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Investing

Mortgage Basics For First Time Home Buyer

Owning a home is an important task of every individual. This use to start as a dream but accomplishing it into reality bring great pride. Being a big and a life time investment that come once in a life of most of the individuals that can make confusion in undertaking the home buying process as a first time home buyer. There is no doubt about the mortgage process is a lengthy financial transaction that often confuse first time home buyers. Its a fact of majority that most of the individuals don’t have money to just purchase a home outright, that’s the reason home buyers turn toward the mortgage lenders to ask for home financing of their dreams.

There are various important things to look after for the first time borrowers but first thing that should understand is the role credit plays in the mortgage process. Prepare yourself to ask a lender to make a sizeable loan to you for an extended period of time – often 25 and 30 years. For the lenders to take on this risk, they require to evaluate your creditability and your ability to pay back the loan. Home lenders typically look at your credit report which highlights how you have dealt with other creditors in the past, your net household income, location and the value of the home you are willing to purchase. Based on such information home lender then decide on whether to extend you the credit and at how much interest rate.

Interest rate is a vital concept to understand as over the lifetime of the loan you can expect to pay back double the amount of the loan value based on the interest rate – that C$150,000 house can cost you C$300,000. What your goal being as a first time home buyer in the mortgage process is to get the lowest possible interest rate you can.

You also need to access your affordability, as most of the mortgage lenders typically consider to spend maximum 30% of your monthly income on house payments. In fact, longer mortgage term with the low interest rate can make your dream house afford to buy. It is important to buy something you can easily pay back and comfortable affording because you don’t want to see yourself in a crisis situation like unable to pay your monthly mortgage payment.

Next, you should have saved up a reasonable cash reserve before going into the home buying process. You are going to ask to pay things like closing costs and down payments; try to pay good amount of a down payment as you can to reduce your credit amount as much as possible. You then will want to have a small reserve left over to furnish your new house and take care of any required repairs – remember, you own your home now and it is up to you to spend money on it to furnish or repair it if something happens!

Mortgage basics for first time home buyer can bring confidence but if you are still confused about the mortgage process and home buying, don’t panic because you are not alone. There are many first time home borrowers who share the same kind of concerns and fears. Search and find in your community offline and online for the local first time home buyer groups that meet with experts from the banking and real estate industry there to answer your questions. You may also contact mortgage lenders or brokers and realtor about your finding. Look around you, you will find lot of people having successful home buying experience, and if you come prepared you can go through with the big and successful financial endeavor by getting the best possible deal on your mortgage while getting your own house.


Federal Budget Canada 2013 Highlights

Federal Budget 2013 CanadaCanadian ruling Conservative government tabled its new federal budget for 2013 on Thursday, March 21, 2013. According to the Finance Minister Jim Flaherty latest budget will boost Canada’s economy. Flaherty says he is emphasising on top three main pillars that are skills training, manufacturing and infrastructure.

Here are some of the highlights from the federal budget Canada 2013:

  • 2013-14 forecast; revenues at $263.9 billion, spending at $282.6 billion and deficit at $18.7 billion, where deficit is projected to drop to $6.6 billion in 2014-15 and become $800-million surplus in 2015-16.
  • Development of a new Canada Job Grant program next year to train workers, it will be negotiated with provinces by next year to replace existing $500-million labour market agreements. $241 million over five years for First Nations skills training. New programs will promote apprenticeship and also measures will be introduced to improve skills training for the disabled.
  • $900 million in new spending, no new taxes or tax cuts.
  • $400 million in revenue from closed tax loopholes and enforcement.
  • An improved and expanded tax break on expenses for families adopting children.
  • Special tax break for first-time charitable donations to encourage young people to come up.
  • Super tax credit to encourage young Canadians to donate.
  • Snitch line and rewards to catch international tax cheats.
  • Gas tax fund for cities to increase two per cent each year.
  • 2 year extension of an accelerated capital cost allowance to help manufacturers.
  • New 10-year, $14.4 billion infrastructure fund starting in 2014.
  • $1 billion over 5 years for aerospace industry and research.
  • Infrastructure spending of $47 billion over 10 years, starting next year (2014).
  • Refund for veterans’ funerals and burials doubled to $7,376.
  • For small business, extension of EI credit for new hires.
  • $119 million over five years to transition homeless off the streets.
  • $100 million over two years to support housing construction in Nunavut.
  • Tariffs eliminated on baby clothes and sports gear, including skates, hockey sticks, skis and golf clubs.

Flaherty says it’s not a budget but an economic action plan on what he was optimistic about achieving the government’s economic agenda. As most of my blog readers wants to know about its impact over mortgage market, here’s an interesting article from FinancialPost that may help them in finding out their concern on major financial product mortgage loan; the federal government is once again cracking down on Canada Mortgage and Housing Corporation (CMHC) and the mortgage insurance sector.



