Advisorsavvy Blog

Healthcare in Canada is considered universal. Universal programs have their limitations and successes. No Canadian citizen or permanent resident goes without required, necessary medical care. This is part of the reason that Canada is perceived as one of the best countries to live in the world. However, there are some conditions to who has access to Canada free healthcare. Each province and territory operates their own healthcare insurance programs. Further, each program has different wait times for eligibility. This means even citizens and permanent residents can have periods without healthcare coverage. Each program offers different coverage for various services and products. In this article, we’ll cover all the nuances of Canada free healthcare. This includes who and what is covered, and what you’ll have to pay for out of pocket or by other means. Continue reading to learn more! Is healthcare free in Canada? Many services and products are included with free healthcare in Canada. However, the specific inclusions depend

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

How much can pencil cases, backpacks, and clothes possibly cost? If we’re talking about back to school shopping, Deloitte shares that parents are looking at an average of $597 per child. That same survey also notes a 24% increase in the price of school supplies due to inflation. And if you pair that with inflation’s effects on literally everything else? Yikes. It’s normal for parents like you to seek ways to curb their back to school shopping spending. This is one of many topics you can discuss with a financial advisor. In the meantime, we’ll dive a bit deeper into the state of back to school shopping this year, what things you should prioritize, and actionable tips to keep school spending low this year. What do school students buy the most? Top categories for back to school shopping include footwear (89%) and clothes (84%), according to Statista’s 2020 figures. Of course, the number one that topped all categories was groceries

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

As an entrepreneur, choosing a structure is one of the hardest decisions you will ever make. Plus, the structure you desire might change depending on where you’re at in your business and where you plan to go. At some point, you will have to decide between sole proprietorship vs incorporation, the two most commonly used business structures in Canada. Whichever option you go with will have unique benefits for your business. That is, depending on your immediate and long-term goals. Our job is to ensure you understand your options and help you make the best choice. So, let’s start by explaining the differences between sole proprietorship and incorporation. Sole Proprietorship vs Incorporation: Know the Difference Sole proprietorship vs incorporation — these are two of the most common business structures for entrepreneurs worldwide. But what do they mean, and how are they different from each other? A sole proprietorship is an easy business structure to set up. On the other hand,

Passive income, endless travel, and financial freedom are some things that come to mind when you hear the words “digital nomad.” Who wouldn’t want to learn how to become a digital nomad, if it meant being able to live and work from anywhere in the world?After all, travel is something many people crave, but they’re often limited by their job’s two week vacation limit. Keep in mind, the life of a digital nomad isn’t as rosy as the YouTube vloggers make it out to be. You actually need to put in lots of time into finding the right kind of work and putting your nomad life in motion. Plus, many that dive into it end up returning back home to stability when it’s not all it’s cracked out to be. The grass isn’t always greener on the other side! But that’s not to say you can’t have a fabulous life as a digital nomad. You just need to get your

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

Are you carrying a credit card balance that you just can’t seem to pay off? With a 20% interest rate, it can be challenging to stay on top of growing debt. If you can’t make substantial credit card payments, interest will compound over time, thereby becoming a bigger problem. Fortunately, balance transfer credit cards in Canada can help you escape the burden of credit card debt when used correctly. In this guide, we will tell you all we know about balance transfer cards and the best outlets to get one. Keep reading to learn more! What are balance transfer credit cards in Canada? For Canadians, a balance transfer credit card allows you to move debts from one credit card to another. In other words, transferring your old credit card debt to a new card with a lower interest rate. This way, you can control your debts within one card and save money on high-interest payments. Before we keep going, consider

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

Amidst inflation, the housing crisis, and mass lay offs, many Canadians are struggling to make ends meet. To combat rising costs, you can either cut expenses from your budget or earn more income. Some people choose to make extra money online or start a side hustle. Whereas others may choose to make a lateral move into one of the highest paying jobs in Canada. Ultimately, how you approach your personal finances during tough times is up to you. Some may find it easier to cut back on certain costs and others may prefer to earn more income. Cutting costs is usually more immediate, but it can be hard to sustain in the long run. On the hand, increasing your income can take time because you may need to acquire new skills or experience. But in the long run, increasing income tends to be more sustainable. If you’re ready to learn about the highest paying jobs in Canada and how to

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 a teenager and wondering what you can do over the summer to earn some money? Maybe you are the parents of teenagers and want to get them a head start in the workforce. Summer jobs are a great way to earn some spending money. Teens can use summer jobs to get savings started or prepare for higher education. Summer jobs allow teenagers to join the workforce and get valuable experience. Many organizations help to find summer jobs for teens. Ultimately, it is beneficial for teens to find summer jobs. It gives them something to do, gives them experience, and helps establish a work ethic.Continue reading to learn more about summer jobs for teens in Canada below! Can you get a job at 15 in Canada? The age someone can start working in Canada ranges by province. Most provinces allow 15-year-olds to begin working. Some provinces require parental permission to start working at 15 or younger. The type of

It’s a Saturday morning, and you’re excitedly preparing for a day with your kids and family. But suddenly, your work responsibilities come crashing in and sabotage your plans.This all-too-familiar scenario makes you feel disappointed and frustrated. It might feel like you can never get the best of both worlds between your work and personal life. Sometimes it negatively affects your well being and mental health too. In a post-pandemic work setting where work-related stress has skyrocketed, imbibing work-life balance could help you stay sane. Ready to learn what is work life balance? Read on! What is work life balance? Work life balance refers to a state of equally prioritizing the demands of your personal life and those of your career. It goes beyond allocating equal time to professional and personal activities. Rather, a balanced work-life entails having a more realistic and flexible work schedule that reduces the risk of burnout.Some people see work-life balance as the ease of managing one’s

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