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12.14.2010

Replace a furnace in Ontario

Replacing a furnace is a headache especially if you are in a  no heat situation during the month of December.  I've reviewed the following doc from CMHC to help filter out the sales pitch stuff from Direct Energy in order to help make an education decision.  $4,000 isn't chump change to be throwing around.

11.18.2010

Lowest gas prices in ontario

Lowest Regular Gas prices for Ontario96.9Canadian Tire1125 Elgin St WCobourg, ONWed8:01 AM98.9The Trading Post8662 CR-45Alderville, ONWed4:56 PM99.6Ultramar1052 Clonsilla AvePeterborough, ONWed3:51 PM99.6Pioneer1781 Lansdowne St WPeterborough, ONTue7:52 PM99.9Ultramar866 Ward StBridgenorth, ONWed4:16 PM
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11.15.2010

30 sec Real Estate Analyzer v2.0

The 30 Sec Real Estate Analyzer app has been updated.  Check it out.  I downloaded it and its pretty cool.  I've sent the developer some suggestions on how to improve it but it's worth checking out.

You can view more here:

http://appworld.blackberry.com/webstore/content/16843?lang=en

11.10.2010

Asset protection

asset protection trust (APT)Trust established in an offshore haven which has enacted laws to protect legitimately earned (clean) money deposited there. The principal purpose of an APT is to safeguard an asset from claims against it in the home country of the depositor. It is a special form of irrevocable trust in which the title to the asset (deposit) is transferred to a trustee who manages the asset on behalf of named beneficiaries. Also called family protective trust in UK.asset protection trust (APT) is in the Accounting & Auditing, Banking, Commerce, Credit, & Finance, Disaster Planning & Risk Management and Investing subjects.asset protection trust (APT) appears in the definition of the following term: family protective trust (FPT).
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11.09.2010

five C's of credit

five C's of credit

Judgmental factors which (in theory) bankers use to evaluate the quality of a personal or small business loan application. First four of these are normally under the control of the applicant whereas the fifth is not: (1) Good reputation and track record (character) that indicates a willingness to meet one's obligations, (2) Stable and adequate capital base, (3) Capacity to generate cash flows adequate to cover debt-service, (4) More than adequate valuable assets for pledging as collateral, and (5) economic and other conditions conducive to the applicant's plans. In practice, however, the order of the importance of these factors often is: collateral, capacity, capital, conditions, and character.

11.04.2010

Coldfx

So now that flu season is here then what are you doing to ensure that your health stays strong and doesn't impact your ability to work?
Taking coldfx has worked for me in the past. Give coldfx a try and see if you can avoid a long flu season.
Sent wirelessly from my BlackBerry device on the Bell network.Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.

11.03.2010

OLAP

Today's business term is:  online analytical processing (OLAP)

Software that allows a user to interact with a very large online database (data warehouse) and request and receive practically any report in the desired format.




11.02.2010

anticipatory breach

anticipatory breach

Unequivocal repudiation of a contract, before the commencement of its performance. An anticipatory breach gives the aggrieved party an immediate legal right to sue for damages as if it were a fundamental breach of contract, and releases it from its obligations under the contract. Two types of anticipatory breaches are: (1) Express repudiation, a clear refusal by a party to perform a contract. (2) Implied repudiation, an act of a party that puts the performance of a contract out of its own power to perform (such as when a party sells off its tools or other assets required in performance of the contract).


Re: Getting organized can equal Savings

Was that blank message organized?

As I look for halloween candy in my kids loot bag I find more empty wrappers than chocolate. Can we relate that to our finances? An unknown pot of goods makes it very difficult to manage. Keep organized with your finances and hopefully you will be rewarded with chocolate goodies that ryhme with nickers!
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-----Original Message-----
From: tmacfarlane@email.com
Date: Tue, 2 Nov 2010 17:08:08
To: Meb<tmacfarlane1.meb1@blogger.com>
Reply-To: tmacfarlane@email.com
Subject: Getting organized can equal Savings


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Getting organized can equal Savings

Sent wirelessly from my BlackBerry device on the Bell network.Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.

10.30.2010

consolidation loan

consolidation loan

Installment loan that pays off two or more older-loans with a new loan. A consolidation loan usually has a longer payback period, and an installment amount that is lower than the combined total of the installment amounts of the paid off loans.

10.28.2010

Hst and contracts

Have you been keeping an eye on the monthly fees for your service contracts? How are you capturing and reporting on your service contracts?

The addition of the hst to service contracts has left several record keeping methods in dire needs of a tune up.

