Second Mortgage: How It Works and Advantages

A second mortgage, as the name indicates, is an additional loan that you take on your house with the help of a different lender, a house that already has an existing mortgage to begin with. While you start making payments on your second mortgage, you must remember that you are required to keep continuing making…

Reverse Mortgage: Definition and Advantages

A reverse mortgage is a type of home equity loan that is most effective for Canadian citizens who are aged 55 or more. The reverse mortgage is very much similar to a second mortgage, and basically is a loan that you have secured against your home’s value. Reverse mortgages provide homeowners with the ability to…

Tax Free Savings Account

The Tax Free Savings Account (TSFA) is a savings account available in Canada, which promotes tax savings. Dividends and capital gains are usually what the Tax Free Savings Account is utilised for. The TFSA usually has income that is left over from savings. This income is non-taxable, even if it is withdrawn for personal purposes. …

Differences Between a RRSP and TFSA Account

A TFSA and RRSP accounts are two different types of savings account that the Canadian government offers to its citizens, to allow them to save for various needs and requirements throughout their lifetime. However, these two accounts vary from each other in terms of limit, tax deductibility and withdrawals. While the RRSP is an old…