Paying Off Debt vs Savings

Debt vs SavingsWe’re sick of hearing about the tough times that we’re living in. It was a good few years ago since the market crashed, and as people continue to look for solutions the debt or savings question can be a frequent debate. But, which makes more sense – paying off debt or savings? And how do Canadians go about defining their long-term financial policy?

Really, this is a no-brainer if you’re thinking about it off the bat. Getting rid of any debts that you have ensures that your possessions are not at risk and you know that you can’t be hit with a big interest bill. While it may feel nicer to have a few thousand dollars saved up, you have to think that money will be saved long-term if your debts are paid off now. But, when times are tough, we like to save. Debt vs Savings is what that financial industry pay most concern, let’s see how it help an ordinary person in getting a right path towards a better financial future.

Saving in Canada

The Tax Free Savings Account that was announced last year was applauded as a novel approach for helping the population to save. Receiving tax benefits, you are able to save up to $5,000 a year so long as you are aged 18 or older. What this meant to Canadians is that a substantial amount could be saved up – tax free – and this was big news.

But, what it also meant was that people started to take a look at GIC Investments. With the market crashed and more unpredictable than ever before, the stock market wasn’t the answer and Guaranteed Investment Certificates with their guaranteed return seemed a solution. What this meant is that taking the time to save in this way was financially rewarding for citizens creating an emergency fund.

How does this help the credit card problem?

Whether you like to save or not, there’s going to come a time when your debts need paying off. By getting a guaranteed return on your money, you will have a fund to call on, but what tends to happen is that the debts will soon pile up. So, while you stockpile in one place be sure to keep an eye on what is going on elsewhere on an issue to get an efficient decision while comparing between paying off debt vs savings in Canada.

Interest rates are your worry here, but if you can find the lowest APR and BTR credit cards online you will be able to move all your debts to make them more manageable. By planning an attack on your debts you will always be better placed to beat them. While we all want to be debt-free, paying them off can seem a thankless task. Two options include:

  • Change your outgoings – While this may sound obvious, it’s the easiest way to make a break towards being debt-free. Savings are important, but not when you have debts to pay. What you first need to do is use a service to enhance any saving accounts, lower what you need to pay on your credit cards and cut money from your mortgage rates. By cutting dollars off your monthly outgoings, you will have more to chip away at debts.
  • GIC Investment Loan – A great way to kick-start your savings, get money to fight your debts and boost your credit rating is through using a service like Lend It Financial. What you can through this method is re-establish credit history by getting a loan that is insured and invested into a GIC. From here you build a profile and earn money off your investment for an interest rate of around 12% from the company.

It’s funny how much better we feel knowing that there’s an emergency fund in a savings account, but by paying off debts now you will spend less in the long-term. While the right answer changes depending on circumstances, there are many things we all can do to lower our credit card debts to enjoy savings to hold for our future or invest it where it better grow.


Where Can I Get A Loan With Bad Credit In Canada That Help Me In Fixing Credit While My Savings Grow?

Get guaranteed bad credit loans Canada through credit repair loan that will help you in fixing credit beside your savings grow. Rebuild your credit with no or bad credit in Canada. Re-establish credit from bankruptcy and consumer proposal.Today there are thousands of people in Canada who are suffering with poor credit situations and desperately searching online for bad credit loans Canada in a hope to get loan on best rates and terms. Most of the online lenders deal in high rates short terms loans that clearly means borrower can end up asking for a very bad credit loan after one in case he/she doesn’t afford it on first place. Although in such situation, secured loan option mostly works but for those who have some assets to pledge.

Your credit history is the major factor that determines not even interest rates but approval of your loan. A good credit rating is required to obtain lenders best rates for mortgage loans, personal loans, credit cards and other kinds of credit facilities. There is a significant difference between no credit history, also known as an un-established credit and bad credit history, but when applying for a loan, most of the lenders adversely treats both of these credit situations nearly same way. That’s why it’s important for all the borrowers to establish their creditability first before applying for loans and if you are suffering from bad credit situation then you have to re-establish your credit rating by fixing bad credit and improving your credit score. Can I get a loan with bad credit in Canada that helps me in fixing credit while my savings grow? Yes, through GIC Investment Loan, it offers value added options to people looking for bad credit loan in Canada; you can get a loan with bad credit through Credit Repair Loans that can turn your bad credit situation into good one while fixing credit and building up a savings account for you to secure your future.

Comparing available bad credit repair Canada options with the GIC Investment Loan that may help an individual in establishing and fixing credit:

As there are various types of financial help available in the market today that can fix your credit and prepare you to get bad credit loan Canada, but the most famous and widely used way to repair credit that people have been taken in the past is a secured credit card, it can help you in fixing credit and can remove your bad credit history to obtain a best rate loans in future but most of these cards holds high rates and demand cash “upfront” before receiving a secured credit card for you.

