Blog

Contributing to both a RRSP and a TFSA is a great way to capitalise on tax advantages to grow your savings. But if you can’t afford to invest in both, which one betters favours your personal financial and tax situation? A Tax-Free Savings Account (TFSA) shares some similarities with a Registered Retirement Savings Plan (RRSP).  Read More

When looking to raise funds fast, like for an emergency, some people result to selling some of their belongings at throw-away prices. But sometimes, selling may not get you the funds you need fast enough, so you hand over those items to a pawnbroker in exchange for an instant loan with a ridiculously high daily or monthly interest rate.  Read More

Reducing the number of credit cards you have seems like a smart financial move, though it is not necessarily true.  Read More

For millennials who are just learning about credit cards and credit ratings, gaining proper understanding of the different types of credit cards and how they affect your credit rating can help to shape your financial success. Many people don’t receive enough financial information to avoid common credit card pitfalls.  Read More

One of the biggest concerns for graduates, aside from finding a good job, is making their student loan repayments. Educational institutions often don’t provide financial counselling, and repayment options make it hard to achieve financial independence.  Read More

When a loved one passes away, the survivors usually assume that all debts, including mortgage, loans, and credit card debt are automatically transferred to the next of kin. But this is not accurate. Generally, debts cannot be transferred through death or even marriage.  Read More

When it comes to raising funds to start or grow a business, you can either leverage your assets or borrow the needed funds externally.  Read More

A garnishment is a lawful process whereby the creditor requires your employer or other third party to turn over to them a portion of your earnings – before you get paid – until all your debt is cleared.  Read More

There’s a difference between refusing to pay your debt and being unable to pay your debt. In Canada, the Bankruptcy and Insolvency Act (BIA) assumes that the debtor is “innocent,” and filing for bankruptcy is a financial rehabilitative process rather than a punitive one.  Read More

If you have outstanding tax debts, you should immediately get in touch with the Canada Revenue Agency (CRA) to work out a payment plan and avoid steep penalties. That said, the CRA is not that flexible when dealing with debtors. For instance, most penalties usually include added interest as you repay.  Read More