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As it becomes more difficult to secure a mortgage traditionally through a bank, Canadians are turning to the private mortgage option. Increasing more people are using private mortgage brokers to finance homes for various reasons. The high interest rates are putting pressure on homeowners and some people simply aren’t able to get a mortgage at their bank. Private mortgages in dollar value are at $22.4 billion in Ontario alone.
Loraine Couturier
Buying a Home
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Amidst the rising interest rates in Canada, homeowners, especially those with large loans like mortgages, are facing financial concerns. The unexpected hikes have resulted in higher monthly payments, posing challenges to stay in their homes. However, there are solutions to ease the burden during this economic climate. For eligible homeowners, a reverse mortgage offers a viable option, allowing them to eliminate mortgage payments and securely remain in their homes.
Loraine Couturier
Buying a Home
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This article informs Canadians about relief and forgiveness options for student loans. It discusses the challenges of paying back loans due to high interest rates and financial constraints, and highlights the Repayment Assistance Plan as a possible solution. It also mentions that loan forgiveness is available and reassures students about other options available.
Loraine Couturier
Personal Finance
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A fundamental section of your tax return to complete accurately is Line 10100 (formerly specified as 101), which deals with your employment income. Let's take a look at the details to help you navigate your way around the form.
Loraine Couturier
Personal Finance
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When you use a business bank account, it can help the business you run build its own credit profile, which can be useful down the road. So how easy is it to open a business account? We’ll go through the process and help you understand how much the fees are for every given business bank account.
Loraine Couturier
Business
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We’ll let you know about the top 7 paid survey sites for Canadians. These have been vetted as legitimate, well-established paid survey sites. They all have different incentives that can include cash, gift cards, a point system, sweepstakes, and free products.
Loraine Couturier
Personal Finance
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As one of the most popular vehicle types out there, there are numerous options for all lifestyles. We’ve created this list so you have an idea about what SUV’s stand out in their class.
Loraine Couturier
Vehicles
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One of the main ways you can be scammed is through e-Transfers. Unfortunately, there are many ways that you can be scammed if you’re not cautious. We’ll let you know what to look out for and how to prevent scams from happening to you.
Loraine Couturier
Personal Finance
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If you’re currently living in one of the areas in Canada that are inflated, you may want to consider looking for a new place. There are plenty of affordable towns and cities in Canada to get in on owning a home. There are some mortgages you may not currently be able to access because you don’t qualify. If you have the freedom to move, you may want to consider it. There are a lot of Canadians that are working remotely now. If you don’t need to live in one of the expensive cities like Vancouver or Toronto, it's a great opportunity to explore this incredible country.
Loraine Couturier
Buying a Home
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The technology of real estate has made great progress, making it easier than ever to house hunt while navigating complex home equity loans applications. Here’s our list of the 10 best real estate apps available to Canadians.
Loraine Couturier
Buying a Home
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If you live in Canada and are an investor, you can benefit from the dividend tax rate. Why is this exactly? A dividend stock in Canada will share the tax burden with the company you’re investing in. If the company performs well financially because of the money you invested, you get to keep the stock and any future dividend returns. Not only that but you pay less tax on dividend income.
Loraine Couturier
Personal Finance
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When you’re going through college, you want to save every penny you can. Having a bank account that doesn’t have huge costs attached to it is one of the perks of being a student. The bank knows that someday, you’ll be potentially looking for loans because you’re making good money. So low-cost bank accounts for students are to their benefit. Here are competitive offers that might make your life easier while you’re focused on your studies.
Loraine Couturier
Personal Finance
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It’s expected that the Bank of Canada’s target overnight rate will reach at least 2.00% by the end of 2022. As a result, Canadian bank prime rates will likely be at least 4.20% by the end of the year. Looking back at the decades before now, there have certainly been some higher interest rates based on economic problems. History shows us that things are ever changing and what we’re experiencing now with Prime rates isn’t permanent. Learn more!
Loraine Couturier
Personal Finance
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During college years, this is the best time to get your kids started on the process of building credit. Once they graduate, credit generally makes getting started easier. Even if they get a good job, it’s going to be at least one year before banks and landlords take them seriously as a responsible adult. There are some things you can do to help them start the process.
Loraine Couturier
Credit Scores
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There are varying reasons that a homeowner will choose to take out a home equity loan. It may be to purchase another property or it could be used for improvements. Another loan type is a HELOC, which is a line of credit secured by your home. You can withdraw funds whenever you need them so it offers a bit more freedom than a home. We’ll give you more insight on how to use your home equity loan to buy an investment property.
Loraine Couturier
Buying a Home
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