Can I get a loan with bad credit in Canada that helps me in fixing bad credit while my savings grow through secured credit cards? No, although a secured credit card can help rebuild bad credit but it will not provide you bad credit loan, in the past one of the only options to rebuild your credit was getting a secure credit card, what it basically do; it help you in demonstrating your perfect repayment history to all the major credit bureaus by involving your money and efforts with its assistance to work on at least two or more accounts for a certain time that may take two years or so. There are variety of financial institutes offering secured credit cards that you can easily get and use them to do the job like Home Trust’s , TD’s or else. But when we look at the reality of a bad credit borrower’s financial situation it felt that applying for a secured credit card to re-establish, re-build or repair credit profile seems to be another burden because these cards typically charge high interest rate and fees as they are secured and also require the borrower to come up with the cash “upfront” before receiving a credit card. Although, it will improve your credit score to obtain a loan but on high initial expenses that you have to wait and watch to come up with a status where you can apply for lenders fast approval on best rates in Canada.

GIC Investment Loans (Credit Repair Loans)

What is a GIC investment loan? Also known as GIC loan, GIC savings loan or Credit Repair loans! It’s a new concept of financial relief that has been introduced by LendIt Financial through GIC investment loan or best described as a credit repair loans, although it’s not a credit repair company but helping Canadians to build better financial future, what it asks borrowers to pay fix amount of regular and affordable monthly payments against its credit facility, these payments are then reported to the credit bureaus to help you in building and maintaining your perfect repayment history; if you follow, you will observe a noticeable improvement in your credit score in short span of time. Invest your loan in a secure GIC (Guaranteed Investment Certificate) today! No problem, if you have little or no credit, bad credit or even very bad credit history and or past critical issues like bankruptcy or a consumer proposal, it allows you to jumpstart your financial savings, earn interest on your investment while fixing and re-establishing your credit.

Can I get a loan with bad credit in Canada that helps me in fixing bad credit while my savings grow through GIC Investment Loans or credit repair loans? Yes, it not even provides loan for people with bad credit in Canada but also help fixing bad credit score with an intension to prepare such group of needy consumers either having new or critical credit history to apply and get best rates for all types of future financial credit requirements and loans like personal loan, home loan, car finance, credit cards, and other.

How Lendit GIC Investment Loan Works

  • Your loan is automatically invested into a GIC in your name.
  • Your investment is insured by the CDIC to keep your money safe.
  • Your repayment history is reported to credit bureaus to help building your credit rating.
  • Your loan interest rates are only 12.99% per annum, much lower than secured credit cards or bad credit card loans available in the market.
  • Your loan is offered with three options to fit your budget: $2,300, $3,200 or $5,500.
  • Your loan permits you to access cash during the term of your loan that based on the equity you’ve built up in your GIC.
  • You get full access to your GIC plus interest at the end of the loan term.
  • Moreover, Lendit GIC Loans are available even if you have not been discharged from bankruptcy or are still making payments under a consumer proposal.
“Based on your financial goals, you can choose a loan that’s right for your goals; save for a vacation, education, payoff debt, or put a down payment on a home. Lendit’s GIC Investment Loans currently offer, Credit Brite Loan for $2,300 on 3 years term, Credit Brite Loan Plus for $3,200 on 3 years term and Credit Brite Home Loan for $5,500 on 5 years term on affordable fixed monthly payments on amortization basis (GIC principal + interest you’ve earned during the term) to help you jumpstart your savings plan while you re-establish your credit history in a financially safe way.” It’s simple and easy to apply online and your approval can be obtained within 24 hours. For more information, terms & conditions and guidance you should visit the official website.Get LendIt Financial Credit Repair Loan Also Known As GIC Loan, GIC Investment Loan and Saving Loan, Helping Canadians build a better financial future.

Lendit Financial review has been written with an intention to help those individual require bad credit loans but facing no credit or poor credit situation. Where it not even provides affordable savings loan to borrowers having any type of credit history but also help them to establish and maintain their credit through the successful repayment of their loan. Fixing bad credit or establishing new credit will definitely improve creditability of an individual to enjoy all the future benefits as a good credit holder. Where providing comparison with the other credit repair Canada options available in the market today, is to highlight those special features that make it unique with the rest of others in the row. Either you may not have any credit history and looking for no credit loans like a new Canadian or may have been suffering from negative credit rating even like bankruptcy, and or making payments under your consumer proposal. This financial product can help you in providing you with reasonable loan amount for 3 to 5 years terms on affordable fixed monthly payments beside opening up a GIC investment account on your name will enhance your personal financial creditability to enjoy better financial future. You can get a loan with bad credit in Canada from Lendit Financial that will help you in fixing credit while your savings grow!


