I don't think many people explain it this way, but it is probably the best analogy I've heard. Rent is paying for the "use" of something: like renting a movie, an apartment or house or a car. You …
What is a "Line of Credit"?
A Line of Credit is basically like a credit card in that you apply to have the ability to borrow money whenever you want and have a set limit that you are authorized to use (let's use $10,000 as an …
The Magic of Compound Interest
Albert Einstein was a pretty smart guy - I think we can all agree on that. The man who gave us the Special Theory of Relativity and the General Theory of Relativity famously said that the most …
CRA: The Canada Revenue Agency
The Canada Revenue Agency (CRA for short) can be thought of as Canada's collector of taxes for the government... because that's what it is. :) It is the equivalent of the IRS (The Internal Revenue …
What is an RRSP?
RRSP stands for "Registered Retirement Savings Plan". It is a type of savings or investment account which was designed for Canadians to facilitate retirement savings. It is "Registered" with the …
Myth: "I don't want a raise! It will move me into a higher tax bracket and my take home pay will be less!"
I've heard this many times, even from my beautiful mother! This is not true! Let's bring up my SAMPLE tax table as a refresher: $0-$10,000 = 0% Tax Rate $10,000-$20,000 = 10% Tax …