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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

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

Having a pet in your home can be a wonderful experience. Dogs can keep you active with regular walks and cats can be a great companion for the couch while you watch TV. Or, maybe you want a more exotic pet for your home, like a snake or parrot. Although pets are not free – it is an added expense for your household. In this article, we’ll review how much does a pet cost in Canada so you can make an informed decision before adopting. While the benefits of having a pet can be great, you don’t want the animal to cause financial or lifestyle problems. In fact, this was a common issue in Canada after the pandemic. People could no longer support the animals they adopted during lock down, whether it was due to rising costs of living or returning to in-person work. According to CBC, there was a spike in people surrendering their pets to animal shelters in

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

Many Canadians have been talking about a potential recession occurring. According to a recent survey, 54% of Canadians anticipate a recession will occur in 2024 and 32% believe Canada is already in a recession. The governing economic and political bodies haven’t announced an official recession, but there are indicators of financial trouble ahead. More specifically, high inflation and rising interest rates, both of which are apparent in Canada right now, indicate an economic downturn. With so much anticipation of a decline, you might be wondering how to survive a recession. We’ll cover details about what a recession is and tips to weather the storm with this article. Keep reading to learn more! What is a recession? A recession is defined as a short to medium period of time where notable economic decline is experienced. In more technical terms, a recession is measured as two consecutive quarters where negative gross domestic product (GDP) is experienced. During periods of recession, consumer spending

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

In Canada, retirees are subject to income tax. The amount they pay is dependent on the types of income they receive, their tax bracket and province or territory of residence. Retirement income from sources like pensions, Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), employment earnings, investments, and other income streams are typically taxable. However, tax credits and deductions for seniors help reduce the overall tax burden. It’s always a good idea to consult with a financial advisor or tax professional when navigating income and corresponding tax. They can provide tailored advice based on individual circumstances. But for now, we will answer the question, “Do retirees pay income tax in Canada?” in depth below. Keep reading to learn more! Do seniors have to file taxes in Canada? Seniors in Canada, like all other citizens and residents, must file taxes, if they meet certain criteria. If they have earned income in Canada, they are required to file a tax