Canadian Family Debt-To-Income Ratio Hits Record High

Do you know your debt-to-income ratio? Find out and know your creditability and if its worst like most of the Canadians then improve it without delaying.Does the year 2012 of borrowing trouble? Family debt-to-income ratio hits record high in Canada! Debt rises 78% in last 20 years, according to The Vanier Institute of the Family 12th annual assessment of Canadian family finances report; the average Canadian family debt including mortgage loan has reached $100,000. The average Canadian family debt-to-income ratio has now hit a record 150% that means Canadian families owe $1,500 for every $1,000 in after-tax income. We are not going to discuss here about what happens next year, because it comprises lot of inside economic indicators and out side world crises as USA and UK are also reflecting nearly same negative trend. Yes, we have got a positive thing with us that benefit all the individuals, we still have a very low interest rate in Canada and it feels that Bank of Canada want it to continue it’s low rates in 2012. Time will definitely disclose about the report how much it compares of apples and oranges. Dealing with a high debt to income ratio is not very difficult and as a sensible individual you have to safeguard your personal finances by reducing your extra spending and saving for the future, and you can do it. Lets discuss our monthly personal and household spending in relation to our income that demands us to reduce our debts with a productive option of saving into investments.

Simple spreadsheet that will help calculate your debt to income ratio.Do you know your debt-to-income ratio? People usually want to use the debt to income ratio calculator, although Its a simple calculation that an individual can do it by using excel spreadsheet or by hand, it will help you in finding out how much you’re paying in relation to your earning each month and whether your ratio of debt to income is acceptable or high. Debt-to-income ratio is a percentage of your income you owe in debt or debt payments and its one of the best ways to know whether a person is in a good or bad financial position. You require a good financial position to borrow money, spending too much on debt and other financial commitments will result in bad credit, it will drop your creditability and a chance to get credit when in need. All the banks, financial institutes and lenders require your debt-to-income ratio to determine your ability to repay debt, lower ratio means you hold better chances of repaying your debt. Where higher ratio means you would consider being a credit risk that could result in dis-approval of your loan or mortgage. There are various lenders specially dealing in mortgages also calculate Gross Debt Service Ratio (GDSR) and Total Debt Service Ratio (TDSR) to analyze your affordability to take an additional debt. In view of various financial experts, your debt-to-income ratio should not exceed one third of your gross income.

You probably have taken some kind of debt in your life and it’s quite normal, whether it’s a mortgage, credit card, car loan, student loan, payday loan, personal loan, or any sort of due bills you may have. Debt can be divided into two types in relation to rate of interest, high and low interest rate debts; Where credit cards and payday loan debt belong to high rate of interest and these are the debts you should always consider to pay off as soon as possible, preferably before due dates, that way you can save your self from getting into speedy and extra debt burden.

Reducing your debt mean saving that you can further invest to get more future benefits, there are great number of individuals that prefer investing their money into government backed investment offers to get high interest savings programs like Tax Free Savings Account (TFSA), Registered Retirement Savings Plans (RRSP), Guaranteed Investment Certificates (GICs), Exchange Traded Funds (ETFs), Stocks, Bonds, Mutual Funds and other to enhance and save money for various future tasks and most probably for retirement purpose. Here you can get benefit from your lower rate debts while investing them into those investments, which deliver higher returns. It is further advisable to all the individuals to consider all the factors before making decision to go with these benefit programs because there are two possible things you must consider; you should calculate difference between your investment rate of return and interest rate over your various debts. A positive difference between two will help you in making your decision, if paying off debt would help you in reducing your financial burden while enhancing your monthly saving amount then it’s a best deal to consider.

Personal debt management is not difficult because you can easily manage your own debts according to your situation and priority but if you follow the ways how professional debt consultant do it, then their suggestion help you a lot in many ways like;

  1. Start paying off similar kind of debts of smaller in amount and interest rates, it will reduce your burden having various credit and you know these kinds of debts are easier to pay.  After paying off one debt individual can get more satisfaction and courage to start concentrating on the next debt amount to be paid.
  2. Paying off one big value debt having higher interest rate like credit card repayment require your most urgent attention, as you know interest occurring from the credit card is very high and payday loan late payments can charge you with penalty and high fee, don’t delay in paying off these expensive debts. This strategy will definitely enhance your satisfaction, creditability and more handy cash that let you concentrate on the other debts to reduce.

As an individual you have variety of options but choosing one best may determine by your own convenience that’s why go with the option that satisfy you a lot. If you are facing poor credit rating, you will observe when you start paying off debts to your lender, your credit rating will improve having lesser debts. It will also help you in getting your desired low rates big loans for your various types of future investments.

If you’re struggling with your credit card debts and other high interest rates debts and want to adopt better ways to manage your finances then credit counselling could be a right solution for you. You are also advised to consult with your debt consultant; there is variety of debt relief Canada websites available online today where you can get free debt help and analysis, and if it satisfy you, you may ask them their full help.

Lowering down your high debt-to-income ratio is not an easy task, but you still have a great option to lower it accordingly because its not in hands of other than you, take responsibility of your personal finances, educate your self, control your spending habits while purchasing smartly only things you need most, stop your frequent credit cards usage. You will be surprised yourself to find out about how changing your habits will improve your money management skills and help you reduce your debt.


