You can’t make it through a drive-through without “do you want to upsize that?”, “can we add a muffin?”, “do you want to make a donation to….”; no, thank you, I just want the coffee I ordered!
Category: Debt Management
7 Ways to Get More From Your Income Tax Refund
Hopefully you are one of the people who is fortunate enough to be getting a refund. While it may be tempting to spend your refund at the mall or splurge on some other consumer goods or a trip, we have 7 suggestions that will provide you with more bang for your buck.
2017 Surplus Income Standards
The Government of Canada has set net monthly income thresholds for a person or family to maintain a minimal standard of living in Canada. Every dollar that a bankrupt family makes above this level is subject to a surplus income payment of 50% while a person remains bankrupt.
Budgeting 101 – Part 5 of 5
Catastrophic expenses are those expenses that you have no reasonable expectation of knowing that they are coming and they have a material and negative impact on your finances to the extent that you cannot recover from the impact and, in fact, may not even be able to deal with the expense in the first place..
Budgeting 101 – Part 4 of 5
Lumpy expenses, as I call them, are expenses that we know (or should know) are coming down the track and will have to be incurred but only happen once in a lifetime or only once every couple, few, 5, 10 or 15 years (or so). Lumpy expenses can cause significant stress if you have not prepared for them.
Budgeting 101 – Part 3 of 5
Like monthly expenses, most annual expenses are predictable; at least to the extent that you know they are going to happen. Sometimes the amount is uncertain or the amount is discretionary (you set it – requires some internal fortitude to manage).
Budgeting 101 – Part 2 of 5
Monthly expenses should be the most predictable of the expense categories. They happen every month. Some are fixed and some are variable. With your household income, you should be able to comfortably cover these expenses including covering seasonal variations.
Budgeting 101 – Part 1 of 5
If you want to make a budget, you need to understand your expenses, short-term, medium-term and long-term. Monthly expenses can be fixed or variable. Annual expenses can be fixed and some variable.
Financial Math – The 5% House Down-Payment
The reality is that owning a home can be the root of a myriad of problems, one of which is tied to the 5% down-payment. With mortgage insurance, you can buy a house with only a 5% down-payment. Mortgage insurance is actually required whenever your down-payment is 20% or less of the purchase price.
Will I Lose My Canada Child Benefit (CCB) If I File For Bankruptcy?
The short answer is no, you will not lose your Canada Child Benefit (CCB) if you decide to file personal bankruptcy. While your CCB will not be affected by bankruptcy, you are required to report your CCB when calculating and reporting your household income. These monthly reports will determine whether or not you have “surplus income”, which in turn will impact how long you are in bankruptcy and how much you will be required to pay.