General

Could Contract Hire Cars Improve Your Life?

We keep seeing TV programs and new books about improving our lives but it doesn’t always have to involve yoga, fruit salads and a trip to the Himalayas.

Sometimes the simpler things in life can help you enjoy a better life, and we can’t forget to take into account the importance of the car we drive. The difference between having a great, trouble free car and one which is the opposite of this is huge. More and more people are moving to contract hire solutions, so let’s take a look to see if one of these could improve your life.

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June 11, 2012
Banking

An Alternative To Wiring Money Through Your Bank – Use MoneyGram

I recently sent money overseas and before I did so, I compared the cost of using MoneyGram versus the cost of wiring the money through my main bank.  This is what I discovered:

Using MoneyGram

To send money using MoneyGram, it would only cost me $25 and the person receiving the funds would not have to pay anything.  The process was quick and easy.  I just went to a local post office outlet and provided them with a piece of ID and used my debit card.  I was then given a number that I had to give to the recipient. The recipient then would simply go to a MoneyGram outlet and provide that number.  That’s all that was necessary.  It’s quick and easy and inexpensive.  The recipient can receive their money within a few minutes.

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June 8, 2012
Investing

I Wrote My First E-Book – Everything You Need To Know About RRSPs

Many of you who have already browsed my blog in the past know that I have written many articles about different topics relating to RRSPs.  Due to my husband’s coaxing, I decided to try to write a short e-book on the topic so that it would be a useful reference for folks who were told they need to contribute to an RRSP but really have no idea what RRSPs are or how they work.

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June 4, 2012
Taxes

What Self Employed People Should Know About Income Tax – Frequently Asked Questions

1.  Am I really self employed? – Self-employment is determined by the amount of control you have over your work. If you are in any doubt about your relationship, you can request a ruling from the CRA using Form CPT1, Request for a Ruling as to the Status of a Worker under the Canada Pension Plan and/or the Employment Insurance Act.

2.  What is the per kilometer rate? – Unless you have already submitted a logbook to the CRA for a previous year, you cannot use a simplified method to calculate your auto expenses. You need to have a detailed logbook for the year to report your expenses correctly.

3.   Does a sign on my car mean I can claim 100% of my mileage? – You can claim the sign cost as an advertising expense but it does not mean every kilometer you drive is for your business. You still need to record your kilometers in a logbook.

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May 31, 2012
Debt

How To Avoid CMHC Insurance When You Buy A Home

What is CMHC?

CMHC stands for Canada Mortgage and Housing Corporation.  CMHC protects lending institutions from mortgage default by providing mortgage loan insurance.

When do I have to pay CMHC insurance?

If you purchase a home and make a down payment that is less than 20% you will be subject to paying CMHC insurance premiums.  You may also need to pay CMHC if the home you want to purchase poses other risks to the lender such as a poor location, etc.

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May 28, 2012