Author Archive for: Veronica

Canada’s financial sector is dominated by the Big 5 banks. The country’s big banks are among some of the biggest banks in the world. They include Scotiabank, TD Canada Trust, Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Bank of Montreal (BMO). However, there are other options for financial services. Credit unions offer much of the same services as the big banks without the frills. If you have ever wondered what credit unions are, you may be happy to know they are a great alternative for financial services, especially if you’re looking for affordability and better service. Related Reading: Banking vs Financial Services: What’s the difference? What are credit unions? Like banks, credit unions are financial institutions. The main difference between a bank and a credit union is that members own a credit union. Credit unions operate as nonprofit organizations, to help their members. They want to provide high-quality products and services to their members. Any

Bank inactivity fees are charges for unused bank accounts. They are also known as dormancy fees. The charge amount and when charges occur can vary by bank or financial services company. These fees are designed to boost bank revenue and encourage the use of bank accounts. To understand these charges, it is important to become familiar with a particular bank’s policy. This helps to avoid surprise fees which eats into your hard earned income. To avoid possible inactivity fees, make sure to have small monthly transactions. If a bank account is not needed anymore, consider closing it. Being proactive helps ensure financial security and effective account management. Inactivity fees can be confusing, read on to learn more about them! Related Reading: What is the Best Bank in Canada? What is a bank inactivity fee? A bank inactivity fee is a charge set by a financial institution. It occurs when a bank account remains dormant or inactive for a specified period.

Canada is known for its world-class education system. It has diverse academic programs that attract students from around the world. The average cost of education in Canada is taken into consideration for both domestic and international students. To have successful academic outcomes, students and their families require this information. Education costs include tuition fees, books, living expenses, travel costs, and so on. Tuition fees vary significantly across Canada and other parts of the world. It is determined by the institution, program of study, and level of education. Often, the province or territory the tuition is being charged in affects the price. Further, there are different fee structures for domestic and international students. Additionally, living costs, including accommodation, meals, transportation, and personal expenses, are part of the overall cost of education. Understanding the financial aspect of education is essential for students. Keep reading to learn more! Related Reading: Financial Planning Tips For Students And Young Professionals Is education in Canada free?

Retirement is something people work their whole lives towards, literally! However, it’s often a mere concept to most people until the big day approaches. Sure, you’ve been saving a portion of your pay cheque for years, but what about all the other aspects of retirement preparation? You have to consider what your lifestyle will look like, where you’ll live, and what you’ll be doing with your newly free time. If you’re feeling overwhelmed, don’t worry, we’ve got you covered with this retirement checklist for Canada! Keep reading to learn more about retirement in Canada and how you can best prepare yourself. What do you need to retire in Canada? The main thing most people need to retire is a nest egg. Most people save within an RRSP, TFSA and non-registered investment accounts. But how much money do you need to retire, exactly? The answer depends on various factors, such as your desired lifestyle and anticipated expenses. In addition, you should

Navigating money can be challenging, especially when you factor in complexities like inflation and rising cost of living. When it comes to personal finances, you should take the time to learn to manage your money. If left unmanaged, your finances can quickly turn on you. As you start to learn proper money management strategies, there are some financial mistakes you may make. Learn about the common errors so that you can address them quickly or avoid them entirely. In this article, we’ll cover the 10 most common financial mistakes and how to avoid them. Keep reading to learn more! What is the most common cause of financial problems? Financial problems arise for a number of reasons, sometimes out of the blue. One of the most common causes is unexpected life events. The unforeseen will disrupt financial stability. Job loss can abruptly deprive individuals of a consistent income, which leads to financial, mental, and emotional strain. This is just one of

Technology has allowed money to move faster than ever before. Banks and retailers have been quick to adopt electronic payment methods. Canadians have been fortunate to have the Interac e-transfer infrastructure since 2003. It has facilitated domestic peer-to-peer money transfers with wide adoption and success. The United States has seen many money-transferring services, as they don’t have an Interac e-transfer system of their own. From the classic PayPal to the more recentVenmoand Cash App. Although, many people wonder if Cash App is in Canada so they can send money to and from the United States with ease. Unfortunately, it is not, so what are the alternatives other than Interac e-Transfer? Canada has many mobile payment services available to help facilitate payments locally, to the United States and beyond.Keep reading to learn more! What is Cash App? Cash Appis a mobile payment service widely used in the United States of America and the United Kingdom. The service allows users to send

