Author Archive for: Advisorsavvy

Variable vs fixed mortgage? That is the question! You will most likely have to answer this question before signing off on a property and obtaining a mortgage. Deciding between both options is one of the biggest dilemmas you will face when purchasing a home. This is because the decision you make now will affect you for years to come. It may also mean the difference between paying thousands of dollars in interest, or not.But, when comparing both, your deciding factors will typically boil down to two things. These are the cost and predictability of the mortgage and other economic factors. Whether you’re a first-time buyer or refinancing, we’ve got you covered with this article. Understanding the difference between variable vs fixed mortgages is vital for your financial future. Below, we explore their differences to help you make an informed decision.Keep reading to learn more! Related Reading: How to Switch Financial Advisors Variable vs Fixed Mortgage: What is the difference? Let’s

There is often a common question on every taxpayer’s mind. That is — how long does it take to receive a tax refund in Canada?Tax season is generally a stressful time, especially if you have to file your tax returns yourself. If you’re relying on your tax refund to clear up bills or add to savings or investments, you might be pressed to get it into your pocket. At Advisorsavvy, we understand how important it is to get your funds as quickly as possible. In this article, we’ll explore the general timelines surrounding tax refunds in Canada and other helpful details. Keep reading to learn more! What is a tax refund? Generally, getting a tax refund in Canada is exciting news. More money coming your way! However, when we refer to a tax refund, it simply means that you paid more tax during the year than you had to.A tax refund is a reimbursement taxpayers get for the excess taxes

Ever set up automated payments or withdrawals? That’s a strong, financially savvy move to get your finances organized. But what happens when there’s not enough money in the account? Your heart might skip a beat when you see the notification: you’ve gone into overdraft.We get it; it never feels good to see your chequing account with a negative balance. Of course, you might just transfer some of your savings into it and make up for the hit — along with paying a hefty Non-Sufficient Funds (NSF) fee, no fun.Our financial advisors here at Advisorsavvy cover this topic frequently with clients like yourselves. Budgeting properly and cash flow management can help you avoid overdraft, but there’s actually an even more bulletproof solution: overdraft protection. In this article, we’ll walk through the ins and outs of overdraft protection, how much it costs, what it offers, and how to know if it’s worth it for you.Keep reading to learn more! What is overdraft

If you are wondering how to switch financial advisors, it is probably time to switch. It is not a decision that should be entered into hastily. However, if you have been questioning your financial advisors’ services, it may be time for a change. If they are hard to get a hold of, they give unclear information or have poor follow-through, that can also be a sign it’s time to make a switch. Switching financial advisors doesn’t have to be a difficult process. But there are some financial considerations to be aware of. The hardest part will be finding a new financial advisor that you trust. Once you find a new advisor, they should be able to help you with the transition and offer an improved quality of service. For many people, their financial advisor is the first person they speak to about personal finance issues. They approach their financial advisor about divorce, health issues, and all other life changes that

In Canada, the federal government offers the employment insurance program to unemployed workers. The program aims to temporarily support your income if you are out of work. May it be due to a lay off or shortage of work. However, if you are working while claiming employment insurance, you may be wondering, how many hours can you work while on EI? If you are eligible under the Canadian EI program, you can still work part-time while receiving partial EI benefits. But once you become a full-time worker, your EI benefits will most likely cease. In this article, we will discuss how EI works. Plus, the golden question, how many hours you can work while on EI in Canada. Continue reading to learn more! What is Employment Insurance? The employment insurance program, or just EI for short, is a government program that provides income support to unemployed workers looking for jobs or those out of work for certain reasons. It was

The federal government of Canada issued a one-time grocery rebate. This rebate payment went out to qualifying Canadians on July 5, 2023. The motivation behind the rebate is to alleviate the highinflationthe country has been facing nationwide. An estimated 11 million Canadians qualified for this one-time grocery rebate. Did you find an unexpected deposit in your bank account near the beginning of July? If so, it might have been the grocery rebate. Learn more about what it is in this article. If you have been hit hard by inflation, readSurviving Inflation: Top 7 Tips. What is the grocery rebate in Canada for 2023? The grocery rebate is a one-time rebate managed and issued by the Canada Revenue Agency (CRA). The payments dispersed on July 5, 2023. This happens to be the same day as quarterly GST/HST credit payments. The federal government has been talking about relief for the high costs of groceries. This conversation has been happening for quite some

Are you worried about what you’ll do in a recession? Recessions can be scary between job loss and changes in economic climate. Lay offs occur and there are fewer employment and hiring opportunities. It does not mean it will be impossible finding a job during a recession. It just means you’ll have to be a little more diligent and practical. If you are unemployed or in a job that you are not happy in, there is hope. Recessions are not the easiest employment climates to navigate. If you do navigate it successfully you build great skills that stick with you forever. You open up, push yourself, and access your best skills and experiences. During a recession, there will be more competition for fewer positions. Continue reading to learn how to make yourself an attractive candidate despite tough economic times. Who gets laid off in a recession? It is impossible to know for certain what form a recession will take place