If you have not been adding the monthly increase of the tax to your monthly record keeping for your service contracts then you are for spootacular surprise when you reconcile your books.

If your in ontario then be sure to revisit your tax values being used to calculate costs.
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10.25.2010

Free Download -- 30 Second Real Estate Analyzer BlackBerry App

http://blackberryspecial.blogspot.com/2010/10/how-to-use-30-second-real-estate.html

The "30 Second Real Estate Analyzer" BlackBerry app is currently available for free download from BlackBerry App World.

The BlackBerry application can be used by investment property seekers to help find cash positive properties.  The application is only the beginning of your analysis and you will have to complete an indepth analysis of the revenues and expenses before committing to purchase any property.

Simply enter in the expected purchase price of the property and the anticipated monthly rents.  Once you hit calculate the application will provide you with an initial analysis of whether or not you should add this property to your short list or does it identify it is a Red Alert.  A Red Alert means that the property is already cash negative before even getting into all of the additional expenses.

Enjoy the free download and stay tuned for the next release which will provide more analysis power and real estate investment education.

Happy hunting!



10.21.2010

The art of personal finance

Can you consider personal finance to be an art form? What I mean is if you believe that the discipline of credit card spending, coupon clipping, groupon reviewing or even price matching is a skill that develops over time.

For example, what sepaerates your personal finance skills from the person next to you? Each person has their own personal finance style that makes them unique. I love to price match and review before making any purchase. Its not the art of war, but the art of saving that is a critical skill.

How do you define your personal finance art form?
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10.20.2010

Td trust

News Releases TD Canada Trust changes residential mortgage rates Canada NewsWireCanada TORONTO, Oct. 12 /CNW/ - TD Canada Trust has changed its mortgage rates, effective October 13, 2010. The changes are as follows: <<
Fixed Rates To: Change:
-----------
6-month convertible 4.45% N/C
1-year open 6.70% N/C
1-year closed 3.40% -0.10%
2-year closed 3.55% -0.15%
3-year closed 4.10% -0.15%
4-year closed 4.94% -0.10%
5-year closed 5.29% -0.10%
6-year closed 5.70% -0.10%
7-year closed 6.09% -0.10%
10-year closed 6.40% -0.10%

Special Fixed Rate Offers To: Change:
-------------------------
1-year closed 2.50% N/C
4-year closed 3.79% -0.10%
5-year closed 3.89% -0.10%
7-year closed 4.75% -0.10%
10-year closed 5.09% -0.10%
>>

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10.19.2010

Bank of canada mortgage rates

Bank of Canada maintains overnight rate target at 1 per cent OTTAWA - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.  The global economic recovery is entering a new phase. In advanced economies, temporary factors supporting growth in 2010 - such as the inventory cycle and pent-up demand - have largely run their course and fiscal stimulus will shift to fiscal consolidation over the projection horizon. While the Bank expects that private demand in advanced economies will become sufficiently entrenched to sustain the recovery, the combination of difficult labour market dynamics and ongoing deleveraging in many advanced economies is expected to moderate the pace of growth relative to prior expectations. These factors will contribute to a weaker-than-projected recovery in the United States in particular. Growth in emerging-market economies is expected to ease to a more sustainable pace as fiscal and monetary policies are tightened. Heightened tensions in currency markets and related risks associated with global imbalances could result in a more protracted and difficult global recovery.  The economic outlook for Canada has changed. The Bank expects the economic recovery to be more gradual than it had projected in its July Monetary Policy Report, with growth of 3.0 per cent in 2010, 2.3 per cent in 2011, and 2.6 per cent in 2012. This more modest growth profile reflects a more gradual global recovery and a more subdued profile for household spending. With housing activity declining markedly as anticipated and household debt considerations becoming more important, the Bank expects household expenditures to decelerate to a pace closer to the rate of income growth over the projection horizon. Overall, the composition of demand in Canada is expected to shift away from government and household expenditures towards business investment and net exports. The strength of net exports will be sensitive to currency movements, the expected recovery in productivity growth, and the prospects for external demand.
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10.18.2010

waste reduction week in ontario

This Week is Waste Reduction Week in Ontario and across Canada.

 

Waste Reduction Week, run through the Recycling Council of Ontario, aims to inform and engage people about the environmental and social ramifications of wasteful practices. It strives to educate, engage and empower everyone, especially students to reduce, reuse and recycle waste.

 

Waste Reduction Week is about ideas to reduce waste in all facets of daily living, creating the solutions to the many environmental challenges we face including climate change, water pollution and preservation of natural resources.

