Should you withdrawal from your RRSP to pay down debt?
Many people think that it makes sense to pay off high interest debt by withdrawing from their RRSP because it will get rid of their interest payments. In most cases, I agree with paying down high interest debt by any means possible. But, before making an early withdrawal from an RRSP — for any reason…
Read More
Payday Loans and Holiday Debt
With Christmas bills about to roll in, I thought now would be a great time to talk about why getting a payday loan is a terrible idea. I understand why people are interested in the idea. It’s a quick fix…or is it? Before you take the plunge into the payday loan cycle, do your research….
Read More
New Years Resolution: Break Out Of Debt!
A brand new year often inspires positive life changes such as breaking free of debt. If collections calls have been interrupting your dinner or you’re just stressed out from heavy-duty debt, here’s how to eliminate the burden. Determine where you stand In order to solve a problem, you need to fully understand it. Assess your…
Read More
RRSP Contributions And Filing Your Income Tax in 2017
It’s almost that time of year again! RRSP season is just around around the corner. You can make RRSP contributions during the first sixty days of 2017 and claim these contributions on your 2016 income tax return. This year, the RRSP contribution deadline for the 2016 tax year is March 1st, 2017. The main benefits of contributing to RRSPs are; you…
Read More
TFSA vs. Paying Down Debt
In the new year, many people may consider pitting money into a Tax Free Savings Account (TFSA). TFSAs are great, but if you’re in debt, it may be better to pay down some of your debt. Credit Card Debt vs. TFSA If you’re paying 18% in interest on your credit cards, and only 1% in…
Read More
Don’t Get Caught In A Payday Loan Trap
Payday lenders seem to be popping up everywhere in SW Ontario, which shouldn’t be surprising since Canadians’ use of high-interest payday loans has recently doubled to include four percent of Canadian households, as stated in this article from the Financial Post. I can’t emphasize enough that payday loans should never be an option as it’s…
Read More
How Student Loans Can Impact Your Financial Future
When I was growing up, basically the only option you had as a high school graduate was to go to post-secondary school. For many people, that was the only option even if you didn’t know what you “wanted to be when you grew up”. The basic thinking was that if you had a degree, it…
Read More
Are you in debt trouble? Recognize the danger signs!
It’s hard for some people to come to the realization that they need financial help. Many people who are struggling financially think they can dig themselves out of debt. Others know that they have debt, but their debt problem isn’t as bad as “so-and so’s” so they think they are fine. For both of those…
Read More
Are you insolvent?
Debt is one thing that all people I meet with have in common. Obviously. The extent of that debt may be more than it is for others. Some people may feel like they are drowning in debt, but are actually not insolvent. They have the means to dig themselves out of debt on their own…
Read More
Paying Off Holiday Debt
Once the new year arrived, most people put their new years resolution into affect and never looked back. After all, Christmas was over. The new year had been rung in. It was time to go back to work and start plugging away at life. There was no looking back. But to the millions of people…
Read More
