Personal Savings getting you down? There are always smart ways to increase your savings.
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The best TFSA investments in Canada for 2020 May 23rd
Table of contents
GICs
Bonds
ETFs
Mutual Funds
If you’re using your tax-free savings account solely to deposit cash over the long term, Certified Financial Planner Trevor Kearns says you’re not using the TFSA to its full potential.
You have more options (and better potential gains) than th.... More »
What new bare trust tax filing rules mean for Canadians Mar 12th
Ask MoneySense
I would like some clarification on the T3 tax return for the year 2023. Whom does this rule apply to and can you clarify whether all the persons on the account have to complete T3 tax returns?
—Chander
Some people set up trusts that come into effect during their lives or upon.... More »
Best high-interest savings accounts in Canada 2022 + MORE Feb 20th
Generally savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest is a no-brainer.
However, whe.... More »
Tess, 31, is a dentist making $140,000 a year. Now she wants to buy a house to start a family — during a pandemic. Is it the right time? + MORE Jul 11th
“Last year my husband, Jin, moved to the U.S. to complete a one-year medical fellowship,” Tess says. This means for now, she’s on her own to make concrete savings plans for her future, which includes buying a home where they can settle and start a family soon..... 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 »
Close to retirement? Don’t panic, say financial experts
– thestar.com
If you are going to dip into your savings, do so in a planned way and track what you remove.Close to retirement? Don’t panic, say financial experts
– thestar.com
If you are going to dip into your savings, do so in a planned way and track what you remove.Can You—And Should You—Co-sign on a Mortgage?
– ratesupermarket.ca
As average home prices in Canada top $500,000 (and rise above $1 million in cities like Toronto and Vancouver), some Canadians may wonder if they’ll ever be able to buy the place of their dreams. One option for some is to find another person—a parent, sibling or another close relative—to co-sign their mortgage.
Why Would Someone Ask You to Co-Sign?
Co-signing a mortgage is a way to help someone else get a mortgage for a home. If your loved one has poor credit, low savings or isn’t employed, agreeing to co-sign may help lenders look past your family member’s circumstances. If your relative is looking for a house that’s slightly out of their price range, agreeing to co-sign may help them get a bigger loan than they would otherwise be able to qualify for on their own.
Risks of Co-signing Someone Else’s Mortgage
If a family member asks you to co-sign their loan, should you agree? Co-signing is a big commitment. By signing, you agree to buy the home with the primary borrower…
Should You Borrow Money to Make a Down Payment on a New Home?
– ratesupermarket.ca
Saving for a mortgage down payment can be a long and tedious process. According to the Canadian Real Estate Association, the average price of a Canadian home was $540,000 in February, a 15.2% increase compared to a year earlier. You would need to save $108,000 just to make a standard 20% down payment. Faced with rising home prices, some Canadians choose to borrow money for their down payment.
How to Borrow Money for a Down Payment?
Borrowing money for a down payment is certainly possible, though you’ll have to put up some of the money yourself. Lenders require a minimum of 5% of the purchase price up to $500,000 and 10% over $500,000. You may be able to use other loans to help with your down payment, but only after the lender’s minimum requirements are satisfied. For example, if you’re buying a $500,000 home and have $25,000 in savings, you could use a personal loan to cover the rest of the down payment.
Advantages of Borrowing for a Down Payment
With interest rates at historic lows, borrowing for a portion of your down payment might make sense in the right circumstances…