 

Ontario has created an informational video regarding Waste Reduction Week which can be found here: http://www.youtube.com/watch?v=y2gP7jWdrVY

 

If you would like more information on how the Ontario Ministry of the Environment is working to improve our environment you can contact me or visit the following link: http://www.ene.gov.on.ca/

 

Thank you,

 

Grahame

 

 

Grahame Rivers

Press Secretary

Office of Hon. John Wilkinson

Ontario Ministry of the Environment

 

o. 416 314 6736

c. 416 275 9149

e. grahame.rivers@ontario.ca

t. @riversgr




Types of business models

sole proprietorshipSimplest, oldest, and most common form of business ownership in which only one individual acquires all the benefits and risks of running an enterprise. In a sole-proprietorship there is no legal distinction between the assets and liabilities of a business and those of its owner. It is by far the most popular business structure for startups because of its ease of formation, least record keeping, minimal regulatory controls, and avoidance of double taxation.
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10.17.2010

Business term: synergy

 synergy

State in which two or more agents, entities, factors, processes, substances, or systems work together in a particularly fruitful way that produces an effect greater the sum of their individual effects. Expressed also as 'the whole is greater than the sum of its parts.' For example, two (or more) employees who excel together but are ordinary when working alone are said to have synergy.



10.14.2010

Cash positive

I'm working on a blackberry app to be sold on blackberry app world that will allow you to enter a purchase price and anticipated rent value. This will allow you to determine if the initial assessment of your listing should be sent to your shortlist or taken off the table right away.

The blackberry app will be connected to mls.ca and realtor.ca listings in later versions.

Once rim approves the blackberry app then I will provide the link to blackberry app world for you to review. It is currently being listed as a free blackberry app.
Sent wirelessly from my BlackBerry device on the Bell network.Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.

10.13.2010

Eco tax ontario

We recently had an email sent to us to provide more info on the eco tax in ontario. Here it is in full.

Hi, My name is Jonathan Rose and I work at the Ministry of the Environment.

I recently noticed your blog and thought I would say hi and provide some additional information about our simplified municipal hazardous waste program.

 This simplified program removes the confusion surrounding the eco-fees rolled out on July 1. Those fees are gone permanently. They will not be coming back. We are partnering with municipalities to divert fire extinguishers, rechargeable batteries, pharmaceuticals and sharps, CFL light bulbs, and products containing mercury. Consumers can now take them back to their municipal depot or their local Environmental Days easily and free of charge. This is the best way to ensure we divert more products from our landfills in a way that's transparent and easy for consumers. 

We held a media event in Toronto this afternoon. You can find our press release, a video and what every Ontarian can do to protect the environment athttp://bit.ly/dzmu64and of course, if you have any questions, I would be more than happy to answer them. 

Thanks, 
Jon
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10.08.2010

Living within your means

Don't bite off more  HOME than you can chew. How much house can you comfortably afford?

For most people the answer is a house with a purchase price of no more than 4x their annual household income. Rationale: the cost of a home includes much more than the monthly mortgage payment. It's also property tax, insurance, upkeep, etc.

Typically these costs run 2%-3% of the price of your home each year. Assuming a 20% down payment, a 5 year fixed rate mortgage, amortized over 35 years, and interest rates in the 4%-5% rate, the 4x your income rule of thumb will translate into total housing costs of roughly 30% of your gross income.

Don't let your CAR drive you to the poor house. The same logic applies to your car.

Most people can comfortably afford a car that is one-third of their annual income. If you make $60,000 you can comfortably afford a car that costs $20,000. If that seems low - now you know why so many people are in financial trouble. They are driving it. A car has many other costs than simply the monthly payment. There's insurance, gas, parking, maintenance, etc.

If you follow this rule of thumb, your total transportation costs should be 10% or less of your gross income. Read
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9.30.2010

Competition watchdog, real estate association reach agreement on flexibility - Winnipeg Free Press

 
Winnipeg Free Press  
 * Please note, the sender's email address has not been verified.
   
 
Real estate getting more competitive.

 
   
   
  Click the following to access the sent link:
   
 
Competition watchdog, real estate association reach agreement on flexibility - Winnipeg Free Press*
     
 
 
  SAVE THIS link FORWARD THIS link
 
 
   
Get your EMAIL THIS Browser Button and use it to email content from any Web site. Click here for more information.
   
