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What about the mortgage payment deferral offer from the banks?

on Fri, 03/27/2020 - 12:57

So I’ve got a lot of people asking me regarding the mortgage relief offer that the big six banks had offered last week. Funny enough, none of these people are my clients, anyway I always answer questions although I don’t get paid for it. So here we go:
As a financial advisor, I would highly recommend against taking this mortgage relief offer because it is, at the end, going to hurt you more.

If you can afford it, pay your mortgage.

According to the report CBC had done, A RBC empolyee stated that interest accrued from each deferred payment was being added back into the principal balance of

Don’t be too easy on “buying a car”

on Mon, 04/24/2017 - 16:39

Over the years, I realize, living in big cities like Toronto, people always struggle with whether they want to buy a car. 

Car buying is like a mini excise on property buying or renovation. No matter how many times you crunch your numbers, when it happens, there are always things going to cost you more.

I have seen multiple times clients thought it was better off for them to get a car, and that whole things turned out to be a mistake. At the same time, there are of course many cases, car buying only makes sense.

This article is just to raise awareness so that you can think twice before

Credit rebuild - harder than you think

on Thu, 02/02/2017 - 18:42

Headlines on Canadians getting deeper and deeper in debt had been on more frequently in the last few years. Living expenses had risen quite a bit, carrying cost are higher, interest rate is lower only to get us into a bigger debt! 

Along the way, the capabliliy of us repaying our debt is diminishing. Partly due to some of us lost our jobs or contracts but haven't got a new gig yet; sudden (unplanned) expenses among the family, etc. 

I am not too sure since when Canadians take bankruptcy very light. I am running into more people who are in bankruptcy or in a consumer proposal more than ever.

Student Loan Tips

on Mon, 09/02/2013 - 11:10

Lots of us got student loans when we went to school. Whether you just got your student loan or just finished studies and will have to repay your student loan soon (if you just graduated in June, your repayment starts in Dec, this is a good time to start planning a budget for that payment), here are some tips on student loan, so that our credit is not being affected just because we have not done things the correct way.

photo credit: Prashanth Gopalan

Canada Student loan repayments do not start until six months after you have stopped being a full-time postsecondary student (so while you are

How to manage your business' finance?

on Sun, 07/28/2013 - 14:23


While you are running your business, you are actually one of the most luckiest people on earth as most of us won't get into something we don't like and run a business on, having said that, you are working on something you enjoy and lots of people (maybe you had that experience too), they hate their jobs…
You believe in what you do, and you do what you do best. Finance? Ugh! Not something everybody could be good at… So, what to do?
1. Keep business and personal separate
Most commonly mistake I see from small business owners is having their business and personal finances mixed

The advantage of a business account

on Fri, 07/12/2013 - 09:54

"Entrepreneurship and Small Business" series, #6 (#5 How to pay yourself effectively; #4 How to manage your business; #3 Things to consider when you start your business; #2 What you should do before you quit your full time; #1 What needs to be prepared before you start your business; #7 Business budget made easy; #8 Last minute tax saving for corporations; #9 The federal disaster to small businesses and working class)

I had this interesting discussion with an accountant on what is the advantage of having a business account when the business owner is still a sole proprietor.

Building small business owner's new family

on Mon, 11/28/2011 - 09:51

You know how small business owners usually report very low income, so that they can pay lower tax...

Here is my experience on a small business owner that I want to share:
I met this small business owner in 2005 and he owns restaurants in Toronto, normally he has about $5000 income from the business for his daily expenses, and any retain earnings is used to set up the next restaurant. 
However, he reported only about 12k income for himself and his wife. They rented a house in Scarborough at the time. 
We started to look into his finances and of course he has no problem meeting his