Taxes

It’s Not Too Late For The Home Renovation Tax Credit

The Home Renovation Tax Credit (HRTC) is a temporary program designed by the Canadian government to stimulate economic growth and help Canadians with home improvements.

The HRTC allows you to claim expenses incurred for home improvements dated after January 27, 2009, and before February 1. 2010.  You can file the HRTC on your 2009 tax return.  Keep your receipts and labour contracts filed away safely in case CRA needs to see them in the future.

The HRTC can help you to save up to $1350.00 on home improvements purchased before February 1, 2010.  You still have a few weeks to buy your materials if you are planning a home improvement project for 2010 and you want to take advantage of the tax credit. Although you won’t be able to claim labor costs after February 1st, you will at least get the tax credit for a percentage of the cost of your materials.  The nice thing is that you don’t have to have your renovations completed by February 1st, you just have to buy the materials before then.

Continue Reading

January 8, 2010
Budgeting

Create Some Financial New Year’s Resolutions for 2010

Now that 2010 has come upon us, I think it’s important to make a few New Year’s Resolutions.  When it comes to finances, it’s always important to set goals and to stick with them.  I want to share with you my three main Financial New Year’s Resolutions for 2010 in hopes that they will encourage you to set your own goals for this New Year.

Resolution #1:  Stick within our grocery budget.  I often tend to overspend on groceries and I have discovered that little extras here and there tend to add up quite quickly.  I vow to be more careful in 2010 and am bound and determined to stick within my grocery budget.

Resolution #2:  Since my husband and I plan to do some extensive traveling in the near future, we want to save as much money as possible this year in every way possible.  I also plan on working some overtime in the hopes of building up our travel fund even quicker.  I find it is much easier to save when we have an exciting use for the money.  It is quite boring to save otherwise.  So, yes, my second resolution is to save, save, and save some more!

Resolution #3:  I vow to do more homework on learning how to be more tax efficient with our money.  I will do more number crunching to determine how much is worth contributing to our RRSPs and how much should be set aside elsewhere to supplement our retirement income.  I also want to do further research on the home renovation tax credit to see if we can take advantage of this program before it’s too late.

For other financial resolutions ideas for 2010, check out globeinvestor.com’s article on the subject at this link.

January 6, 2010
Credit Cards

Student Credit Cards – Are They Important?

Students are often neglected with regards to getting any credit benefits from various lending or credit sources who are otherwise ready to offer credit to businessmen and other working professionals. But the students of today are the next generation and are our future. So its important to encourage and support them with the best available financial and credit opportunities so they can grow in their own fields and provide the best output for our country.

As such, student credit cards provide one mechanism for young people to establish credit as well as provide a financial back stop for education and living expenses while attending school. The cost of living today continues to rise, and the amount of money needed to finance an education, particularly secondary education and college education, is outpacing the rate of inflation by a considerable amount. Many parents cannot bear the entire financial burden of the academic costs for their children. Student credit cards provided by a variety of different banks, lending institutions and credit card companies provide significant opportunities for students to establish and build a credit history at an early age. Provided, of course, that the credit card is used with care and caution.

Continue Reading

January 4, 2010
General

Things To Consider When Money Lending

things to consider before lending money to family and friendsMost of us have done it at one time or another: lent money to a friend or family member. The loan is usually done in order to help a loved one meet a goal or to take care of a pressing need. We choose money lending because we want to help. Unfortunately, all too often extending a personal loan can lead to a negative situation. Here are a few points to consider when you are faced with the possibility of floating a personal loan to someone you care about.

The thing about money lending is that the recipient obviously does not have the resources at hand to effectively take care of the matter at hand. That is why you have been approached about the personal loan. It is important that you have an informed understanding about the ability of the recipient to be able to repay the loan within a reasonable amount of time. The repayment schedule should be discussed in detail and the terms of repayment should be perfectly clear to both parties. This is done so that the transaction can be done according to perimeters that both you and the recipient feel confident can be met in a timely manner.

Continue Reading

December 31, 2009
Money Saving Tips

Buy Your Own Specialty Coffee & Hot Chocolate

buy and mix your own specialty coffee and hot chocolateWhile I was doing my regular grocery shopping this morning, I decided to treat myself and buy some Tim Horton’s English Toffee Cappuccino.  Rather than spend a couple of dollars on just one cup at Timmy’s, I thought I would make my money go further and buy a whole container.  So, for $7.00 I bought a Tim Horton’s cappuccino mix, so now I can make at least 20 cups of cappuccino instead of getting just 2 or 3 at the drive thru.

This works for Starbuck’s fans, too.  If you really like Starbucks coffee or hot chocolate, you can buy their mixes and coffee beans at most grocery stores as well as at Starbuck’s locations.  Although some people find it more convenient to pay the extra money and pick up a coffee on the way to work, I find it far more convenient to be able to make my own at home.  There are no lineups to worry about and if I want to bring it to work, I just bring my thermos.

Why not make your money go further by purchasing your own specialty coffees and hot chocolates? You can enjoy high quality, great tasting coffees for a lot less than you think!

December 28, 2009