Author Archives: Gerald

Many people these days are struggling with their finances in a challenging economy. A lot of people probably want to know information about a Tax Free Savings Account. This type of account can be confusing to a lot of people because it is not simply an account for savings. You can use it for different things like mutual funds and bonds. The neat thing that the TFSA offers is that you can avoid making tax payments on your money when you remove the money.

It’s not a good idea to use a TFSA for emergencies. You should use it as a investment that will give you high yield. You will want to put your highest yield accounts into this TFSA account. TFSA accounts are also good as a shelter for income tax purposes. You can use this to make withdrawals that become income that you don’t need to make tax payments on at all. It’s a good idea to get this all set up so that you are getting all of your money in the best possible way. Hopefully, this article has taught you some more information of a Tax Free Savings Account. If you are interested in getting one, you should contact someone at your bank to do so.

Are you a Canadian who wants to take a loan for some reason? Read below to know the various loan types available in Canada and then choose the loan which best suits your requirement.

Personal Loan: This loan is of two types, unsecured and secured. In unsecured loan, you need not provide any security. So the rate of interest here is higher compared to the secured one and the loan amount is also small. In case the lender asks your credit score, you need to provide it and you might need to pay an even higher interest for low score. For secured loan, please remember that you are providing a security and in case of non- payment of loan, the security is collected by the lender.

Payday Loan: Go for payday loans only when you need some extra money immediately. Though this loan has to be repaid as soon as you get your next salary, you have the option of extending the repayment date by paying additional fee. This loan charges extremely high interest rate and so try to repay the loan amount as early as possible. Above all, know your lender. Use a well known, reliable lender such as My Canada Payday that has a physical location instead of some fly by night operation that exists only on the internet. If your private information is misused, you won’t be able to do much if the company you entrusted it to can’t be located.

Consolidated Loan: Use the consolidated loan to bring all your different debts under one umbrella. The rate of interest here might be less than the interest rate charged by credit cards and this fact makes it an attractive one. Just make sure that the repayment installment amount is within your budget. Students who are intending to pay off their different student loans, should make an extensive study of different choices provided by Canadian government and then decide on the lender.

When it comes to buying the best TV, there are many rules and specifications that are thrown at us, but what do they mean? There are many televisions, high definition, LED, LCD, and more, but what do all of these different codes mean? LED televisions have basically the same specifications as a LCD television, the difference is LED televisions use LED lights for their back lighting and not the fluorescent CFL lighting mostly used for LCDs. It’s all about what you prefer, and learning more about the difference could play a role in which one you pick. The size of the television is also important for individuals that are looking for a TV. Think about it this way, if you’re buying a TV for one room that many people will come and watch TV in, a general size of 40 to 50 inches is the most commonly purchased size. Screen resolution is also important. The best way to know how much resolution you need is to look at the size of the TV. For instance, if you’re buying a TV that is 50 inches big, a 1080p resolution is better, because it will produce a clearer picture. For a smaller television, the basic 480p or 720p will work belter and are less expensive.

When talk of investments goes deeper, timeshares are almost always thrown into the mix. This popular option can sound very enticing at first, but is it worth the investment? For those who aren’t familiar with the concept, a timeshare is a type of ownership of property for a specific period of time. For example, a person may be granted the right to use a condominium for the month of June every year. There are of course limitations and other complications to this rule, but this is the gist of a timeshare.

First timers can quickly be enticed into purchasing a timeshare as the seller can easily woo him with talk of dream vacations and the like. Other salespeople bank on the instrument’s resale value, so there’s always something to look forward to. More wary buyers will look into the details first before putting their money down.

It’s always a good idea to have a look at the property before purchasing a share. In some cases, this isn’t always practical as the condo unit might be in another city or region, and the seller is hinting that his offer is on a limited time only. Still, it’s better to spend a few days looking over the area than to spend a few years regretting a bad financial decision. As many people have found, you can’t even give one away.

A good timeshare investment will also take into account the timing and annual costs of the property. If a buyer uses it primarily for vacation time, then the share is worth it already. If he’s looking into extended fees at disproportionate time periods, then a timeshare might not be the best choice after all.

It’s not unusual to find yourself wanting to be debt- free or even to dream of becoming rich. This is a common aspiration for almost everyone. Some more enterprising individuals however go the distance by actually committing themselves to attaining their financial goals, thereby rising above the masses to become successful.

The biggest difference between most people and the financially well- off is that the latter kept going on despite the challenges they faced. Sometimes, the hardest part is the beginning, and here many people don’t even bother to start at zero. First of all, you must admit to yourself your shortfalls and failings. Look at your life and see what works and what doesn’t. Only by being completely honest with yourself will you be able to move forward.

Next, find people that can inspire you. Instead of looking down on others, look up towards businessmen and entrepreneurs who have become successful in life. Find out how they accomplished their goals and try to emulate that in your own situation. Not everything will work for you, but there’s bound to be somebody that you can relate with.

Finally, always shoot for 110 percent. Don’t be satisfied with earning your first $1000 or even $ 10,000. Keep going until you find yourself dreaming of millions and billions. This is what separates the successful from the ordinary; an insatiable hunger for better things.

One of the most popular investment avenues for most people is the mutual fund. It’s easy to invest in and relatively easy to understand. Because of the diversified nature of this instrument, the risk is much lower than other investment options. Unfortunately, with so many banks offering this option, the actual performance rate is noticeably lower than the average index. If you look at the rate that’s out in the market and compare it with any mutual fund index, you’ll see how much more you might be earning in the outside market.

It’s easy to understand how these managed funds have become popularized; the number of ads being put out today along with the target market makes it an enticing offer. This is especially true for ordinary investors who have no idea where to put their money.

If you’re not convinced by these ads, then your local bank officer will probably have invited you to invest in their in- house fund. They might direct you to the fact that you have some cash that’s worth investing, or that you might be eligible for a new investment program that they’re putting out. Whatever the case, most clients won’t be able to walk out of the building without signing their name to a mutual fund contract.

In order for this trend to change, people must be educated about these mutual funds and the stock market in general. While these banks and institutions aren’t necessarily doing any harm, most people will benefit from knowing that their money is in more profitable ventures.