Why Should You Contribute To RRSP Dont Pass The Deadline

Every year you’re allowed to contribute up to a maximum amount to your RRSP, where how much you should put into your RRSP account, based on your income, your living place and tax rates. You should avail this opportunity before the deadline to receive maximum income tax refund and get the most out of from your RRSP account.

RRSP Deadline Canada 2012

For RRSP contributions deadline in Canada for the Tax Year 2011 is February 29th, 2012! You may have been already contributing it through out a year while deducting your pay cheque. Or perhaps you are new and never been contributed to RRSP, but willing to put some money towards it before the RRSP deadline. If  you are unaware of your RRSP situation is, you can try RRSP Calculator before the deadline to see how much savings and refunds you can get while putting money into your RRSPs this year. RRSP contribution limit for the year 2012 is lower of 18% of your earned income or $22,450.

Why Should You Contribute To RRSP?

Because you are curious about your financial future; Although RRSPs are created with a concept of retirement in which your contribution towards RRSP goes throughout your career history that brings tax benefits, protection and peace of mind. Early adoption of RRSP Contribution and keep it oten can help you reach your perfect retirement and goals you have been dreaming of. You will feel secure and confident. Although there is a contribution limit but more RRSP contributions mean more money in your pocket.

Your Contribution towards RRSP and using its tax deductions to your advantage is a very simple way to save smartly. As long as your RRSP sits in its account, it’s exempt from taxes, also means it will continue to increase in value. Like if you withdraw $5000 from your RRSP, that becomes your taxable income. However, if you don’t withdraw it from your RRSP, then its not treated as taxable while it can continue to increase in money value.


The Tax Free Savings Account (TFSA) Overview

TFSA Basics

It started with a concept that saving money should be for everyone; All the Canadian residents who are at least 18 years old can now save up to $5000 each year through The Tax-Free Savings Account – a flexible, registered account that allows earning a tax-free investment income that can help you meet short as well as long-term goals. Canadian TFSA will create a new wave to savings and investment.

What is TFSA?

Web definitions: “The Tax-Free Savings Account (TFSA) is an account, which provides tax benefits for saving in Canada. Contributions to a TFSA are not deductible for income tax purposes. Investment income (including capital gains), earned in a TFSA is not taxed, even when withdrawn.

History of TFSA

It was introduced by Jim Flaherty, Canadian federal Minister of Finance, in the 2008 federal budget and came into effect on January 1, 2009. This was the time when recession was on its peak when every other government throughout the world was trying to stimulate spending, not saving. Canadians are awarded with TFSAs permit of Tax savings to tuck away up to $5,000 a year on which there is nothing to pay in taxes on whatever that money earns.

The C.D. Howe Institute As supported this measure: “This tax policy gem is very good news for Canadians, and Mr. Flaherty and his government deserve credit for a novel program”.

Benefits of TFSA

The Tax-Free Savings Account (TFSA) is a new investment option for Canadian residents 18 years and older to earn tax-free investment income to more easily to meet lifetime savings needs. It offers flexible form of investment that allows holder to withdraw money from his/her account at any time, free of taxes. Its allocations into the account are non-deductible; however it represents a lucrative opportunity for the individuals with leftover income to invest in a productive savings, without the burden of time constraints. The Tax-Free Savings Account (TFSA) also complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).

TFSA holds a carry-over nature, that’s why any unused portion under $5,000 cap can be carried forward to subsequent years, without any upward limit. It also allows income splitting to an extent, which allows a higher-earning spouse can contribute to the TFSA of a lower-earning spouse.

Investment income in a TFSA are not taxed, even when withdrawn, whether you are earning in interest, dividends or capital gains. This tax-free compound income means that your money will grow more quickly inside a TFSA in relation to your taxable account. Moreover, an annual contribution limit of $5,000 per year will be indexed to the Consumer Price Index (CPI), in $500 increments, assuming 2% inflation, it will go up to $5500 in 2012.

TFSA’s Eligible Investments

Stocks, bonds, mutual funds, GICs, ETFs, savings accounts and else, TFSA can hold any investments that are RRSP eligible, also includes: eligible shares of private corporations, publicly traded shares on eligible exchanges, various debt obligations, installment receipts, money denominated in other currencies, trust interests like mutual funds and real estate investment trusts, annuity contracts, warrants, registered investments, royalty units, partnership units, depository receipts, and rights and options.

How TFSAs different from RRSPs?

Tax treatment of a Tax-Free Savings Account (TFSA) is opposite to a Registered Retirement Savings Plan (RRSP), there is a tax deduction for contributions and withdrawals of contributions and investment income are all taxable with RRSP. On the other hand, there is no tax deduction for contributions to TFSA, and also there is no tax on withdrawals of investment income or contributions from the account. Every person is entitled for investment money up to $5,000 per year that can be placed into a TFSA. This amount can then be withdrawn without penalty and a time limit. Unlike RRSP’s that must be withdrawn before the holder reaches 71, where the TFSA doesn’t expire. Moreover, the contribution room for the funds withdrawn from a TFSA is reallocated in the tax year after the withdrawal, unlike the RRSP, where the contribution room is permanently reduced once the contribution is made.

