opposed to…
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Many people don’t know the basics of responsible spending. As a result, they plunge themselves into debt, which is a huge problem for many right now. Debt can cause problems not only to the borrower but also to the creditor. And, it’s not only a money issue we’re talking about here but a psychological one…
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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 it by monthly income. Debt-to-income ratios are usually expressed as a percentage. The lower the percentage is, the more effectively a…
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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…
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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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