   
  *This article can also be accessed if you copy and paste the entire address below into your web browser.
http://www.winnipegfreepress.com/business/breakingnews/competition-watchdog-real-estate-association-reach-agreement-on-flexibility-104112434.html

9.29.2010

Personal finance and personal time

How much is your time worth? I know someone that is so busy with two kids that they don't have enough time to organize their own tools for their own service truck.

I've developed a blackberry app that will allow real estate investors to weed out the bad deals from good prospects worth further research. I call it the 30 second real estate analyzer. It will allow you to enter the purchase price and expected rent values and then provide a stop light view telling you stop, caution, or proceed with more detailed number crunching.

So if you are a real estate investor then check it out at http://blackberryspecial.blogspot.com.

Happy investment hunting!
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9.28.2010

What is internet marketing?

Marketing efforts done solely over the Internet. This type of marketing uses various online advertisements to drive traffic to an advertiser's website. Banner advertisements, pay per click (PPC), and targeted email lists are often methods used in Internet marketing to bring the most value to the advertiser. Internet marketing is a growing business mainly because more and more people use the internet every day. Popular search engines such as Google and Yahoo have been able to capitalize on this new wave of advertising.internet marketing is in the Advertising, Marketing and Sales and Internet and Worldwide Web subjects.
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9.24.2010

Ndp and hydro rates

Can you believe that the ndp want to increase hydro rates? Maybe they should be living off of the grid.
I'd like to see their rationale instead of blindly accepting it.
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9.23.2010

Ocri and mobile apps at the mercury lounge

I attended an event today about making mobile apps as a profitable business venture. The event was hosted by rim (research in motion) and it was very enjoyable. The beef sandwiches were also quite tasty!

The main topic was if the panelist thought if a 99 cent app would be a profitable business model for mobile developers and businesses. The resounding answer was 'yes'.

I'm curious about the spinoff requirements for a mobile app industry. What will be the new jobs that are required in order to keep mobile apps going?

Would you target a 99 cent app over a 100 app on blackberry world or the iphone store? Would you focus on iphone, ipad or blackberry development?
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9.22.2010

Island Home For Sale

http://islandhomeforsale.blogspot.com

Island Home for Sale

Mls.ca Realtor.ca and a la services

So I'm finding out the hard way that a la carte real estate services are not offered fully across Canada.  There seems to be heavy usage in Ontario but the rest of the country is lagging behind.  I'm looking to find a realtor that will list my property on Realtor.ca and Mls.ca for a fixed fee.  This differs from a normal realtor service where they get 5% commission.  The new model that is slowly being pushed out in Canada goes something like this:

* fixed flat fee for 30-90 days
* 0-.0025% commission on sale price
* listed on MLS.ca and Realtor.ca
* cross promoted on the realtor's website

If you know of a company that does this service then send me their info and I'll list them here.

