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Investing

Flipping Real Estate – The Dos And Do Nots

If you’re someone who has an interest in real estate and also in making money, then you’ve probably thought about getting into the business of flipping houses. After all, to purchase a home and then turn around and sell it for a profit can definitely be an attractive endeavor to get involved in.

However, nothing in life is as simple as A-B-C or 1-2-3. Virtually all things have fine print and stipulations to consider before taking on a particular task, including flipping homes. So, before you start to really put some time, effort and resources into it, we’ve provided you with a few do’s and don’ts to think about first:

Do know the guidelines. While there are some real estate rules that apply across the board, there are others that are relevant only to your state or province. You don’t want to take on a project like a home and sell it only to realize that you broke some of the laws surrounding house flipping where you live. Therefore, you need to do your research first.

January 13, 2013

Investing

Increase To TFSA Contribution Room For 2013

The Tax Free Savings Account (TFSA) was first introduced by the Canadian government in 2009. Each year Canadians aged 18 and over could contribute up to $5000 per year into their TFSA and not be taxed on any earnings made on their contributions.

The government recently announced, however, that starting in the year 2013, Canadians will be able to contribute $5500 rather than the original $5000. They did this in order to account for inflation. This is good news for Canadians as it allows them to invest a little bit more each year without having to pay tax on their investment earnings. This is especially good news for those of you who are using your TFSA in order to save for retirement or other long term goals. The more room you have to contribute, the more you can take advantage of the tax break on investment earnings over the long term.

November 29, 2012

Investing

A Quick Personal Finance Reference Guide For Newlyweds

Friends of ours do premarital counseling, and due to the lack of financial education in Canada, I thought I would create a simple personal finance reference guide that our friends could use for the next couple they counsel. Although it is meant for couples who are first starting a new life together, some of the information might be helpful to people in other stages of life as well. So I thought I would share it on my blog as well.

RESPs

-Children need to have a SIN number, so apply for one as soon as your child is born.

-Government gives you 20% grant on up to $2500.00 of contributions per year for your child.

-Can be set up at any financial institution in Canada.

-Choose investments that are meant for long term growth such as mutual funds. Stay away from term deposits as your money won’t grow.

-Depending on your income, your child may also receive free money from the government in the form of Bonds so even if you can’t afford to put a lot into an RESP, set one up as soon as you have your child’s SIN, and when grandparents, etc. give your child money for birthdays, etc. just pop that money into the RESP.

-Note that it is wise to open a family plan RESP if you have more than one child.

-Select a financial institution that doesn’t charge any fees to have an RESP or to set it up.

September 12, 2012

Investing

Tips On Investing In Real Estate

If you know anybody that has invested in real estate, then you know how lucrative it can be. The reason why so many people buy real estate and rent out is because they like the extra cash flow each month and they know that down the road that home will be worth much more than it is right now. This is what you need to understand because real estate is not all about flipping these days, there is a long term approach to it as well.

August 24, 2012

Investing

Why Comparing Savings Deals Can Make You Money

Everyone will tell you that you need to save money, and while it is a good idea to save, you should not just put your money into the first savings vehicle you come across. Instead, you will find that it truly does pay to do your homework. Although it will take some time, it will be well worth it in the end.

High Interest Savings Accounts

For example, if you want to keep your money in a regular savings account, select one that has no monthly fees or transaction fees, and make sure that it pays the highest amount of interest. Most financial institutions have at least one type of high interest savings account, but not all are equal, so be sure to find out the details before making your choice. High interest savings accounts are good for money that you need access to and for big expenditures that you have planned in the near future.

August 14, 2012

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