Whether you’re a soon to be immigrant or resident, family or individual, it helps to understand the average cost of living in Canada. This nation is well known for being one of the best countries in the world to live in. However, there is a cost for this luxury, as you will see in this article. When it comes to affordability, Canada is moderately expensive. The average cost of living in Canada for a single person is $736 per month and for a family of four, $2,323. Luckily, this article will help you discover all you need to know about the overall cost of living in Canada. Continue reading to learn more! Note: All dollar amounts in this article are Canadian dollars, unless explicitly stated. What is the average living cost in Canada per year? A single person’s average living cost in Canada is approximately $45,000 per year while couples would need at least $50,000. It is generally assumed that

Especially in the fields of real estate, stocks, and sales, a commission fee is inevitable. It’s usually in the form of a certain percentage of the sales price. For investors, it can adversely affect the total cost and profit of investments. For instance, brokers often get a commission for every transaction, sometimes for the total value of the portfolio. But when we talk about real estate, the agent is paid a commission for facilitating the property transaction. These are just a tiny segment of what commission fees entail.Read on to learn all you need to know about a commission fees in Canada! What is a commission fee? A commission fee is a service charge or fee paid to a person or entity to compensate them for offering a service.Examples of these services include completing sales transactions and offering advice to clients. The commissions are usually paid to brokers, agents, salespeople, and the like. To explain further, let’s take a look

Rising costs, inflation, and endless desires to attain comfort drive us on a quest for the secret formula to financial freedom. That’s where Grant Sabatier’s 7 levels of financial freedom came in — a roadmap to assess your finances and improve them so much that you can experience financial freedom.Empowering, right? Yet the road there is intimidating. The goal is to feel confident, independent, and secure in your ability to cover your bills, achieve financial goals, and, most importantly: enjoy your life.But how can you overcome high living costs, exorbitant debt interest, and everything else eating at your wallet day and night? We’re here to tell you that whether you’re looking to pay off debt, save for a vacation, or build wealth, financial freedom is within your reach. A great starting point is hiring a financial advisor to help you lay out your finances, budget, goals, and strategy. But for now? We’ll walk you through a few principles for financial

If you’ve ever wondered how market prices are determined or how a product’s supply matches its demand, there’s an answer. The laws of supply and demand shape almost every interaction in the consumer market.You might be thinking this isn’t relevant to you as a personal finance connoisseur, but aggregate economics actually affects all of us. When there are shifts or fluctuations in supply and demand, it trickles down to our individual wallets. Everything is interconnected, so understanding how something works at the top can help you make decisions at the bottom. In this article, we’ll explore these laws of supply and demand and understand how they affect the different players in the market. How do you explain supply and demand? Supply refers to the ability of the market, or better yet, the producers, to manufacture a good or service. Demand refers to the quantity of commodities consumers are willing and able to buy at a certain price. Supply and demand

In Canada, we’re fortunate to have access to an array of shared services and benefits. One of these benefits is the GST/HST credit. In a nutshell, the GST/HST credit is provided to low to moderate income families to offset the cost of sales taxes. If you’re anticipating your credit, but don’t know when it’ll hit your bank account, read on further. We’ll cover everything you need to know about GST/HST payment dates below. What is the GST/HST credit? The GST/HST credit is a benefit offered by the Government of Canada to low to moderate income families. The reason behind the benefit is to help those lower income families offset the cost of sales taxes in Canada. GST stands for ‘goods sales tax’ and HST stands for ‘harmonized sales tax’. Depending on where you reside in Canada, you’ll be charged one or the other. For instance, Ontario has HST, but Alberta has GST. The rates and taxable supplies are governed at

Many Canadians agree the cost of living in Canada is expensive. This is true if you rent or own your home. However, owning a home and putting money towards a mortgage is generally favorable because you can establish and build generational wealth that way. The question becomes, what is the average cost of a home in Canada? We will answer this question in the article below, including highlighting all costs involved in home ownership and other characteristics of the Canadian housing market. What is the average price of a house in Canada 2023? As of March 2023, the average cost of a home in Canada was $686,371, according to the Canadian Real Estate Association. This is down 13.7% since last year. Below are the averages by province and territory: Province/Territory Average Cost of Home % Change Since Prior Year British Columbia $960,067 -11.7% Alberta $446,263 -4.6% Saskatchewan $321,400 -0.6% Manitoba $338,022 -11.2% Ontario $881,946 -16.4% Quebec $471,460 -3.6% New Brunswick

Ever buy those scratch card crosswords at the subway? You’re not the only one. The odd time you might win a cheeky $20, which you exchange at the stand like nobody’s business.But how much do you need to earn before it is somebody’s business? Say you win $1,000 or $100,000, or even $1,000,000. At which point does the government get involved, and how much do you owe in taxes?And are lottery winnings taxable in Canada? Of course, you can find out this answer and much more in the average financial advisory meeting. That’s why Advisorsavvy exists — to connect you with financial advisors and improve your wealth, financial habits, and future. But for now, we know you just want Cole’s notes. Keep reading to understand lottery winning tax laws in Canada. What happens when you win the lottery in Canada? If you win a hefty lottery amount, a few things will happen. First, you’re allowed to celebrate. Take your family away