Taxes

How Students Can Reduce Their Income Tax

There are a number of ways that students can reduce their income tax.  Below are a few things you will want to know about if you are a student in Canada.

The Tuition Tax Credit

If you have to pay $100 or more for tuition fees, you can claim a tuition fee tax credit which is equal to 15% of the tuition that you paid.  Keep in mind, the tuition must be paid to a recognized educational institution and it must be for post secondary courses.

The Education Tax Credit

For each month that you are enrolled full time in a qualified post secondary institution, you can claim the education tax credit.  Right now, the amount eligible each month is $60 but that is subject to change at any time, as are any of the other tax rules.  You would be eligible for the education tax credit as long as the courses you are taking are related to your employment.  You will not benefit from this if your employer is paying for your education.

Continue Reading

November 26, 2012
Banking

What Is CDIC And Why Is It Important?

What is CDIC?

While some Canadians bank at credit unions, many more deal with the big banks.  The major banks in Canada are all insured by the Canada Deposit Insurance Corporation (CDIC).  So, just what exactly is CDIC?  Well, it’s actually a federal Crown corporation that was created by the Canadian Parliament in order to protect your deposits in case the bank ever happened to go under.

What CDIC is NOT

CDIC is not a private insurance company and neither is it a bank.  The main point of the creation of CDIC is to help keep Canada’s financial system as strong as possible.

Continue Reading

November 22, 2012
Earn Extra Money

How To Make Money Subletting Properties

What is a sublease?

First of all, do you know what a sublease is? A sublease is when you lease out a property to another renter. A lot of people don’t know they can do this and in some cases you can’t, it all depends on how the lease was written up.

Find A Potential Fixer Upper

I know you might be wondering how you can make money subleasing a property and that is what I am here to talk to you about. The key here is for you to lease a property that is not completely fixed up. By this I am talking about old paint, torn up flooring and things like that. If you can lease a property like this for a very small amount, then you can put a little bit of money into it and fix it up and then sublease it to another renter for a little more than you are paying.

Continue Reading

November 19, 2012
Money Saving Tips

Saving Up For Your First Home

There will come a time when you wish to say goodbye to rental properties and purchase a home of your own. Indeed, often a mortgage works out cheaper than renting anyway.

The Largest Purchase You Will Ever Make

Saving money for a house is unlike saving for most other things. The amount will usually be larger than for any other goal you have ever tackled, and so the time frame will be much longer. The amount required is notoriously difficult to calculate and the sum of money you need will be much less intimidating if you think of it as a monthly amount rather than a lump sum. The larger the deposit you save, the more flexible the mortgage and the more competitive the interest rates. It is wise to create a graphical tool to motivate your saving, for example, a money thermometer. In the run-up to your purchase, you could free up money by avoiding or at least reducing the cost of renting by moving in with your parents or in-laws or sharing a house with friends.

Continue Reading

November 15, 2012
Shopping

10 Great Items To Buy In Bulk

Buying in bulk doesn’t always work. Unless you’re running a restaurant, it’s hard to guarantee that you’ll use up all of a bulk perishable before the expiration date. The cheaper base price can get quickly canceled out – and even completely overwhelmed – by the cost of what was wasted.

This list of smart bulk buys is a safe bet for any household shopper. It includes not just savvy buys that are unlikely to go bad, but also items that are most commonly discounted and give the best savings when purchased in bulk.

Continue Reading

November 14, 2012