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The best high-interest savings accounts in Canada for 2023 + MORE Jan 9th
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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 “hol.... More »
Detox your spending and experience better financial health + MORE Jan 2nd
Using your creativity and resourcefulness to stop spending for a week on anything but essentials will give you more savings and less stress; you win both ways, Lesley-Anne Scorgie writes..... More »
This millennial has $100,000 in savings and wants to leave Toronto to buy a cheaper house. With help from parents, is it possible? + MORE Jun 12th
“After looking at all these properties, my boyfriend and I realize that we have to be realistic and find a place further out,” Vanessa said..... More »
How to change a past tax return + MORE Apr 9th
Ask MoneySense
I have non-registered investment management fees from 2021 and 2022 that were not claimed on my returns for those years. Can they be deducted on my 2023 return? If not, is there another way to utilize those deductions now?
—Ian
How to change a tax filing to claim investment m.... 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 »
Taking home less than $3,000 a month, she has no idea how to afford rent on her own, while keeping up other expenses in her life such as massages and acupuncture, which she requires after a sports-related injury.
Taking home less than $3,000 a month, she has no idea how to afford rent on her own, while keeping up other expenses in her life such as massages and acupuncture, which she requires after a sports-related injury.
Explainer: How do payday loans work?
– moneysense.ca
Captain Cash, Mr. Payday, Speedy Cash and Cash 4 You—payday loan companies market themselves as an informal, cheery alternative to the conventional banking system, one that provides easy access to funds you might need to smooth out small financial emergencies.
But are payday lenders helping meet a vital need for Canadians who are left behind by the mainstream financial services industry, or are they exploitative businesses taking advantage of people with few borrowing alternatives?
What is a payday loan?
Despite their name, “payday loans” are not actually loans against a future paycheque. Instead, they’re short-term, high-interest-rate loans from a third party (not your employer) with terms designed to coincide with a typical two-week pay cycle. In Canada, payday loans are regulated by the provinces.
Usually, you can borrow up to 50% of the take-home pay expected on your next paycheque. The full amount of the loan—principal plus interest—is then normally due in two weeks…
But are payday lenders helping meet a vital need for Canadians who are left behind by the mainstream financial services industry, or are they exploitative businesses taking advantage of people with few borrowing alternatives?
What is a payday loan?
Despite their name, “payday loans” are not actually loans against a future paycheque. Instead, they’re short-term, high-interest-rate loans from a third party (not your employer) with terms designed to coincide with a typical two-week pay cycle. In Canada, payday loans are regulated by the provinces.
Usually, you can borrow up to 50% of the take-home pay expected on your next paycheque. The full amount of the loan—principal plus interest—is then normally due in two weeks…
Tax implications of building a laneway suite
– moneysense.ca
Q. I read your “capital gains on subdivided land” article—very nice piece. I have a follow up topic for you. I’m not sure if you are familiar, but recent changes to zoning laws have enabled thousands of Toronto property owners to build a laneway house on the back portion of their property, provided it meets various emergency access and lot size requirements.
I have not seen anything published with respect to whether such a building would impact your principal residence exemption, particularly if your existing property already has a rental unit in the basement, or is a triplex.
–Mitchell
A. Toronto and other cities across Canada have introduced laneway suite initiatives to incentivize homeowners to develop laneway suites—secondary dwelling units at the rear of their property, adjacent to a publicly-accessible lane. The City of Toronto also has an Affordable Laneway Suites Program with loans of up to $50,000 to be forgiven over 15 years as long as the rent charged does not exceed the city’s average market rent by bedroom type during the period…
I have not seen anything published with respect to whether such a building would impact your principal residence exemption, particularly if your existing property already has a rental unit in the basement, or is a triplex.
–Mitchell
A. Toronto and other cities across Canada have introduced laneway suite initiatives to incentivize homeowners to develop laneway suites—secondary dwelling units at the rear of their property, adjacent to a publicly-accessible lane. The City of Toronto also has an Affordable Laneway Suites Program with loans of up to $50,000 to be forgiven over 15 years as long as the rent charged does not exceed the city’s average market rent by bedroom type during the period…
What happens at the end of a reverse mortgage?
– moneysense.ca
When you get a reverse mortgage, you tap the equity in your home without having to sell it. There are several advantages to having a reverse mortgage, for those who qualify: For one, you gain access to part of the cash value of your home, increasing your liquidity. Setup and legal fees are rolled into the loan amount, and aren’t due until the end of the mortgage (be aware that interest will accrue). And you can remain in your home without having to make monthly loan repayments, as you would with a home equity line of credit or a standard mortgage—so your monthly expenses will not increase as a result. (This article shares additional details and can help you decide if a reverse mortgage is right for you.)
But what happens at the end of a reverse mortgage? A common myth is that the lender can take your home when the loan is due; that isn’t the case. Let’s look at what actually happens.
Three common ways for a reverse mortgage to end
A reverse mortgage usually ends in one of three ways: either the homeowners die; they sell their property and move away; or they move into a retirement residence or long-term care…
But what happens at the end of a reverse mortgage? A common myth is that the lender can take your home when the loan is due; that isn’t the case. Let’s look at what actually happens.
Three common ways for a reverse mortgage to end
A reverse mortgage usually ends in one of three ways: either the homeowners die; they sell their property and move away; or they move into a retirement residence or long-term care…