Penelope Graham of Zoocasa, Author at ̨ÍåSWAG /blog/author/penelope-graham-zoocasa/ Free personal financial plan Wed, 15 Jan 2020 20:23:14 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png Penelope Graham of Zoocasa, Author at ̨ÍåSWAG /blog/author/penelope-graham-zoocasa/ 32 32 Could You Use the FTHBI? It Depends on Your City /blog/could-you-use-the-fthbi-it-depends-on-your-city/ /blog/could-you-use-the-fthbi-it-depends-on-your-city/#respond Thu, 12 Sep 2019 16:50:51 +0000 http://planswelldev.wpengine.com/?p=12689 The long-awaited First-Time Home Buyer Incentive (FTHBI) is now in effect – but how effective will it really be in helping Canadians achieve homeownership?

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]]> If at all possible, save in advance for your renovation project. If you can, spend this spring cleaning and polishing (you’ll be amazed at what some elbow grease and fresh paint can do for your space), and plan to take a hammer to it next year. Not only will that leave you with 12 months to save in advance, it will also give you a chance to think carefully about your renovation plans and keep an eye open for sales on items you’ll need.

For home renovations, there are two savings tools that work particularly well.

The first is a high interest savings account. Unlike the regular savings account at your bank that probably pays next-to-no interest, a pays in the neighbourhood of 2.3% interest and allows you to withdraw your money at any time.

The second is a (TFSA) which, despite the name, can be used as a container for all sorts of investments. The advantage of using a TFSA is that you don’t have to pay tax on your investment income, and you can take out your money without penalty at any time.

Even though there’s a program in place that allows you to , it’s not recommended to withdraw money from your RRSP to fund a renovation. You won’t get the contribution room back and you’ll pay expensive tax on the withdrawals. Leave your retirement fund alone and consider other choices for home improvements.

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]]> /blog/could-you-use-the-fthbi-it-depends-on-your-city/feed/ 0 Is your city a buyers’ or sellers’ market? /blog/is-your-city-a-buyers-or-sellers-market/ /blog/is-your-city-a-buyers-or-sellers-market/#respond Thu, 08 Aug 2019 06:39:54 +0000 http://planswelldev.wpengine.com/?p=11675 Hunting for a new home? There are a few key considerations to keep in mind - including the market’s sales-to-new-listings ratio (SNLR). But what is it?

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]]> If at all possible, save in advance for your renovation project. If you can, spend this spring cleaning and polishing (you’ll be amazed at what some elbow grease and fresh paint can do for your space), and plan to take a hammer to it next year. Not only will that leave you with 12 months to save in advance, it will also give you a chance to think carefully about your renovation plans and keep an eye open for sales on items you’ll need.

For home renovations, there are two savings tools that work particularly well.

The first is a high interest savings account. Unlike the regular savings account at your bank that probably pays next-to-no interest, a pays in the neighbourhood of 2.3% interest and allows you to withdraw your money at any time.

The second is a (TFSA) which, despite the name, can be used as a container for all sorts of investments. The advantage of using a TFSA is that you don’t have to pay tax on your investment income, and you can take out your money without penalty at any time.

Even though there’s a program in place that allows you to , it’s not recommended to withdraw money from your RRSP to fund a renovation. You won’t get the contribution room back and you’ll pay expensive tax on the withdrawals. Leave your retirement fund alone and consider other choices for home improvements.

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]]> /blog/is-your-city-a-buyers-or-sellers-market/feed/ 0 How to budget for your home’s seasonal maintenance /blog/how-to-budget-for-your-homes-seasonal-maintenance/ /blog/how-to-budget-for-your-homes-seasonal-maintenance/#respond Fri, 21 Jun 2019 14:36:24 +0000 http://planswelldev.wpengine.com/?p=11273 Buying a home is one of the biggest financial commitments you'll make, but it doesn't stop there. Here are a few best practices to budget for home repairs.

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]]> If at all possible, save in advance for your renovation project. If you can, spend this spring cleaning and polishing (you’ll be amazed at what some elbow grease and fresh paint can do for your space), and plan to take a hammer to it next year. Not only will that leave you with 12 months to save in advance, it will also give you a chance to think carefully about your renovation plans and keep an eye open for sales on items you’ll need.

For home renovations, there are two savings tools that work particularly well.

The first is a high interest savings account. Unlike the regular savings account at your bank that probably pays next-to-no interest, a pays in the neighbourhood of 2.3% interest and allows you to withdraw your money at any time.

The second is a (TFSA) which, despite the name, can be used as a container for all sorts of investments. The advantage of using a TFSA is that you don’t have to pay tax on your investment income, and you can take out your money without penalty at any time.

Even though there’s a program in place that allows you to , it’s not recommended to withdraw money from your RRSP to fund a renovation. You won’t get the contribution room back and you’ll pay expensive tax on the withdrawals. Leave your retirement fund alone and consider other choices for home improvements.

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]]> /blog/how-to-budget-for-your-homes-seasonal-maintenance/feed/ 0 What can the government do to improve housing affordability for Canadians? /blog/what-can-the-government-do-to-improve-housing-affordability-for-canadians/ /blog/what-can-the-government-do-to-improve-housing-affordability-for-canadians/#respond Thu, 21 Mar 2019 15:28:01 +0000 http://planswelldev.wpengine.com/?p=10619 The gap between income and real estate prices remains too wide in Canada, making housing affordability a longstanding issue that deserves some attention.

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]]> /blog/what-can-the-government-do-to-improve-housing-affordability-for-canadians/feed/ 0 Buying a Home on One Income? Here’s Where You Can Afford It /blog/buying-a-home-on-one-income-heres-where-you-can-afford-it/ /blog/buying-a-home-on-one-income-heres-where-you-can-afford-it/#respond Thu, 21 Feb 2019 06:34:54 +0000 http://planswelldev.wpengine.com/?p=10294 Thinking of buying a home on a solo budget? The average home price has spiked by 35% in the GTA and 58% in Vancouver over the last five years alone.

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]]> /blog/buying-a-home-on-one-income-heres-where-you-can-afford-it/feed/ 0 How legal Cannabis use could impact your insurance /blog/how-legal-cannabis-use-could-impact-your-insurance/ /blog/how-legal-cannabis-use-could-impact-your-insurance/#respond Fri, 28 Sep 2018 08:00:02 +0000 http://planswelldev.wpengine.com/?p=7900 Questions about legal Cannabis use and how it could could impact your insurance? We break it down here.

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]]> /blog/how-legal-cannabis-use-could-impact-your-insurance/feed/ 0 Why Mortgage Life Insurance May Not Be the Best Idea /blog/mortgage-life-insurance-not-best-idea/ /blog/mortgage-life-insurance-not-best-idea/#respond Mon, 23 Jul 2018 15:15:30 +0000 http://planswelldev.wpengine.com/?p=6417 Once you buy a home, you want to make sure it's protected. One solution that will be presented to you is mortgage life insurance, but is it a good idea?

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