Author Archive for: Veronica

Private Mortgage Lenders: What to Know

Canada has some of theworld’s most expensive real estate. Big bank’s real estate financing options are increasingly harder to qualify for. Plus, with the current prime rate, they’re more expensive than usual. Private mortgage lenders have emerged as a possible alternative. They are also known as non-bank lenders or private money lenders. These lenders provide borrowers and investors with easier access to mortgages. They offer unique advantages including personalized terms and creative financing solutions. This flexibility allows borrowers to navigate “different” financial situations that are not always accepted by banks, such as self-employment, low credit scores, Islamic banking needs, or any other details big banks may shy away from. Private mortgage lenders have become an increasingly attractive option for borrowers. Private mortgage lenders make quick lending decisions. This is different from the slow, bureaucratic nature of banks. Meaning, private lenders can make speedy loan approvals. Thereby allowing borrowers to capitalize on time-sensitive real estate opportunities. Speed and efficiency are particularly

Continue reading

10 Most Common Financial Mistakes and How to Avoid Them

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

Continue reading

7 Best Transportation ETFs

The transportation industry contributes to the economy at large. It facilitates the movement of people, goods, and services around the world. The industry facilitates strong economies and globalization. The businesses in the transportation industry build and operate trains, trucks, planes, ships, and more. Further, they carry on the operations of storage facilities and containers for the movement of goods. The transportation industry accounts for $6 trillion dollars globally. With such economic importance, many people smartly invest in transportation Exchange-Traded Funds (ETFs), among other kinds of investments. Transportation ETFs offer a simple way to invest in the transportation industry, as we’ll discuss in this article. Related Reading: What is Personal Finance and Why is it Important? ETFs serve as gateways to diversified investment opportunities. Thereby navigating the complexities of the transportation industry can be challenging. Transportation ETFs offer investors the opportunity to invest in the broader industry. Continue reading as we explore notable transportation ETFs in Canada and beyond, focusing on

Continue reading

How to Start Investing in Canada with a Little Money

Investing is an important aspect of personal finance as a whole. Of course, there are other important factors too, like budgeting and paying down debt. But once you’ve mastered these things, you’ll eventually build enough savings to put into an investment. Why is investing important, you ask? There are several reasons, but the main ones are to allow your money to grow passively and to save for big life goals, like buying a house, retirement, or achieving financial freedom. If you’re new to investing, you may wonder how to start investing in Canada with a little money. Even if you have ample savings set aside for investment purposes, beginners can still learn something from this article. Keep reading to learn more about how to start investing in Canada! How much money do I need to start investing in Canada? In the past, there were minimum investment requirements on trading platforms in Canada. But with modern platforms like Questrade and Wealthsimple,

Continue reading

Best Nuclear Energy ETFs

Nuclear energy is experiencing a comeback in the world of resources, after a few decades of renewable energy sources like solar, wind, and hydro dominating investment. Nuclear is coming back as the clear energy source to meet growing energy needs in Canada and beyond. It remains relatively clean and has become increasingly safe. While there are genuine concerns with nuclear energy, it is clear that nuclear has a key role in the resource industry. However, it will help diversify energy sources while stabilizing the resource supply. Investing in nuclear is simple. People can invest in stocks or nuclear energy ETFs, which we’ll cover in this article. Keep reading to learn more! Why Nuclear Energy is the Future Nuclear energy is often considered a significant component of the future energy. With low carbon emissions, it is considered a relatively clean fuel source. Although, this is a highly debated and contentious issue. Nuclear energy may not produce high carbon emissions, but it

Continue reading

Is Cash App Available in Canada?

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

Continue reading

Who pays land transfer tax?

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

Continue reading

Best Canadian AI Stocks

Artificial Intelligence, or AI for short, has a history that spans multiple decades. With varying abilities over the years, AI continues to evolve and its capabilities continue to grow. AI has developed into self-learning and producing systems. More than that, AI is available at the consumer’s fingertips. Machines can increasingly learn, adapt, and perform tasks once solely done by humans. With the release ofChatGPTby OpenAI in November 2022, the everyday consumer has quickly learned the power of AI. Technology develops and grows exponentially at a rapid pace and AI is no exception. The amount of recent growth has produced wide interest and investment. Canada is positioning itself as a leader in the advancement of AI. Multiple companies have research and development initiatives in the field. With such an innovative and promising development, there are Canadian AI stocks you should watch. Keep reading to learn more! What is an AI stock? An AI stock is a publicly-traded company that does a

Continue reading

What is a guarantor?

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

Continue reading

How to Switch Banks in Canada

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

Continue reading

When will digital currency replace money?

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

Continue reading

What is Mortgage Default Insurance?

