Personal Savings getting you down? There are always smart ways to increase your savings.
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Negotiate rent with your landlord to reap savings + MORE Apr 3rd
When working out a better rental rate, know your local market and keep emotion out of it, Lesley-Anne Scorgie advises..... More »
Prepare for lower weekly benefits with 18-month mat leave + MORE Jan 25th
OTTAWA — When Ottawa announced changes to EI parental leave benefits last year that will allow new mothers to receive benefits for 18 months, Heather Wilson was excited about the possibility of spending more time with her baby.
But after digging into the changes, Wilson and h.... More »
Can you put an inheritance into a joint account? + MORE Jul 1st
An inheritance can raise questions about taxes, family law, and how to manage the money. This article focuses on the income tax considerations for married and common-law couples who invest inherited funds.
Taxation of an inheritance
First off, the receipt of an inheritance is generally not tax.... More »
How a young couple can kill $142,000 in debt and start investing + MORE Mar 22nd
iStock
Julie and David live in Calgary with their two daughters, ages 10 and 7. David, 40, is a cable technician earning $150,000 annually while Julie, 37, works part-time at a retail store near home earning $6,000 annually. In 2014, their lives changed when David fell on the job and injured his lef.... More »
What to do when you have insufficient or unused RESP funds Aug 14th
Registered education savings plans (RESPs) are the best way to save for a child’s post-secondary education. Contributions attract government grants, and the accounts grow tax-deferred. Withdrawals can be used for trade school, college or university funding in Canada and abroad.
According to Sta.... More »
Personal Loan Vs. Line of Credit: Which Should I Get?
– ratesupermarket.ca
In today’s ever-evolving market of loan products, it can sometimes feel like there are too many options to choose from – and each with its own complex fine print. Obtaining a line of credit or personal loan from a bank or lender has been a common way for Canadian consumers to get a cash injection for decades.
But what are the differences between the two? And when may someone be advised to apply for a personal loan over a line of credit, or vice versa?
Why should I get a line of credit?
A line of credit has many similar features to that of a credit card, allowing the consumer to borrow money up to a pre-set limit. The borrower can use the funds however they choose and can spend as little or as much of the allotted credit. Most lines of credit also offer interest-only payment agreements, allowing the borrower to pay back the principal balance at any time.
Personal lines of credit may be secured or unsecured, but borrowers are advised to apply for secured lines of credit when possible…
CIBC says debt reduction or elimination was the top priority for 25 per cent of respondents to a recent poll.
