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Prospective home buyers feel the heat over new mortgage rules, but all hope is not lost, industry leaders say Jul 10th
Mortgage default insurance is mandatory on down payments between five and 19.99 per cent, and as of July 1 it will be even harder to qualify through the national housing agency. But don’t panic just yet..... More »
TFSA contribution room calculator + MORE Apr 9th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
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Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like e.... More »
What’s your RRSP contribution limit? Feb 19th
If you’re like many Canadians, you’re hoping you’ve paid enough tax for 2017 and may even be looking forward to a hefty tax refund cheque. You can help ensure that happens by knowing the details of your Registered Retirement Savings Plan (RRSP), what sets them apart, you.... More »
A guide to the best robo-advisors in Canada for 2021 + MORE Jan 3rd
The robos have invaded. What was once a little-known investing tool for tech-savvy investors is now so commonplace, everyone from newbie savers to retired boomers using robo advisors to help manage their money.
While advisors and traditional fund companies still manage the majority of money in C.... More »
Canada’s best travel credit cards 2022 + MORE Jan 7th
With a good travel credit card in your name, going on a trip can suddenly become more affordable (when you are ready to travel again, of course). And, you can get even more value if you sign up for the right travel credit card—one that doesn’t just focus on points, but also has perks such as lou.... More »
How much total ‘credit’ should a couple have?
– moneysense.ca
Q: I’m wondering how much total ‘credit’ I should have? My husband and I have a few credit cards and two Line of Credit (LOCs) between us totalling about $50,000. We don’t have a habit of maxing it out and we pay it off fairly regularly. I’m being offered another LOC from one of the banks for $15,000 for 5.35%. Although I don’t need it, I’m wondering if it makes sense to have it ‘just in case’? We don’t have a three-month emergency plan but our credit score is very good—750 for my husband and 776 for me. What are your thoughts? Pros? Cons?
—Krista
A: Good job—you both have excellent credit scores. The short answer to your question is there is no right amount of credit. Credit should only be necessary when you don’t have the cash on hand to pay the expense.
Do you have a plan to deal with unexpected emergencies such as job loss or illness, or infrequent but foreseeable expenses like home or car repairs? Either a credit product, your own savings, or sometimes an insurance product (long term disability or critical illness insurance) will help to pay for the cost…
—Krista
A: Good job—you both have excellent credit scores. The short answer to your question is there is no right amount of credit. Credit should only be necessary when you don’t have the cash on hand to pay the expense.
Do you have a plan to deal with unexpected emergencies such as job loss or illness, or infrequent but foreseeable expenses like home or car repairs? Either a credit product, your own savings, or sometimes an insurance product (long term disability or critical illness insurance) will help to pay for the cost…