9.21.2010

mls.ca realtor.ca and a la carte service



The federal Competition Bureau has launched an aggressive attack on the Canadian Real Estate Association, challenging its rules governing the Multiple Listing Service and calling for a radical change in how homes are sold in Canada.
"Our concern is that [CREA] are improperly and unlawfully leveraging [their control over MLS] in order to impose these restrictions and to deny competitive forces and to deny good old-fashioned market competition," said Competition Commissioner Melanie Aitken. "This case is focused pure and simple: Let consumers have the choice, let agents have the opportunity to satisfy and serve those choices."
The MLS has been around for more than 50 years and only registered agents are allowed to list homes on the service. The MLS trademark is owned by CREA, which has nearly 100,000 members, and each real-estate board operates the service in their region. Roughly 90 per cent of all residential real-estate transactions in Canada involve MLS data.
The bureau has asked the federal Competition Tribunal to strike down a series of rules CREA adopted in 2007 that tightened the MLS listing requirements.
Ms. Aitken said the rules stifled competition because they restricted the type of services real-estate agents offered, which resulted in higher fees for consumers. Agents who wanted to offer a wider range of services, such as flat fees instead of traditional commissions charged by full-service agents, have been excluded from the MLS by CREA, she added. "What that means is consumers don't have any choice, it's either all [services] or nothing," she said.
CREA president Dale Ripplinger called Ms. Aitken's decision "surprising and disappointing," and said her allegations about the MLS restrictions were "simply false."
"We do not agree with the bureau's position that certain CREA rules are anti-competitive, either as a matter of fact or as a matter of law," he said in a statement. CREA has insisted the 2007 changes were meant to protect the integrity of the MLS and ensure consumers had accurate information.
Mr. Ripplinger added that CREA had always expressed a willingness to work with the bureau to clarify the MLS rules. He said the association notified the bureau last week that it had drafted rule changes.
Ms. Aitken said CREA's efforts did not go far enough. "Unfortunately, CREA's leadership has taken the view that they don't accept what we think is absolutely necessary to protect Canadians, to inspire the kind of competition we all deserve," she said.
Many industry players said the bureau has been building a case against CREA for three years and federal officials approached several real-estate agents up to half a dozen times seeking information.
"This is big news for us," said Steve Neil, a Vancouver agent who runs HomeBuyAndSell.com and has pushed for changes. "There is no question it will change things in the next several years."
Discount brokers, who mostly operate online, have long argued that CREA's rule changes were designed to put them out of business and protect full-service agents who rely on commissions, which average about 5 per cent in total on a residential sale.
Before the 2007 changes, some discount brokers offered to list homes on MLS for a fee, typically less than $700. The homeowner then handled the sale.
The CREA changes required all agents to inspect homes before listing them on the MLS and work with other agents throughout the sale. As a result, discount brokers say they could no longer offer their low-fee services and had to charge more to carry out the various CREA requirements.
Mr. Neil, for example, charges customers $299 to list their home on MLS, plus $79 for each week the house is listed. When the house is sold, he charges a fee of 0.25 per cent of the sale price. Mr. Neil said if the bureau wins its case, he would likely lower his fees and change his services.
"We would offer probably a sort of à la carte -type menu of services; if [customers] want them they can pay for them," he said. He also believes several American online services would expand into Canada.
"The consumer demand is phenomenal for this service," added Donald Hewie, a real-estate agent in Ottawa who has also been pushing for changes. "This could be the beginning of the end for CREA."
But others, such as Phil Soper, CEO of Royal LePage Real Estate Services, say consumers already have a significant amount of choice, and the bureau's move could create a "frontier mentality" that might leave consumers worse off.
"CREA has gone to great lengths to understand the bureau's concerns," he said.
By breaking off settlement discussions and publicly challenging CREA's practices, the bureau also appears to be signalling new and harder stand against anti-trust targets.
Shortly after Ms. Aitken was named commissioner of the bureau last year, she identified anti-competitive conduct as a priority for the regulator, which has been plagued for years by a poor enforcement track record.
MLS at a glance
The MLS - or multiple listing service - is a database of information about houses that are currently for sale.
Information is gathered by local real estate boards and compiled by the Canadian Real Estate Association, which owns the MLS system.
Years ago, the information was distributed to real estate agents on paper; then the service moved to an electronic form.
For more than a decade, some - but not all - of the information has been made available to the public on a CREA website (realtor.ca). But some details, such as past sale prices of properties, are restricted to licensed agents.
To get a listing on MLS, a seller must agree to have a licensed real estate agent handle all aspects of a transaction, including the presentation of offers and negotiation of the deal.
The Competition Bureau wants sellers to be able to list for a simple fee, and then deal with buyers themselves or go through a discount-priced agent.

Lock in to a fixed rate?

The assumption is that mortgage rates will increase in canada over the next 12 months. The dates and amount of increase are the million dollar questions.

Are you currently in a variable and watching the market each day? At what point will you lock into a fixed rate?

The main penalty is the ird and if its cost is greater than your planned savings then beware of breaking the mortgage. The numbers show that a 1year mortgage is traditionally the most effective but the annual paperwork can be a pain in the bum.
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9.20.2010

Credit cards and low interest

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9.19.2010

How to buy stock

Investors most commonly buy and trade stock through brokers.

You can set up an account by depositing cash or stocks in a brokerage account. Firms like Charles Schwab and Citigroup’s Smith Barney unit offer brokerage accounts that can be managed online or with a broker in person. If you prefer buying and selling stocks online, you can use sites like E-Trade or Ameritrade. Those are just two of the most well-known electronic brokerages, but many large firms have online options as well.

Once you open an account you will tell your broker how many and what types of stocks you’d like to purchase. The broker executes the trade on the your behalf. In turn, he or she earns a commission, normally several cents per share. Online trading sites typically charge lower commission fees, because most of the trading is done electronically.

After selecting the stocks that you want to purchase, you can either make a “market order” or a “limit order.” A market order is one in which you request a stock purchase at the prevailing market price. A limit order is when you request to buy a stock at a limited price. For example, if you want to buy stock in Dell at $60 a share, and the stock is currently trading at $70, then the broker would wait to acquire the shares until the price meets your limit.

While purchasing stocks through a broker has its advantages, there are other ways to buy stock. You can purchase stocks directly through the company. Sites like DRIPInvestor.com will show a list of companies that allow direct-buy of stocks.

