Author Archive for: Advisorsavvy

A power of sale clause in a mortgage allows the lender to sell the property. Typically, it is used when a borrower defaults on a mortgage for multiple months. This can be done without court intervention. A mortgage agreement would outline the timeframes and conditions of the power of sale clause. It is designed to protect the lender’s interests in case of non-payment. In this article, we’ll answer the question, what is a power of sale clause in a mortgage? Keep reading to learn more! Once triggered by default, the lender can initiate the power of sale. To sell the property and recover the outstanding loan amount. A power of sale clause allows for a quicker and less expensive process for lenders. Unlike foreclosure, it does not require court intervention. However, the specific procedures for the power of sales vary by province and mortgage agreements. Borrowers should carefully review their mortgage agreements. Further, they should seek legal advice, if needed.

Canada has a dynamic and robust education system. It attracts both domestic and international students. Across the country, there are universities and colleges which have international recognition. Students aim to graduate from these institutions to improve their lives. But what are the best cities in Canada for students? – With the increasing cost of living, this may not be a simple answer. Many opportunities remain in Ontario and British Columbia. Students must balance the cost of living with the quality of education they receive. Alberta and Quebec remain more affordable places to pursue higher education, but keep reading to learn more! Related Reading: Best Bank for Newcomers in Canada Which province is best for students in Canada? Canada has a strong and reputable education system. For years, domestic and international students have flocked to Ontario, Quebec, and British Columbia. Nova Scotia and Alberta have also drawn their fair share of interested students. However, in recent years Alberta has been a

Marriage is a time for celebration. You share your love, commitment, and promising future with friends and family. For most people, a wedding is often the most expensive party they will throw. It is also one of the biggest transactions most incur in their lifetime, if they choose a traditional big wedding. There’s no denying that planning a wedding can be a joyous yet expensive event. From venues, outfits, food, and photographers, there is a lot to plan and pay for. With growing wish lists and dreams for the big day, costs quickly add up. Many engaged couples need to know how to make their wedding both magical and budget-friendly. The question of how to save for a wedding comes up a lot, especially in times of high inflation and interest. Learn how to save for a wedding with this article. It is a necessary step as you plan for one of the biggest days of your life. Saving and

Canadians have been hard hit by inflation and rising grocery costs. Deal hunting, couponing and price matching can help to save money. By seeking out deals, many Canadians can save up to $50 or more per grocery trip. Although, this is a generous estimate that only seasoned deal hunters reach. But, with dedication and time, you can become a seasoned deal hunter. If you find yourself asking, what is price matching? It may be the shopping and spending relief you’ve been looking for.Keep reading to learn more about price matching in Canada and how it works! Related Reading: Surviving Inflation: Top 7 Tips What is price matching? Price matching occurs when a retailer honours or beats the advertised price of another store. To access price matching, the specific supplier has to offer it. Generally, the price you are trying to match must be an advertised price from a major retailer. The product also must be identical in every way. This

For many Canadians, buying a home has been a lifelong dream. Unfortunately, some unexpected challenges have popped up in the Canadian housing market making it difficult for everyone to access affordable housing. Although, there have been whispers of a housing market crash for several years. If the housing market were to crash, it would be an opportunity for some to enter the market at a lower price. In this article, we’ll discuss how to buy a house in Canada under numerous conditions, including if the housing market were to crash. Keep reading to learn more! Is it hard to buy a house in Canada? Yes, it is difficult to buy a house in Canada. As of December 2023, the national average cost of a home was $657,145. This represents a 5% increase since the previous year. The continuously rising cost of housing is making it more and more challenging for new home buyers to enter the market. Furthermore, the average

Did you know there’s more than one style of banking? Most Canadians are familiar with conventional banking, credit unions, and financial services companies, but there is also Islamic banking to consider. Overall, the most distinct characteristic of Islamic banking is that the charging and collection of interest is prohibited. Instead, Islamic banking institutions engage in profit sharing systems to earn money. In this article, we’ll discuss everything you need to know about Islamic banking in Canada, including what a halal mortgage is and where you can seek this type of banking service. Keep reading to learn more! What is Islamic Banking in Canada? Islamic banking consists of financial practices and activities that are compliant with Shariah (Islamic law). The notions of Islamic banking in Canada and elsewhere stem from Islam which is a major world religion. Further, these ideologies are derived from the Quran, which is the central religious text of Islam. Within this religion, it is believed that a

Modern life has significant financial implications for raising children. Parents find themselves balancing work, personal commitments, and childcare, on top of personal finances. Childcare brings potentially high costs or a reduction in disposable income. Single-parent and dual-parent households face large dilemmas when it comes to childcare. They need to ensure high-quality care for their children. However, parents need to maximize earnings and minimize expenses at the same time. In these times of increased expenses, parents are asking how to save money on childcare. This is an increasing concern around the globe, including in Canada. Related Reading: How to Make Money on Maternity Leave in Canada With growing populations, the demand for reliable and affordable childcare solutions rises. The Canadian government has made significant strides in improving the childcare situation. Such as the introduction of federal and provincial initiatives,Toward $10-a-day: Early Learning and Child Care. All provinces and territories, through mutual agreement with the federal government, have agreed to work towards

