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Latest News
Invest or pay off debt? + MORE Oct 12th
Q: I may be coming into an inheritance and I want to know if it would be better to pay off all the debt I have or invest the money? I have the following debt:
Mortgage: $60,000, at 2.5%, variable rate
Line of credit: $20,000 at 5.7%, variable rate
Car loan: $24,000 at 3.75%
I am 62 years old and .... More »
Will credit card debt affect my mortgage application? Mar 27th
If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income and how much you owe—including credit card debt, car payments and unsecured personal loans..... More »
2023 tax credits, due dates and when you can file: Your 2023 income tax return guide + MORE Mar 19th
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns.&nbs.... More »
Credit Card Interchange Fees: The Impact in Other Countries + MORE Apr 7th
Last November, it was announced that MasterCard and Visa will reduce credit card interchange fees to an average of 1.5 per cent, to take effect this April. The fees, which are paid by merchants to issuing credit card lenders on each credit card transaction, have long been a point of contention amon.... More »
Can I sell my cottage tax-free? + MORE Sep 22nd
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Q: How will the $200,000 tax-free capital gains affect our non-principal residence? Is each tenant entitled to $200,000? My wife and I are original owners / joint tenants of our cottag.... More »
How living longer can hurt your retirement planning
– thestar.com
We’re living two years longer on average, according to new statistics. Here’s how to use that information to make sure you don’t outlive your savings.The story on long-term auto loans
– moneysense.ca
Q: “Is it really so bad to get a seven- or eight-year auto loan, given that interest rates are so low?”
—Melanie Lacroix, Toronto
A: Low interest rates—as low as 0% for 84 months—have made it possible to extend the length of car payments to unforeseen lengths. Consumer finance expert Eric Brassard says at interest rates below 3% you shouldn’t worry about the term of a loan—but you should invest the savings from the lower monthly payments instead of spending it on something else! One concern with long auto loans is if you decide to trade the vehicle early, say in the fifth or sixth year, you will owe more money than the market value of your vehicle. That’s called being “upside down” in the car business, and can begin a costly cycle of financing the unpaid balance on the purchase of your next vehicle.
George Iny is the president of the Automobile Protection Association.Send him your automotive questions at ask@moneysense.ca
The post The story on long-term auto loans appeared first on MoneySense.
Pro Post: How to Make Your Family Budget Work!
– ratesupermarket.ca
Trying to cut corners on your household spending? Trimming your finances should be a full-family affair. Desiree Fawn, owner of SoFawned.com, shares her top tips for family-wide savings in this special guest post.
How To Make Your Family Budget Work!
We’ve all sat down at one time or another to draft out some sort of a budget for our family, right? We always have fantastic intentions as we put together lists of our expenses and income, and at the end of it we feel triumphant, eager, and absolutely certain that we’re going to make it work. However, life gets in the way: you forget to document a few expenses, you overspend, your spouse isn’t 100 per cent sure how to work within the budget and pretty soon you’re back to square one – frustrated with your family finances and wondering what went wrong.
A budget is a lot like a diet. You can have the best intentions to follow it and stick it out, but it only works if you ACTUALLY do it. Seems simple, but it can be tricky! Today I’m going to share a few tips on making your family budget work for you… and your family, of course!
Keep It Simple
Honestly…
How living longer can hurt your retirement planning
– thestar.com
We’re living two years longer on average, according to new statistics. Here’s how to use that information to make sure you don’t outlive your savings.