9.18.2010

Investment properties: double down

You don't have to tell the average Canadian homeowner that real estate is a good investment. With very few exceptions, home equity has been building across Canada, and many Canadian homeowners have determined that two or more roofs are better than one. There are several reasons why a growing number of Canadians are purchasing investment properties:
 
1. Return on investment. Certainly, residential real estate is a solid long-term investment, typically appreciating faster than inflation. Even Canadians who have chosen their stock portfolio very carefully may find that their home is their best-performing investment. Many investment advisors recommend diversifying stock and bond portfolios to include real estate. Initially the goal is to have rental income cover all or most of the costs of the property. Over time the goal is to see an increase in the value of the real estate, with rent turning to profit once the mortgage is paid off. Expenses related to the property are of course tax deductible, offsetting the rental income
 
2. A pension plan for the future. Over the long term, an investment property or multiple real estate holdings can be a great source of retirement funds. Many Canadians do not have a pension plan, which means they need to take their own action to create sources of retirement income
 
3. A better alternative to student residence. Many Canadians are shipping off their university-age children, and housing them in an investment property purchased specifically for that purpose. They can save money on out-of-town accommodations for the student, and use revenue from other renting students to pay the mortgage and maintenance expenses.
 
4. Earlier access to a first home. For first-time home-buyers, a duplex or triplex can be a terrific way to get onto the home ownership ladder. Rental income from the extra units can help offset the cost of the mortgage as the new homeowners get on their financial feet.
 
Rules have changed however for investment property mortgages since the government's new mortgage rules that came into effect April 19, 2010. A minimum downpayment of 20% is required for an investment property i.e. you're not personally living in the property that you own, which is up from 5% prior to the new rules.  You can put down less than 20%, but you'll need to use an uninsured lender, which can mean higher interest rates. If you only have 1 to 4 properties, there are several CMHC lenders from which to choose from. Once you have more than 4 properties you need to start spreading out your business among several lenders so as to not reach the maximum number of mortgages a lender will approve per investor.
 
Other underwriting or qualifying rules have also come into play; Canada Mortgage & Housing Corp (CMHC), Canada's largest mortgage insurer, has changed the way they treat rental income in their debt service calculation, which can make qualifying more difficult.

Do I need an annual mortgage checkup?



A lot can happen in a year, especially during the "mortgage years", when we tend to be juggling many commitments in our busy lives. That's the reason why you should consider touching base with your mortgage each year.
Here are some of the common reasons why a mortgage may need some adjustment:
·       You're carrying some credit card or other high-interest debt that is eating away at your monthly cashflow and you are interested in consolidating this debt into your mortgage so you can pay less each month;
·       You're wondering if you can tap into some of your equity for a special renovation project to upgrade your home;
·       You're wondering if you can afford a vacation property, or are perhaps considering an investment property;
·       You're a bit concerned about a large expense looming in your future: for example, university tuition, a wedding, a leave from work, a new career or business, a big vacation or a new vehicle;
·       You're concerned with rising rates, whether to lock in or even break your mortgage to take advantage of today's amazing rates.

If any of these apply to you, then it would probably benefit you to take advantage of a mortgage checkup. There's typically no cost and no obligation. So what are you waiting for?  I'm doing one in December when my mortgage term will be compared against the next year's rate.

9.16.2010

Bed shopping for a guest room

I find that no matter when I go shopping for a big ticket item that I always need to visit at least 3 to 4 stores in order to find the best price.

When looking for a matress and boxspring there are numerous stores such as sears, the brick, leons, bedzzz, matress mart and sleep comfort.

This time of year they all have some type of sales promotion, especially for the back to school students.

Singles, doubles, queen, king. Foam top, no foam top, forget about the foam top. Free rails, cheap rails, no rails. Free delivery, no delivery...get the picture?

Anyway, mattress mart was the best option and they gave me 5 percent off for being a repeat customer and free pillows.
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9.15.2010

Smart saver in ontario

Have you heard about the smart saver energy fiasco in ontario? The notion of energy consumption in peak periods is a noble initiative for the province to tackle, but apparently they hit a snag.

A pilot was done in kanata and the home owners ended up having their power bills increased by 50 percent.

