At 42.1%, taxes eat up more of your income than any other single family expense If you asked average Canadian families what their largest expense is, many would probably say: housing. And, you can’t blame them. Mortgage and rental payments are a painful monthly reminder of how much we pay for this basic necessity. But
By Jason Alderman Good news for people shopping for a mortgage – and for current homeowners facing foreclosure because they can no longer afford their home loan: New mortgage regulations drafted by the Consumer Financial Protection Bureau recently took effect and they provide a slew of new rights and protections for consumers. One of the
Track your income. Comparing money coming in versus money going out can be quite enlightening. Breaking even or losing money each month may mean you need to find additional income sources and/or aggressively alter your spending habits.
Sometimes contracts are formal, signed documents that outline specific conditions and penalties if those conditions are not met: For example, if you don’t make your mortgage payments, the lender can foreclose on your house. Other times they are verbal or implied agreements: If you buy spoiled milk, you can ask for a refund.
Think long and hard before tapping your retirement savings for anything other than retirement itself. If that’s your only recourse, be sure to consult a financial professional about the tax implications.