Debt

How To Make Mortgage Shopping Easy

If your mortgage is up for renewal soon, or you are looking to buy a new home, you will want to do some research in order to find the best possible mortgage rate.  For Canadians, I would recommend that you check out the Ratesupermarket website.  It is very easy to use and once you fill in some basic information, it will find the results in your local area quickly.

The results will include the approximate amount of your monthly payments, how much interest you would expect to pay throughout the mortgage term assuming the rate remains the same, and more.

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December 13, 2010
Money Saving Tips

Christmas Cards Do Not Have To Be Expensive

If you like to send out snail mail to friends and family every Christmas, you don’t have to spend an arm and a leg to do it.  I lucked out this year and found a box of 40 Christmas cards for $2.00!  I happened to find them while browsing through my favorite dollar store.   I expected them to be really ugly and cheap looking, but they actually are really nice cards.

Sometimes we also write out a Christmas letter letting everyone know what we’ve been up to during the past year.  This year we didn’t due to time constraints, but this is also an inexpensive option.  Just find some cute Christmas paper and print your letter onto it.  You can often find really great deals on Christmas letter paper immediately after Christmas, so if you plan to do a Christmas letter next year, be sure to pick some paper up at a discounted price.

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December 11, 2010
Taxes

Just In Time For The Holidays – HST Cheques

Ontario residents can expect the second installment of the HST transitional benefit within days. Starting Friday, December 10th the Ontario government will begin to distribute the second installment of the HST transitional benefit.  The HST Transitional Benefit is a short term series of payments meant to offset the cost of the Harmonized Sales Tax that was introduced on July 1st.

Single people earning less than $80,000 per year receive $100. Families and couples earning less than $160,000 will receive $335.  Ontarians earning more than the thresholds will have their benefits clawed back accordingly.  In June, a survey by HarrisDecima showed more than 80 per cent of Ontarians didn’t expect to receive the HST benefit.

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December 9, 2010
Shopping

Did We Go Too Far To Save Money?

Do you ever make a purchase at one store and then go around to other stores afterwards to compare prices to make sure you paid a reasonable amount for your item?  It is kind of silly, as it is perhaps better to just do your comparison shopping before committing to a purchase, but it is just human nature sometimes to do it the other way around.

I have a silly story to share about the time my husband and I were visiting friends in another city.  We decided we wanted to buy our friends a garlic press, as we think everyone should own one if they like to cook with garlic.

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December 7, 2010
Investing

When Is It A Good Idea To Have An RRSP?

Most Canadians are aware of the existence of Registered Retirement Savings Plans (RRSPs) but they really do not know much about how they actually work or how they can use them to benefit them fully.  Until just a few years ago, I thought that once you turned age 65, you were allowed to take the money out of them.  How little did I know!  Unfortunately most Canadians are still in the dark about RRSPs and when it is wise to use them.

RRSPs can be especially useful for regular employees who pay a lot of tax on their employment income.  By contributing to an RRSP, they are allowed to defer their income tax.  They benefit from lower taxes payable now, and then will expect to pay it later when they withdraw it (presumably when they retire and are at a lower tax bracket).

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December 5, 2010