In Canada, at least 49% of the population is living under some sort of crippling debt. There is hardly any Canadian who does not have a debt. This debt gets even worse, when put together with the 15% to 29% tax bracket that each working Canadian has to pay. If only there was a way…
An Equity Loan is also referred to as a Mortgage Loan. Typically, this loan is secured by real estate that is already owned by the borrower. For example, if you brought a home for a sum of money, and do not have a mortgage on it, they may take a loan on their house, in…
A Guaranteed Investment Certificate is a scheme offered by Canadian Banks and other money-lending places like trust companies. In this, there is a ‘guaranteed’ return on your investment, given to you at a fixed, stipulated time. This period of time could vary depending on a variety of factors, such as the income that you earn.…
The Registered Retirement Savings Plan was introduced to Canada in 1957, as a means to introduce to the plan a feasible and working plan, which would help them after they retire. If you apply for a Registered Retirement Savings Plan, then every month, a sum of money is deducted from your total income, and is…
For every individual who is 18 years or older, there is an annual limit to contribution to a TFSA account. This amount is set at $6,000 for the year 2019. These amounts varied in the previous years and have been set at $6,000, as of 2019. The unused contribution room that you might have in…
It is but natural that people would want a return on the money that they invest. Wanting something back is a primary human need, whether it is a return gift at a birthday party, or returns at the profession that you have chosen. Honing your skills for a required profession takes time and money- it…