In the words of The Canada Revenue Agency (CRA) that describes the difference between a TFSA and an RRSP: “An RRSP is primarily intended for retirement. The TFSA is like an RRSP for everything else in your life“.

Does TFSA require expansion?

According to Stephen Harper’s latest proposal it would double the contribution limit to the Tax Free Savings Account (TFSA) to $10,000 a year; Harper pledges to raise tax-free savings limits. It’s good news for people who are already rich enough to get more tax credit on their easy savings and the banking sector that would willing to see expansion of the TFSA that mean they will get more deposits, more lending and resulting in more profits. The richer would get a bigger tax shelter. But on the other hand there is no broad based demand to double the limit. Indeed, TFSA is a good program and rather than expansion it should be capped.

I always appreciate Stephen Harper and his government because these people have to face a biggest global recession and have successfully handled in keeping up our dollar value but our economy is still under pressure with a group of those people who are still unemployed, without enough savings to invest into future and looking for the better jobs and if it’s really mandatory to go for an expansion then people with financial concern really want to know about:

  • Have the majority of the Canadians already taken the TFSA program?
  • How TFSA expansion will affect future tax revenues?

It seem there are lot of people who don’t agree with a TFSA expansion program; Armine Yalnizyan is a senior economist with the Canadian Centre for Policy Alternatives, here’s you can also read his own findings, Who really benefits from TFSA? The wealthy, for sure.

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Canadian Tax Software Programs Bring Benefits Of Online Income Tax Preparation

Should You Want To Prepare Your Tax Return By Hand Or Use The Tax Software? Compare The Benefits Of Online Income Tax Preparation.Each year millions of Canadians has their taxes prepared by professional tax consultants. Professionally prepared tax returns can help in reducing the likelihood of errors; however, manual income tax preparation through these professionals is expensive in relation to the tax preparation software. That’s why great numbers of individuals prefer to prepare their tax returns by their own selves. Although the traditional way of filing tax returns through paper tax forms may be a good practice but it will take more time and doesn’t guarantee its accuracy, where tax software programs will do the job quickly through it’s step-by-step process while completing and filling your tax return in less than half of time in relation to paper. Whether you are a novice or already knew and have been gone through the process while preparing your taxes for years, Canadian tax software programs will simplify the process of your tax planning and save you more time and money.

Tax software programs have been increased in popularity and usage over the past few years in Canada; beside federal tax return you can also get filled all the provincial and territorial tax returns forms automatically. Where as the province of Quebec is concern it is not integrated with most of the Canadian tax software yet because of it’s separate tax filing system that deals by the Revenue Quebec. For all those Quebec resident looking for the online income tax preparation and software, you may check and confirm with the software company either Quebec province is included in the said tax software Canada or not before getting one for you.

As it’s a fact of life benefits also include drawbacks, that’s why like many other software programs that been using in these days, Canadian tax software programs also include advantages and disadvantages both. However, most of the disadvantage we can get using the tax software is the information we are feeding into the system and result depends exclusively on it’s accuracy on our side and the other disadvantage that also depends on our understanding the system because we should first have to master the tax software program first to use it accurately to get efficient results. Don’t feel it’s not a hard job because it has been created for the people to do-it-your self. It’s like a game software on your computer or like a mobile phone that you know how people are using different kinds and even complicated features very masterly and their practice makes getting the best result according to their requirement. Although, tax software programs are not a difficult kind of software like those stated above, these are fairly easy to understand and quick to use, because income tax preparation environment usually provide step-by-step job to complete the process that most of the individuals can make a tax return correct, cheaper and faster.

It’s advisable to all the taxpayers that if you are shifting from manual to software you should first learn the different types of tax software programs available in the market and best thing among most of the tax software companies, they are also offering free and trial versions of their product. Many of the Canadian tax software programs offers more than one version like a standard or basic, deluxe or a premium version, because every tax software program is build with different features according to different class of people and business. Standard versions may work with your federal income tax return forms where Deluxe software versions may include both federal and state (provinces and territories) income tax forms and Premium version of tax return software may provide all the features of standard and deluxe while providing additional features that may result in more savings like knowing about available tax credits and deductions you may claim and enjoy. Many of the taxpayers usually prefer the software versions that offer both provincial and federal tax forms at the same time.