Canada is renowned for its education system and diverse culture. For this reason, many Canadians and international students study in Canada. For higher education, a lot of students must actively work while attending school. This could be to help with finances, but also to gain relevant work experience as they prepare to enter the workforce. Thankfully, there are not many working restrictions for Canadian students pursuing higher education. As a result, there are many ways on how to make money in Canada as a student. Financial independence is a sought-after benefit of higher education. Thus, most students navigate financial freedom as they pursue their studies. Managing expenses and earning money while studying can be a challenging balancing act. But with the right strategies, students can navigate this terrain successfully and be better prepared for the next chapter of their life when school is finished. Related Reading: 13 Summer Jobs for Teens Earning money as a student is a great time

As a post-secondary student, there are various student discount programs you can take advantage of. Your education is expensive enough as is, you can save some dollars by accessing these programs. In some cases, high school students are eligible for these discounts as well. These deals are in different product categories including restaurants, retailers, and credit card companies. If you are interested in buying a laptop, acquiring new clothes, or purchasing tuition books, student discounts are available. In this article, you will find a list of student discount programs in Canada that will help manage your finances while studying. Let’s have a closer look! Is there a student discount in Canada? Yes! If you are going to university or college there are several student discounts and related programs to help cut costs after spending on books, tuition, and basic costs of living. In some cases, high school students can be eligible for these discounts as well, but it depends on

Ready to buy your first home? You’re probably saving for all your countless expenses, like closing costs, mortgage interest, and of course, your down payment. Advisorsavvy’s roster of vetted financial advisors helps hundreds of Canadians find sustainable ways to save for milestones like their first home. One hefty chunk of your closing costs is land transfer tax. But first-time home buyer land transfer tax works a little different than the norm. We’ll walk you through everything you need to know about land transfer tax. Plus, amounts first-time home buyers are eligible to receive in tax returns. Continue reading to learn more! What is land transfer tax? Land transfer tax is required either to a province or municipality upon the sale or transfer of a home from one person to another. It must be paid no matter how much the transaction is for, and first-time home buyers still have to pay the tax. The exact amount due depends on the province and

With the holiday season quickly approaching, you may have exciting festivities planned. Along with the joy of holiday cheer comes the stress of increased spending. Gift-giving, decorations, holiday travel, and festive feasts are all financially demanding. Even though we look forward to these celebrations every year, they come with increased expenses. These expenses can cause financial strain for even the best-planned holiday budgets. This does not mean you have to suffer and break the bank. Be strategic, inventive, and plan your holiday season. With this guide, you can discover how to save money over the holidays. This way, you will have a joyous and affordable festive season! We will explore practical tips and strategies. Using these tactics, you will be able to manage your finances wisely during the holiday season. Whether it is a family vacation, a festive gathering, or a never-ending gift list, you can navigate the holidays with reduced stress. And with reduced stress, you can be more

People get married for many reasons. Ultimately, marriage is a partnership in which you care for someone, and they care for you, in some capacity. It is a civil and sometimes religiously recognized union of two people. There are many financial and legal benefits of marriage in Canada. But while there are perks, there are also responsibilities and obligations. Learn about the challenges and make sure you have conversations about your finances before marriage. Keep reading to learn more! What is marriage? Marriage in Canada is the federally recognized union of two adults. Furthermore, marriage is governed by the federal government under theCivil Marriage Act. The solemnization is regulated by the provinces and territories. Solemnization is also known as the formal marriage ceremony, either religious or civil. The Civil Marriage Act states, “Marriage, for civil purposes, is the lawful union of two persons to the exclusion of all others.” The act further requires the individuals to be able to consent

Tax debt can be overwhelming; however, it must be dealt with! Unlike other debts, tax debt comes with significantly more repercussions. The Canada Revenue Agency, or CRA for short, is responsible for collecting any owed taxes in Canada and they’re not a regular creditor. Rather, they’re a special kind of creditor that takes precedence over other debtors. To achieve their goal of collecting outstanding tax debt, they have potentially dramatic methods to collect owed tax debt. Finding out what happens if you owe CRA money may not be the most enjoyable content to read. But the sooner you deal with the situation, the sooner you can move on! Learn more about how to deal with outstanding tax debt below. Who is the Canada Revenue Agency (CRA)? The Canada Revenue Agency (CRA) is Canada’s administrative body for handling and collecting taxes. The CRA is responsible for the tax administration of the federal government and most provincial and territorial governments. They collect

If you’re a first-time home buyer, it can be easy to get caught up in the euphoria of finding the perfect home and leave crucial financial details behind. We know, the financing aspect isn’t exactly as fun as choosing location and interior design! But that doesn’t mean you shouldn’t take the time to assess your financial position and the pathway to securing a mortgage. One of the most vital considerations of a mortgage in Canada should be your budget. More specifically, what you can afford to pay for, what you’ll be able to borrow, and so on. Pre-approval for a mortgage serves as a reference point in the home-buying process, aiding you to keep your home shopping within your financial reach. Further, it gives you an advantage in the competitive real estate market as sellers take you more seriously when you have pre-approval. If you’re ready to start your home shopping journey, it’ll be a great plus to read through