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Canada’s Best Aeroplan Credit Cards + MORE Jun 20th
Canadians have been hotly anticipating information about the changes to Aeroplan and Aeroplan-branded credit cards since Air Canada acquired the loyalty program. The good news is that the changes are finalized, and we’ve got all the details about the best Aeroplan credit cards you can apply for.
U.... More »
Why Offer Employee Benefits Feb 4th
What Every Small Business Owner Needs to Know
The current labour market has shifted and is now in favour of the employee. Coming out of the pandemic, there are more jobs available than there are people willing to fill them.
What does this mean to the average small business owner? In a nut shell, it.... More »
Gen Z Canadians face job losses—but time is on their side Feb 5th
Statistics Canada has released new employment insurance (EI) data, and it doesn’t look good for Canadian workers. In the year ending November 2025, the number of people receiving EI rose by 16.1%. Among young Canadians aged 15 to 24, the increase was 12.4%. While this group wasn’t hit the hardes.... More »
The best credit cards for seniors + MORE Oct 31st
What are the best credit card for seniors in Canada? That was a question we recently received from a reader, and while credit cards are more about an individual’s unique spending habits and the benefits they find most useful in a credit card than age, we still thought we should help. With this in .... More »
Ages 13 to 17: Teaching teens to budget Aug 24th
It happens so fast you could miss it. But in their teens, kids need to start moving from thinking about money in small amounts (weekly) to larger amounts (monthly). “They should start getting more money for longer periods of time, but now they also need to start taking personal responsibility for .... More »
Should you buy a vacation property?
– moneysense.ca
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or extended winter stay for a snowbird.
There are many emotion-driven reasons for buying a vacation property, or not. I like to evaluate a property purchase from a financial point of view—and here’s how.
Say a property’s purchase price is $500,000. Whether you use cash, a mortgage/home equity line of credit, or a combination, there are other costs to consider. If you purchase with cash that you could otherwise invest at a 4% return (to use a conservative assumption), there is an opportunity cost of not investing that money. If you borrowed money, despite current mortgage rates being around 2%, over the long run the interest rate is likely to go higher. On a $500,000 property, there may therefore be an initial cost of 4%, or $20,000.
Property taxes, utilities, insurance, condo fees and maintenance could easily add another 2% to 4% per year in costs…
There are many emotion-driven reasons for buying a vacation property, or not. I like to evaluate a property purchase from a financial point of view—and here’s how.
Say a property’s purchase price is $500,000. Whether you use cash, a mortgage/home equity line of credit, or a combination, there are other costs to consider. If you purchase with cash that you could otherwise invest at a 4% return (to use a conservative assumption), there is an opportunity cost of not investing that money. If you borrowed money, despite current mortgage rates being around 2%, over the long run the interest rate is likely to go higher. On a $500,000 property, there may therefore be an initial cost of 4%, or $20,000.
Property taxes, utilities, insurance, condo fees and maintenance could easily add another 2% to 4% per year in costs…
