Personal Savings getting you down? There are always smart ways to increase your savings.
Aaron Wudrick is the federal director of the Canadian Taxpayers’ Federation. Are you paying all the tax you’re legally required to pay—and if not, is that okay? That’s the question at the heart of the controversy over offshore tax havens, whereby mostly wealthy individuals structure their fi.... More »
iStock Julie and David live in Calgary with their two daughters, ages 10 and 7. David, 40, is a cable technician earning $150,000 annually while Julie, 37, works part-time at a retail store near home earning $6,000 annually. In 2014, their lives changed when David fell on the job and injured his lef.... More »
—In partnership with Scotiabank— The post RRSP vs TFSA: Where to store your retirement savings appeared first on MoneySense..... More »
Q: When transferring my unused RESP accumulated income into my RRSP, am I able to do it as is, i.e. bank stocks, or do I have to cash them in and transfer as cash? —Johanna A: If you end up with money in a Registered Education Savings Plan (RESP) that you can’t use for a child’s education, .... More »
Beware of the clawback!(Shutterstock) Q: I have been trying to find out how much extra income a person can earn without having to report the income while drawing OAS and CPP. I have tried looking this up online, but every site I have been to wants to charge me just to get the answer or does not answ.... More »
The two most common types of loans are secured and unsecured loans. Whether you’re looking to borrow money for a new car or even a vacation, it’s best to understand your options before applying.
What is a secured loan?
Secured loans are generally more customizable and negotiable. They can have either have a fixed or variable interest rate and can last for a set or variable amount of time.
You can likely borrow a lot more at a lower interest rate with a secured loan, because you are generally required to put up some form of collateral for approval. A common example of a secured loan is a mortgage, in which your home is the collateral. If you are unable to make your mortgage payments, your house can be taken away, in what’s known as foreclosure.
And though your credit history will be considered, your current credit score doesn’t bare as much weight in the approval process. Secured loans can still be a great option for those who are having a hard time getting a loan due to their poor credit rating…