10 ways to save more and pay down your debt + MORE Nov 27th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News

Winding down self-employment and planning for retirement Aug 18th

Q. I am a 60-year-old female, working full-time employed/self employed on a 100% commission basis and averaging between $107,000 and $140,000 gross annual income. I own my home, with a $70,000 balance left on my mortgage. My mortgage payment (not including property taxes) is $457 biweekly. The curre.... More »
 home

44 Percent of Canadians Overspend on Rent Jun 11th

Canadians are overspending on housing in alarming numbers, according to a recent RateSupermarket.ca survey. Among those who rent, 44 percent of Canadians are spending more than a third of their income on housing. Not only that, but 20 percent of homeowners are spending more than a third of their in.... More »
 home equity

Bank of Canada Leaves Interest Rate at 1.75%, Markets React + MORE Jan 23rd

As was widely expected, the Bank of Canada left the target overnight rate unchanged this morning at 1.75%, where it’s sat since October 2018. The Bank noted a few positive developments, but focused more on the downside risks. “The global economy is showing signs of stabilization, and .... More »

Home prices won’t revert to pre-pandemic levels, should start rising again in 2024: CMHC + MORE May 4th

The Canada Mortgage and Housing Corporation (CMHC) expects home prices to reach a bottom this year, but aren't expected to fall below pre-pandemic levels..... More »

Is Canada’s mortgage stress test still relevant? Aug 24th

Earlier this month, the Bank of England scrapped its mortgage affordability stress test. With mortgage rates presumably approaching their peak for this rate-hike cycle, some are wondering if changes to Canada's stress test are overdue. .... More »
10 ways to save more and pay down your debt
1. Set a goal
If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track.
2. Track your dollars
The best way to get on track to saving is to spend less than you earn. Tracking your spending—either through a daily journal or an app—can help you do this.
3. Trim spending
Consider trimming expenses. Once you know how much you’re spending monthly, you can decide what areas you’d like to cut back on so you can meet your savings goal.
4. Kill two birds with one stone
For those with low to moderate incomes, paying off debt—including the mortgage—is the best tax-planning you can do. That’s because you don’t pay taxes on the capital gains on your home and there’s no tax on the return you get for getting out of debt.
5. Automate it!
Set up an automatic transfer of funds to a savings to a savings account (or TFSA or RRSP) so that a set amount—say 10% of your gross monthly income that comes off your paycheque automatically…

Continue Reading On moneysense.ca »

With the 2017 National Mortgage Conference happening this weekend, it’s important to step back and understand how you should be taking advantage of such events to help lay the foundation stones for successful future business opportunities and activities. We all love the parties, but your core value and your future success depend on many other […]

Continue Reading On canadianmortgagetrends.com »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!