Real estate in Canada carries a high price tag. A lot of money moves in, out and through properties. When buying and selling properties there are many fees, costs, and taxes to consider. One of which is land transfer tax. The land transfer tax is payable to provincial and some municipal governments. Across Canada, it is the buyer who pays the land transfer tax. Location plays a significant role in how much is paid when it comes to land transfer tax. Provinces and municipalities earn a lot of money through this tax. Be sure you understand it and budget your property purchases accordingly.Continue reading for more information! Related Reading: Stocks vs Real Estate: Which is better to invest in? What is land transfer tax? Land transfer tax is payable to the government when land transfers from one entity to another. Land transfers normally occur when a property is bought and sold. The exact amount of the land transfer tax depends

Perhaps you’re applying for your first apartment lease. Or, maybe you’re ready to obtain a mortgage, but you don’t have extensive credit history. Under these circumstances, having a guarantor can increase your odds of approval. But what is a guarantor, exactly? A guarantor is someone who agrees to repay your debts if you default on your obligation for any reason. In some instances, a guarantor verifies that certain information is true, such as on an official passport application. In this article, we’ll cover what is a guarantor, who can be a guarantor, and other conditions surrounding guarantors in Canada. Keep reading to learn more! What is a guarantor? A guarantor is someone who vouches for another person, known as a guarantee, usually to obtain credit. By vouching for this person, a guarantor agrees to repay debt on behalf of the guarantee if they cannot pay for any reason. Having a guarantor is not mandatory when applying for debt, but it

Whether we like it or not, banking has become a routine part of our lives. We use our bank accounts to accept pay cheques, pay bills, buy things online or spend at a store. Because banking is central to how we live our lives, it’s important that you’re using an efficient and affordable solution. If you find your bank fees are too high or the customer service hotline has long wait times, you might consider switching banks for better service. In this guide, we’ll explore reasons why you might want to switch banks, what to look for in an ideal bank, and how to switch banks in Canada. Keep reading to learn more! Why would someone want to switch banks in Canada? In the modern world, there are an array of banks to choose from. When you choose a bank, it can be a hassle to switch in the future. So why would someone be motivated to switch? According to

Digital currency might have garnered a few scoffs in the early 2000s, but in 2023? Most people wonder: when will digital currency replace money?Financial experts debate whether digital currencies, like Bitcoin, Ethereum or other decentralized currencies, could actually replace today’s physical money. Even our trusted roster of financial advisors has more and more clients seeking financial advice surrounding digital currency from investment and personal finance perspectives. In this guide, we’ll walk through the ins and outs of digital currency, its pros and cons, and what to expect in Canada and beyond regarding digital currency as a new norm.Continue reading to learn more! What is digital currency? Digital currency, sometimes called virtual currency, is money that’s stored, exchanged, and managed primarily online, whether that’s through online wallets or decentralized exchanges. In other words? It’s pretty much electronic money. You can’t see or touch it like you can with cash — but you can still buy things with it. Hang on, isn’t

Life is expensive enough with inflation — tax time just adds fuel to the fire. However, Canadian tax laws offer some relief with certain credits and deductions, including the charitable donation tax credit. Of course, a certified financial planner or investment advisor can help you determine the best ways to access these benefits and build savings. We have a whole roster of financial professionals here at Advisorsavvy that we connect to Canadians like yourself every day.  But if you’re tight on time? Keep reading for our financial-planner-approved breakdown of the charitable donation tax credit.The gist? If you donate money to a qualified charity, you can deduct the eligible amount and receive a tax credit. But how do you know who you can donate to, and how much can you really get back? We’ll cover all those questions and more in this up to date guide. Keep reading to learn more! What is the donation tax credit in Canada? The donation

If you are a property owner, you’ve probably found yourself wondering how to tap your property’s equity. Perhaps you need the money for a home renovation or an urgent repair. The answer could be through a second mortgage. These come in multiple forms, with home equity line of credit (HELOC) and home equity loans being the main two. Unfortunately, second mortgage rates are not as good as primary mortgage interest rates. However, they are still very promising and allow you to access equity in your home. Second mortgage rates tend to be better than other lending interest rates.Keep reading to learn more! Related Reading: Mortgage Refinancing Canada What is a second mortgage? A second mortgage is a type of loan taken out against an owned property. It is used to access equity in the property, which is the difference between the market value and the outstanding debt against it. The property would already have an existing first mortgage. In the