Was it a flaw in the energy consumption pricing model or was it a lack of energy consumption change? Either way I'm sure that it was not the expected marketing spin encountered from today.
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9.14.2010

credit limits


For some spenders, a credit limit is like a speed limit: the highest they can go without getting into trouble.
Credit scores place a big emphasis on how much of your credit you use every month. Called a credit utilization ratio, your score dips when that quotient climbs.
And your credit score doesn't distinguish between the balances you're paying off every month and those you don't. It only looks at the totals you're charging.
The bottom line for consumers is that if you want to keep your scores high, you need to keep those balances low.
How low can you go?


Want to calculate your utilization rate? Add up last month's card balances. Divide that by the total of all your credit limits on open credit card accounts. The two-digit number after the decimal point is your utilization rate.
Go back and do the same thing for each individual card, too. That's because the FICO score looks at how much of your total limit you're using with all your cards together, along with each card individually, says Barry Paperno, consumer operations manager for FICO, the Minneapolis company that produces the FICO score. Utilization rates count for almost 30 percent of your score, he says.
So just how low do those rates need to be? "It varies from consumer to consumer, depending on their overall profile," says Paperno.
"The lower that percentage, the better for your score," he says. The goal is not zero, but as close to that as you can manage.
"The people in this country that have the highest scores -- 760 and above -- have an average utilization of 7 percent," says John Ulzheimer, president of consumer education for Credit.com in San Francisco. He recommends keeping those balances to 10 percent or less of the credit limit.
And that's "reasonable," says Paperno. "If you're in that range, you're not going to get yourself in a lot of trouble, score-wise," he says.
One irony for consumers is that a zero balance can hurt your score. That's because the score rewards the individual who can use credit cards but keep the balances low, says Paperno. "But zero indicates that you are not using your cards," he says.
Some cards don't report credit limits to the bureaus. In that case, the entity calculating the score will often substitute the consumer's highest balance, which can make your utilization rate look higher than it truly is.


The best way to find out which cards report credit limits is to check your credit report, says Paperno.
The good news is that the practice of not reporting limits is becoming much less common. "Almost all -- at least with the major lenders -- report the limit," says Rod Griffin, director of public education for Experian, in Costa Mesa, Calif.
If you like living on plastic, you don't necessarily have to choose between a low utilization rate and the convenience of credit cards.
Charge cards that require you to pay the balance in full every month aren't included in your utilization rate in the most recent versions of the FICO score, says Paperno.
How to tell which is which: either call the issuer, or pull out that credit report again. If the notation for a card says "revolving," it's a credit card, says Paperno. If it states "open," it's a charge card.
But several credit experts say it doesn't pay to stress over utilization rates. "If you're keeping a low balance and your scores are fine, I wouldn't worry about that," says Griffin.
When it can pay to really look more closely at the equation:
  • You're a year or less from a major purchase, like a home or car. That's a good time to make sure the balances are paid down, and there's enough activity on the cards to give you the most advantageous score and terms.
  • You have unexplained card problems, like lower credit limits, declining scores and/or increasing APRs.
  • You've recently gotten a new card and want to see how it's impacting your score.

Your utilization rate isn't the only factor you want to consider if you're setting your personal card limits with an eye toward maintaining strong credit.

When you apply for a home or auto loan, those lenders will look at your debt load. But the amount of debt they'll accept will vary widely, says Chris Kukla, senior counsel for government affairs with the Center for Responsible Lending, in Durham, N.C.
Among other factors, lenders will look at your back-end ratio, which is the total of your payments for one month (car payment, college loans, credit cards, mortgage) divided by your gross income, says Kukla. When it comes to the credit cards, lenders will use the minimum payments based on the current balances, he says.
A few years ago, some lenders were satisfied with figures that went to 55 percent or 60 percent, Kukla says. These days, 40 percent to 50 percent is "on the high end," he says. Lenders want to know "that you're not spending more than half your income on debt."

9.13.2010

Beating transaction fees

Are yields the flavour of the month? What is your investment strategy?

Finances are based around those that are deep into debt and those that save. A 1000 lottery win would have most of us spend more and not pay down any debt.

What is your net worth?
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Canada sets condition for any China Potash bid

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Canada sets condition for any China Potash bid

Last Update: 9/13/2010 11:00:50 AM

OTTAWA (MarketWatch) -- Canada's Industry Minister said Monday that any move by a Chinese state-owned company to acquire Saskatchewan-based Potash Corp. of Saskatchewan (POT) would be reviewed to ensure the deal is driven by the market and not state interests. ...Read the rest of the story
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Buying on margin

Purchasing an asset by making a down payment (called the margin) and financing the balance amount through a loan by using the asset as the collateral (such as in a mortgage loan). In securities trading, only a down payment is required because the value of the securities themselves (which remain in the possession of the broker or seller) fully collateralizes the unpaid amount.
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9.11.2010

How to pick a home renovator for your home renovations


How to pick a home renovator If you‟ve been dreaming of adding an extra room to your house or repaving your driveway this fall, now‟s the time to book contractors – just make sure you do your homework first. Get references Check on a renovator‟s references before you hire him or her. Don Johnston, senior director of technology and policy at the Canadian Home Builders‟ Association in Ottawa, says most renovators will tell you about recent clients on their own. Meet with previous clients in person so you can see the work that was completed, he says.

