Personal Savings getting you down? There are always smart ways to increase your savings.
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How much credit card debt does the average Canadian have? Oct 9th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
How to Improve Your Employees’ Financial Wellness + MORE Apr 9th
In today’s challenging economy, Canadians seek ways to stretch their hard-earned dollars and minimize financial strain. But learning how to make the most of every paycheque isn’t always clear or easy, which can cause added stress. Employers can help empower their employees to achieve financial w.... More »
Will credit card debt affect my mortgage application? Mar 27th
If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income and how much you owe—including credit card debt, car payments and unsecured personal loans..... More »
As a Young Adult, These Are The Top 3 Financial Lessons I Learned in 2018 Jan 4th
Growing up, I thought I always had a knack for being financially responsible. My parents constantly lectured me about the importance of spending within my means and saving from a young age, so I would be careful not to spend too much while out with friends, and would throw a few dollars in my savin.... More »
New study highlights trends in Canadian term life insurance + MORE Feb 25th
Choosing a term life insurance policy is a balancing act: how much coverage do you need, who should benefit, and how long should the policy last?
If you’ve ever wondered how your choices compare to other Canadians, PolicyMe’s newly released 2026 study, Canadian Term Life Insurance: A Market S.... More »
How to lower capital gains tax owed
– moneysense.ca
(Getty Images)Q: Is it possible to sell my cottage lot, which is located in Ontario, and buy a residence outside of Canada and not pay capital gains tax? My home is located in Toronto, but I’d like to purchase a vacation property in Mexico.
— Kevin H., Toronto
Answer from Romana King, senior editor at MoneySense: The short answer is that you can’t avoid paying capital gains tax, but you can minimize how much tax you have to pay.
To appreciate this, let’s first take a step back to understand what this tax is and why you owe it to the Canada Revenue Agency.
What is capital gains tax?
Under the CRA there are different types of taxes charged on different types of profit. Your work earnings are charged income tax, while certain investment earnings are charged interest and, as a result, subject to income tax rates.
When property that is not used to generate a business income appreciates in value, that appreciation in price is considered a capital gain. You owe tax—known as capital gains tax—on this appreciation if and when you sell the property (less any legitimate expenses associated with its sale)…
A New Season for Savings
– ratesupermarket.ca
Have you given your wallet its spring cleaning? With plenty of deals – and new rewards – available this month, it’s a great time to swap out stale finance products for higher earning options. Get started with our review of an exciting new cash back credit card option, and check out what our expert panel has to say about April’s sweet mortgage discounts.
Lenders Call a Truce on Spring Mortgage Rate Wars
April historically marks an uptick in mortgage price competition as brokers and banks march out their most attractive interest rates – but with today’s fixed and variable rates already at record lows, lenders are engaging in fewer price skirmishes. Is it a good time to get a mortgage? Read on for our expert panel’s take.
Read Penelope’s Blog | Lenders Call a Truce on Spring Mortgage Rate Wars
Free to Use, Free to Choose: Review of the Tangerine Money-Back Credit Card
There’s a new cash back contender in Canada’s credit card market, and it’s bringing a new level of choice to consumers…
How to consolidate debt
– moneysense.ca
If you feel pinched making payments on your debts, it may make sense to roll them all into one monthly bill. But bear in mind that while it’s meant to ease your debt situation, you’ll need to qualify for that lower-interest consolidation loan. Here’s how to stack the odds in your favour.
1. Choose your battles
Not all debts are worth consolidating. The most common contenders are high-interest, unsecured consumer debts like credit cards and personal loans. Things like student loans are better dealt with separately as you are eligible for tax credits on interest.
2. Review your budget
You should know how much you can realistically pay per month against your debts. Take a hard look at your expenses and decide what you can spare to pay down your loans. You’ll need to have this figure ready if and when you approach a consolidator.
3. Choose your consolidation method
Now you have some options: You could consider a consolidation loan, take on a secured or unsecured line of credit, or refinance your home…
1. Choose your battles
Not all debts are worth consolidating. The most common contenders are high-interest, unsecured consumer debts like credit cards and personal loans. Things like student loans are better dealt with separately as you are eligible for tax credits on interest.
2. Review your budget
You should know how much you can realistically pay per month against your debts. Take a hard look at your expenses and decide what you can spare to pay down your loans. You’ll need to have this figure ready if and when you approach a consolidator.
3. Choose your consolidation method
Now you have some options: You could consider a consolidation loan, take on a secured or unsecured line of credit, or refinance your home…
Are my fitness classes a waste of money?
– moneysense.ca
Lindsay Tithecott, 29, is trying to find savings by cutting down on fitness classes.In our April 2016 issue of MoneySense, we introduced you to Lindsay Tithecott, a 29-year-old who is trying to pay down debt, build up savings and buy a larger condo. Throughout the year we’ll be giving her a financial challenge every two weeks to help her get her finances in tip top shape. Make sure to follow along! Let’s start.
Challenge No. 1
Lindsay’s expenses are modest but a big chunk of your budget goes to fitness—$3,260 annually on ballet, kickboxing, the gym, a personal trainer, and other outdoor activity. Lindsay’s first challenge was to track how often she actually uses these fitness services over two weeks. Does she feel she’s getting her money’s worth? Then we asked her to prioritize which gym services she can’t live without and which she wouldn’t mind dropping in order to save some money—even for only a year or two.
Lindsay’s experience
Over the past two weeks I have been monitoring my fitness activities to see what I’m willing to cut…
