What Is a Second Mortgage?

A second mortgage is usually a lien that has been granted as a subordinate to the original, bigger loan. If you are a lender, it is understandable that a granted a second mortgage is much more risky for you. Simply, there is a greater chance of borrowers defaulting on a second mortgage. If there are…

What is a TFSA?

The government of Canada in the year 2008 introduced a TFSA, also known as a tax-free savings account. It was introduced as a brand new vehicle for personal savings, enabling you to save for various purposes, needs throughout your lifetime, and makes you financially independent. Since the introduction of the RRSP, back in the year…

Three Reasons Why You Should Open an RRSP

An RRSP, also known as the Registered Retirement Savings Plan, is a type of account that the federal government presides over, and you can use this account to save up for your retirement. A number of different benefits are associated with choosing and RRSP for your savings. These include: Every contribution is tax deductible- Every…