Registered Education Savings Plan (RESP) is a regulated program by the Government of Canada to encourage parents to save for their children’s college education. Both the contributor and the recipient should have a Canadian Social Insurance Number in order to open and register in this investment account, and to avail of the different grants offered
A mortgage loan usually becomes the biggest financial transaction most of us will ever have to deal with in terms of value with a banking institution. This will tie you in for up to 30 years unless you decide to opt for a short amortization period or make additional payments to pay off the mortgage faster.
Retirement can mean different things to different people. For employees, it can mean freedom from the 9 to 5 grind, or the loss of their regular paycheck. For people who have saved for retirement, it can be an event to be celebrated and be free to do whatever they want: travel, learn new hobbies, and/or
A lot of unexpected events can create a negative impact on our financial standing. Having a lot of debts can result in us being no longer able to pay it off, or even make just the minimum required payment monthly. Having a lot of debts can be stressful. Not being able to pay them can
Creditworthiness is one of the most important aspects of your financial being to take good care of. It is a number that you should know by heart all the time. This is the number used by businesses and financial institutions to decide whether to provide you with their services and products, or not. Even landlords
I have always talked about the importance of saving for retirement and be prepared for an emergency, and most of the response I get is that there is nothing left at the end of the month. Most of the time we hear this famous quote by Warren Buffet: “Don’t save what’s left after spending, spend
One of the main factors that is holding us back into being able to save up and invest in our future is our debt, especially our credit card debts. Reaching a point where you can’t even afford to pay the minimum required payment can be very stressful. A lot of us have heard of bankruptcy,
The importance of financial literacy can be highlighted with the current situation of the majority of adults. Right now, half of Canadians and Americans live paycheck to paycheck. There are over one trillion dollars in credit card debt in the US, and $13.8 trillion in total debts including mortgage, car loans, student loans and lines
Every one of us has our own financial goals and dreams. The generic one that I hear a lot, and which I myself use, is to be financially independent or to achieve financial freedom. Some would say to be debt-free, which I dream of every 15th and end of the month when I have
We all know that saving money for our future is very important to help us prepare for emergency situations that can have a financial impact on us: the roof needs changing; the car needs new tires, you got sick and can’t go to work, or you got laid off. Even what should be happy