There are many barriers to home ownership in Canada. Mortgage default insurance aims to make homeownership more accessible with smaller down payments. It also ensures lenders are protected from mortgage defaults. This insurance carries high costs but has multiple payment options. It helps Canadians enter the homeownership market which is quite competitive and potentially facing a housing crisis. There are things you should understand before buying a home. Mortgage default insurance is one of them. Keep reading to learn more! What is mortgage default insurance? Mortgage default insurance is a type of insurance policy that protects a lender. If a borrower defaults on their mortgage loan, this insurance helps recover costs. This insurance is also known as mortgage insurance or mortgage guarantee insurance. In Canada, mortgage default insurance is required by law in most instances. Specifically, when a borrower makes a down payment that is less than 20% of the home’s purchase price. Mortgage default insurance is paid for by

Continue reading

Charitable Donation Tax Credit

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

Continue reading

Second Mortgage Rates in Canada

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

Continue reading

Residential Property Flipping Rule: What to Know

Property flipping involves buying and selling real estate over a short period of time with the goal of turning a profit. With rapidly rising home prices in various parts of Canada, many engage in property flipping. Not only can you make a lot of money doing so, but the tax treatment was quite reasonable, meaning that after-tax profits were generous. However, this all changed with the new residential property flipping rule introduced on January 1, 2023. In short, these new rules require investors to report income earned from flipping property as business income, not investment income. This results in higher taxes, unless the investor is willing to wait longer than a year to offload their real estate investments. Curious about whether the new residential property flipping rule affects you? Continue reading to learn more! What is property flipping? Property flipping is a real estate investment strategy. It involves buying property with the intention of reselling it for profit, rather than

Continue reading

10 Best Free Stock Research Sites

When it comes to buying stocks, there is so much information to consider. Using ratios and other market data, investors can make insightful investing decisions. But, where do investors get the information needed to make those decisions? And are there tools that can help you refine the data? There are many free stock research sites to help narrow down and process the information, which we’ll explore in this article. Key factors to consider during your research include a company’s leadership, history, financials, and competitors. Fortunately, the best free stock research sites help break down this information. Keep reading to learn more! Related Reading: Stocks vs Real Estate: Which is better to invest in? What is stock research and why do I need it? Stock research helps you evaluate the true value of a company. Often, companies can be over or under valued in any given market for a number of reasons. Most investors attempt to find companies that are under

Continue reading

9 Investments that Pay You Every Month

Investments that pay you every month help you find financial freedom and achieve your financial goals. They allow you to live more independently and on your own terms. Building up the right investments that pay you every month takes time, consideration and money. And unfortunately, the path won’t always be linear, you may have setbacks and losses. Most people seek these types of investments for retirement or other large goals, like saving for a down payment on a home. However, passive income provides additional freedom, security and flexibility which supports retirement and an independent lifestyle. These benefits can be accessed at any point in your life. With dedication and effort, you can build a portfolio of investments that pay you every month. Invest in what interests you and aligns with your level of risk tolerance. No investment is without risk but given the right information, you can begin wisely. What is passive income? Passive income is a source of money

Continue reading

5 Best Day Trading Platforms in Canada

Are you interested in getting involved in day trading? It’s a challenging profession, but if you have a knack for numbers and are a self starter, it could be a lucrative endeavor. Before you can begin your day trading journey, you must choose an online platform to facilitate your trades. There are a variety of features to consider, such as fees, supplemental market information, and user friendliness. This concise guide presents the 5 best day trading platforms in Canada. By the end of this guide, you can make an informed choice to kickstart your day trading journey. Continue reading to find your perfect platform! What is day trading in Canada? A day trade is the process of an investor buying a financial instrument and selling it off on the same day. The goal of this investment is to make short-term profits from price fluctuations.In other words, you buy low and sell high within a day. The financial instrument used for

Continue reading

What is day trading in Canada?

Day trading in Canada is an investment practice that involves an investor buying and selling shares and other securities within the span of one day. The objective is to purchase a security for one price and sell it at a higher price to make an incremental profit. Over time, all these incremental profits add up to produce significant income. There is potential to earn a lot from this practice, especially with low trading fees on online discount brokerages. In addition to profit potential, many investors enjoy the lifestyle of day trading because the hours are limited to the market and you can work from home. Over the years, this has made day trading more popular in the investing world. While day trading may be a lucrative business for some, it can be a waste of time and money for others. In this article, we’ll be defining day trading in Canada, how it works, and how to get started. Keep reading

Continue reading

Average Car Price in Canada

If you are interested in buying a new or used car, you may want to know the average car price in Canada. This will help you determine if the price you’re paying is reasonable for what you’re getting. According to the AutoTrader Price Index Report, the average new vehicle price in June 2023 was $66,288, 21.3% above the price in June 2022.As for used cars, the national average is currently $39,645, 4.1% higher than it was the prior year. Generally, purchasing a car is quite expensive. Prices may vary depending on the model of the car and it’s new or used status. In addition, the cost to maintain a car is not cheap, which also varies on the type of car. However, there are some average car prices in Canada you should know about. Let’s take a closer look at what to expect below. What is an average car price? When buying a car, one major element to consider is

Continue reading

You’re in the right place for financial advice.

Getting started is easy, fast and free. Match to your perfect advisor now.

Get 12 Smart Questions Everyone Should Ask Their Financial Advisor

Download these questions plus more with the Advisorsavvy community newsletter – subscribe now and enjoy a wealth of knowledge.

Subscribe now and get 12 Smart Questions Everyone Should Ask Their Financial Advisor