Monthly Archives: September 2009

Today’s Tip: To teach children about money, teach them to budget. The essence of money management is a personal budget. If you don’t know where your money goes, you can’t make decisions about where it should go. So, to teach your children about money, teach them to budget. If you… Read more

Today’s Tip:  Teach your children about money. If you consider yourself to be bad at managing your personal finances, ask yourself this question: did my parents do a good job of teaching me to manage money? If your parents taught you money management skills at an early age, you are… Read more

The cost of bankruptcy just became more expensive when the Bankruptcy and Insolvency Act was changed to introduce Surplus Income.  To fully understand what you will have to pay while you are bankrupt, you need to understand the surplus income rules if you file bankruptcy in Canada. If you file… Read more

Question: I have applied for permanent residency recently. If I go bankrupt now will it affect my application of permanent residency? Bankruptcy, Citizenship and Permanent Residency When considering the impact of bankrupycy on citizenship and permanent residency we can look at three different scenarios: Can you file bankruptcy if you… Read more

Our final tip in Credit Report Week: Old credit cards are good credit cards. One factor used in calculating your credit score is your credit history. The longer you are able to manage revolving credit, the better you look. So, if you have a credit card that you haven’t used… Read more

Today’s tip in Credit Report Week: Keep your debt utilization rate low. When lenders are deciding whether or not to give you credit, they look at your utilization rate. For example, if you have $25,000 in available credit on your credit cards, and you are currently borrowing $2,500, you have… Read more

Today’s Credit Week Tip: Never be late with a payment. The most important component of your credit score is your payment history. Just one late payment on your bills or your credit card debt can drop a credit score from 750 to 650, and that may dramatically increase your borrowing… Read more

Over the last two days we have talked about paying bills electronically, and receiving your bills electronically. It saves you time, saves postage, saves trees, and it guarantees that your payments are received on time. Today’s Tip: pay bills electronically to protect your identity. The news media often carries stories… Read more

Yesterday’s tip was to pay your bills electronically. Today’s tip: receive all of your bills electronically. Most utility companies in Canada (hydro, gas, telephone, cable) offer electronic billing. You can receive your bills by e-mail, or by epost so that all of your bills arrive on time. All major banks… Read more

It takes a very good accountant to remember what day each bill is due. The phone bill is due on the 10th, and the gas bill is due on the 17th.   How can you remember to pay them all on time? Once a week, gather all of your bills, and… Read more