Organize and enhance your personal finances with automation! These are few popular and best Canadian tax software programs that people trust:

  1. Turbotax Canadian Tax Software (QuickTax) by Intuit; Software working environment for income tax preparation: Web, Windows and MAC; Availability: Check your desired version to know it’s availability for Canadian Provinces and Territories; NetFile Certified (tax years): Yes (1999 onward), please see the website to confirm.
  2. TaxTron Canadian Tax Software by TaxTron; Software working environment for income tax preparation: Windows and MAC; Availability: See the software platform; NetFile Certified (tax years): Yes (1999 onward), please see the website to confirm.
  3. GenuTax Canadian Tax Software by GenuSource; Software working environment for income tax preparation: Windows; Availability: No Provincial return for QC; NetFile Certified (tax years): Yes (2004 onward), please see the website to confirm.
  4. UFile for Windows Canadian Tax Software by Dr Tax Software; Software working environment for income tax preparation: Web and Windows; Availability: Supports all Canadian Provinces and Territories; NetFile Certified (tax years): Yes (1999 onward), please see the website to confirm.

However, there are variety of other online tax preparation programs which are available to taxpayers today; web based or desktop versions either paid or a free tax software versions both that are suited to the needs of different users like student, personal, corporate and small business tax software, it may be difficult for some people to choose for the first time but you can expect nearly same kind of services from each offering tax resources and built in tools like tax return calculator, deduction maximizer, all kind of tax forms, community center, tax articles, tax calendar, updates, saving tips and more.

Benefits of using proven and highly rated income tax preparation program to prepare and file personal and business taxes on your own include:

Low Cost Cheap Alternate

Tax preparation fees charged by your accountant or tax professional may be in hundred dollars or more that generally depend on where and how the taxes are being prepared, time and complicity of your case and number of tax forms need to be filled out where income tax preparation software program provides cheap alternative for preparing and filing tax returns equal to the price of the said software and even free in some cases including free trials.

Saves Time

As you know it require only once to give information to the tax software to get all the forms and return filled with that, most of the tax software will readily convert your typed information from your federal return to your provincial return that you can’t do when filing a paper return. As manual or paper return, you have to write all the required information twice or so. Tax software save your time by half while removing common errors that usually occur when copying the same information twice.

Makes E-Filing Easy

Tax software offers a great option to e-file your federal and state taxes online and printing them out without leaving your computer. Feature of e-filling your tax returns may be a great opportunity for all those taxpayers looking for the instant delivery of their taxes rather than mailing physically. It can make your life convenient in a way in which you can get more time to pay your taxes and get your refund faster. While e-filing an online tax return may be a popular and a convenient option to be received and processed quicker but there are plenty of individuals who do not feel comfortable about submitting their personal information through e-fling their taxes due to insecurity feeling of online environment, although these tax software programs include internet secured platforms. It is advisable for all the taxpayers to understand and read the description of the software program before purchasing to know the fees attached with the facility because tax software programs may charge you with an additional e-filing fee, but remember it will not make it expensive in relation to manual preparation through professional tax practitioners.

Maximizes Tax Deductions

It’s really a hectic and difficult task to keep up with the amendments or changes in tax laws. As you know new deductions are made available to individuals working from home every year and missing of them mean missing your tax savings. A new edition of your tax software program will make it sure you will not loose any benefits to claim on updated state and federal laws and get all those deductions that are currently available, that’s mean you owe less and get a bigger refund.  It will also save you the pain of owing taxes due to changes in state and federal laws.

Minimizes Audits

Using tax software means avoiding audit or it can bring fewer chances to go for an audit. As you know any business and individual can be audited any time by the Internal Reveune Services. However, tax software can reduce your risks of being called for audit and getting penalized in case of failure. Where tax software generally offer a guarantee for any calculation errors that make you responsible.

Finds Answers To All The Tax Questions

Tax software will let you find answers to your questions easily, it provide all the information related to the Taxes. For example TurboTax software program’s knowledgebase like all those similar software, will show all the related and important questions to know their answers on each of its section you are working on, you can also use their help feature to know any question and information you need to get answer for, beside you can also get direct responses and interactions from live community section and forum online that include software users and experts from your own tax software websites.

Make an informed decision on how your own tax returns should be prepared and filed! In today’s high paced society, it appears more and more people are looking for fast, better and accurate solutions and shifting from manual to software definitely add up value and convenience to enhance tax planning but some times certain complicated situations are better left to the professionals. There are plenty of more advantages that will bring to light in your specific circumstances and case requirement. At least every tax software program is making guarantee to its platform but one thing is clear that tax software programs work through online income tax preparation system that’s why are fast, up to date, bring accuracy and are easy to use. Taxpayers are advised to thoroughly consider, read tax software reviews from people actually using the service to check the advantages and disadvantages about Canadian tax software programs. It will help them a lot in finding out about the best Canadian tax software to go with.


