Posts by Canadian MoneySaver

Thumbnail for Auto Loans:  Lease, Finance, or Buy Outright?

Lease, Finance, or Cash Purchase: Which is the Right Option?

When the time comes to purchase a new vehicle, there are so many questions that individuals face: should I buy new or used, from a dealership or online, lease, finance, or buy with cash? While the numerous questions can be overwhelming, in this article, we aim to tackle the age-old question of whether you should lease, finance, or outright purchase a vehicle.

Thumbnail for Helping The Next Generation Get Into The Housing Market

As a father of a young and growing family in BC, I know all too well the struggles my generation is facing when trying to get into the current high-priced and fast-moving real estate environment.

 

Thumbnail for Selecting a Financial Advisor

Ellen Roseman speaks with Sol Amos, entrepreneur and founder of advisorsavvy.com. They discuss the 5 types of financial advisors/planners as well as questions to ask when selecting a financial advisor/planner. 

Thumbnail for Maximizing Your Savings: Why Contributing to Your Registered Retirement Savings Plan (RRSP) Isn't Enough, Don't Forget About Your Tax-Free Savings Account (TFSA)

Saving for your future (including retirement or any large purchases) is an important financial goal which requires discipline and includes tax strategies. Two of the most popular ways to save for retirement in Canada are the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA). Popularity among Canadians for RRSP is higher given that it is a great way to reduce taxable income and save for retirement, while TFSAs often take a back seat. While each has their advantages and limitations, both can be used to maximize savings and compound tax benefits

Thumbnail for Women And Work: Five Approaches To Making Money

How do you make money? In 2021, I asked 53 accomplished women around the world this question.

Reading articles about the future of work, you get the impression that things have changed enormously in recent years and that many or a majority of women are now making their money through terms that didn’t even exist 20 years ago: “side hustle”, “Instagram influencer”, “gig economy” and so on.

But my shocking finding is that 85% of the women I interviewed make money in ways that aren’t any different from how women made money in 2000 or even back in 1980: a third have jobs that pay salaries and bonuses, perhaps with a bit of a twist; about a quarter make money off of direct drive sales (a business model I remember well from selling photocopiers for Xerox in 1986!) and another quarter provide some sort of fee-for-service. A mere 15% have the “many sources” model for money-making… much lower than I would have

Thumbnail for The Tiny House - Living Simply and Frugally to Reduce Your Environmental Footprint.

Ellen Roseman speaks with Michael Bartz, host of the In Over My Head podcast, about his tiny house and lowering his environmental footprint as well as living simply and frugally.

Thumbnail for Fine Print 101— Definitions For A Surprisingly Long List Of Key Mortgage Terms And Insight Into How They Might Impact Your Mortgage Choices

Introduction

Today’s introduction will be short and sweet, as I think the title above and definitions below largely speak for themselves. My goal today is to provide a glossary or cheatsheet you can use when learning how to speak mortgage in order to guide you towards making the most informed decision possible about the best mortgage for you and yours. My fervent thanks once again to my friend and mortgage guy, Russ Morrison of The Morrison Mortgage Team for his input in creating and shaping this article.

  • Posted Rate: the interest rate lenders advertise to borrowers for mortgages with different features and for different rates of time. Lenders provide posted rates for both fixed-rate and variable mortgages.
  • Discounted Rate: the actual rate your lender charges you on your mortgage because you’re special rather than the rate they quote to the unwashed masses. You’ll likely need to haggle to get this