Personal Savings getting you down? There are always smart ways to increase your savings.
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TFSA vs RRSP: How to decide between the two + MORE Jul 4th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in different ways. Understanding these investments will help you know when to use one or the.... More »
Canada’s best credit cards for people with bad credit 2022 + MORE Apr 24th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. However, if you want to improve your credit score, you’ll have to prove you can handle credit responsibly—and one way to do that is (you guessed it) to have a credit card. When used respon.... More »
Tech Entrepreneur Lauryn Vaughn Is Changing the Resale Fashion Game + MORE Jul 17th
My entire career has been about using technology to sell upscale consignment clothing. But my starting point was in traditional fashion: When I was a commerce student at the University of Calgary, I landed an internship with the designer Paul Hardy. That was my introduction to retail behind the scen.... More »
Asset location: Where to hold investments for tax savings + MORE Oct 17th
If you’ve ever put together an investment plan, you’re familiar with asset allocation. That’s the mix of stocks, bonds, real estate and other investments driving the expected risk and return of your portfolio. But you may have given less thought to asset location, or how those assets are distr.... More »
“Should I loan investments or money to my spouse?” + MORE Aug 2nd
Q. I’m 38 years old and have been married for 10 years. I would like to set up a spousal loan to my wife, who works part-time while raising our two young sons.
How would I go about doing this correctly? And is there any special consideration of a cash versus “transfer-in-kind” of stocks, other.... 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.