Canadian Government Announced New Mortgage Rules For 2011

Finance Minister Jim Flaherty Announced New Mortgage Rules For 2011Federal government tightens mortgage rules 2011 are seem to be like it been cracking down on Canadians’ ability to qualify for a mortgage, although on one side these changes will help hard-working Canadian families to save by investing in their homes and future but on the other hand Canadian government is shifting its insuring behavior entirely on lenders because risk of these loans will now be on the financial institutions that lend the money. Will these recent changes will slow down Canadian housing market 2011 while making it harder to buy a new home or consolidate debt into your mortgage?

On Monday, January 17th 2011, Finance Minister Jim Flaherty along with Natural Resources Minister Christian Paradis announced new mortgage rules while implementing 3 main changes with an intention to alleviate concerns over consumer debt, to help combat increasing household debt and to add further stability to the Canadian housing market.

According to Mr. Flaherty’s recorded announcement that you can also watch his live speech at a “live televised announcement”, here’s are some words specially elaborated for my blog readers, he said: “Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and help protect us from the worst of the global recession. Canada has a prudent mortgage market and responsible lending practices…, our governments ongoing monitoring and sound supervisory regime along with the traditionally cautiously prudent approach taken by Canadian financial institutions to mortgage lending has allowed Canada to maintain strong and secure housing and mortgage markets. This has also allowed Canada to avoid housing bubbles witnessed elsewhere.

The following additional measures were highlighted as the new Canadian mortgage rules specially amended for Canadian families to safeguard their future investment and household debt.

New Canadian Mortgage Rules Announced For 2011:

  1. The maximum amortization period for less than 20 percent down payments is reduced to 30 years from previously it was 35 years for government-backed insured mortgages. Adjustments on the new amortization limit will come into force on March 18, 2011.
  2. The maximum amount that can be borrowed when refinancing a mortgage is reduced to 85 percent from current 90 percent value of the home. This new refinancing limit will come into force on March 18, 2011.
  3. The federal government will withdraw its insurance backing for home equity lines of credit secured on homes (HELOCs). Government backing for home equity lines of credit, rules regarding the borrowing of funds that are secured by homes will end on April 18, 2011.

Canadian 2011 Mortgage Changes:

Change in Maximum Amortization Period! The purpose reduction in maximum amortization periods for mortgages is to allow mortgagors and borrowers to pay off their debt quickly as possible and thereby reducing the total interest payment they will pay on their loan, but on the other hand as their mortgages will be amortized over a shorter time period, it will result in increase of their monthly payments.

Change in Lower Maximum Refinancing To Loan to Value Ratio! The reduction of 5% on maximum amount that a Canadian can borrow to refinance their mortgages will definitely limit the debt amount a family can incur. On the other hand it is also expected to allow and encourage savings like families will only be able to borrow less, resulting as being a greater equity in their homes.

Change in Withdrawal of Government Insurance on Non Amortizing Lines of Credit Secured by Homes! The Canadian federal government will cease to insure home equity lines of credit where money is borrowed against a home for use other than to purchase or refinancing. According to the Finance Department in relation to rules regarding the borrowing of funds that are secured by homes have been shifted their responsibility on financial institutions to deal such loans and the government will not manage them because these home equity loans have risen in recent years resulting in more consumer debt and definitely more loan defaults. Where the federal government thinks its the best measure to further stabilize Canadian housing market. It is also expected these financial institutions and lenders will make it more efficient and productive while making their strict criteria for the grant of such loans.

Some Professional Voices About New Mortgage Rules

In the words of Mr. Avery Shenfeld, an Economist; likens the new rules to the government putting Canadians on “a debt diet” that would further protect against a U.S. style mortgage crisis. The finance minister’s announcement indicates an increasing concern in the federal government about the impact of consumer debt on the Canadian economy.

Frank Techar, president of personal and commercial banking at Bank of Montreal said, “The actions announced are prudent, measured, responsible and timely”.

Analysts from Scotia Capital suggested government regulation was the way to go in terms of curbing household appetite for credit as opposed to the Bank of Canada raising interest rates, which they said would be “imprudent” at this time.

Exceptions will be allowed after these new Canadian mortgage rules changes come into force, if necessary, to satisfy a home purchase or a sale and home financing agreement arranged before the above mentioned dates of March and April.

If you have remembered, back in 1999 when the CMHC would only insure mortgages for a maximum of 25 years federal government decided the Canadian housing market would be a great way to goose up the economy since it was working great in USA at that time. In 2005 the maximum amortization went to 30 years, in 2006 went to 35 years, in 2007 it went to 40 year terms with zero down with an intention to compete with private companies in the market. Today’s government worries about the debt load of the Canadian consumer that has shown up in most recent changes seems to be started in year 2008 when the maximum amortization went again back to where it was in year 2006 as 35 years. Does it mean government is trying to slowly taking away moisture without causing it prominent dry look?

You are welcome to share your own experience and opinion regarding mortgage new policy “The Canadian Government Announced New Mortgage Rules For 2011”. For the previous major mortgage rule changes and announcements you may check out here: Canadian Mortgage Rules October 2008 and Canadian Mortgage Rules April 2010.


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