Ask about the predictability of the budget and how changes were handled, he suggests. "Inevitably, there‟s going to be unexpected things along the way and how those were handled is a good indication of how they‟ll be handled on your project," he says. Most importantly, he says, asks how the company and its representatives treated the home. "Good renovators know that relations with their customers and respect for the house are what‟s expected today." Don't obsess over bids While some home owners think they need to get several bids and award a contract to the renovator who proposes the lowest price, Mr. Johnston says it shouldn‟t be the key determinant of who you hire. Instead, he suggests you interview several contractors and find out which you‟re most comfortable with. "There‟s no substitution for a trustworthy relationship with your renovator, because often there are unforeseens and all sorts of issues that come up with a project," he says. "You try to go with a low bid based on some general concepts of what you want to do and in the end it really doesn‟t give you any protection. It‟s who‟s building that‟s much more important than how you bid."

Ensure both parties have proper insurance If you‟re satisfied with your contractor‟s experience and projected budget, the next step is to make sure both you and the company have the right insurance. The contractor should have protection through the provincial workplace safety and insurance body. The average figure he recommends is $2-million in liability insurance. "You also have to inform your own insurance company that work is under way on your house," he says. It‟s unlikely you‟ll need to take out more insurance, but the company will let you know if there‟s anything extra that needs to be done. "If you‟re taking down trees and there‟s a risk, you need to be covered [for] the unforeseens," he says.

Get it in writing "Often, if a contractor is reluctant to sign a contract with you, it‟s a good sign that he or she is not a legitimate company," Mr. Johnston warns. Some contractors may also persuade you to do an upfront cash deal so that they can save you money by avoiding taxes, but be leery of such offers, he says. If the contractor takes off before the project is complete, you‟ll have no protection. When you draw up a contract (you can find draft ones on the Canada Mortgage and Housing Corp.‟s website), clearly lay out a timeline and goals of the project. " „When we‟ve got the roof on, we‟ll release a third of the payment, when you‟ve finished the interior, another third.‟ You can specify over a period of time based on milestones," he says. *And don‟t do this...turn down a good contractor because he asks for a deposit – no contractor should be expected to pay for supplies before starting work

9.10.2010

Canada's economic growth expected to continue in 2010

Canada's economic growth expected to continue in 2010: RBC Economics

Pace of growth revised downward due to U.S. economy

TORONTO, September 10, 2010 — After rapid gains in the early part of the year, Canada's economy slowed in the second quarter and is expected to rebound only modestly over the second half of the year, according to the latest Economic Outlook report from RBC Economics.

RBC slightly pared back its 2010 forecast, expecting GDP growth of 3.3 per cent which is down from 3.6 per cent projected last quarter.

"While Canada's second quarter growth put real GDP close to its pre-recession high, concerns in the U.S. and nervousness about the health of the global economy are weighing on the outlook for the second half of the year," said Craig Wright, senior vice-president and chief economist, RBC.

RBC forecasts that the economy will continue to grow and that the output gap will be completely eliminated by mid-2012. The labour market has recovered 94 per cent of the jobs lost during the recession and the unemployment rate is expected to decline to 7.3 per cent by the end of 2011, from the 8 per cent that prevailed the second quarter of this year.

With government infrastructure spending to be exhausted in the first quarter of 2011, there will be pressure on the private sector to fill the void and sustain economic growth.

GDP is expected to rise 3.2 per cent in 2011, down 0.3 percentage points from projections in last quarter's Outlook. RBC notes that core inflation has been stable through the economic downturn and expects it to remain anchored around the Bank of Canada's 2 per cent mid-range target.

"Global financial conditions have not been severely damaged by the European sovereign debt crisis as previously feared," said Wright. "With central banks pledging to do whatever is necessary to keep the recovery on track, interest rates will remain low, supporting business and consumer spending once confidence is restored."

RBC adjusted its U.S. GDP forecast to 2.7 per cent in 2010 and 3.0 per cent in 2011, compared to 3.1 per cent and 3.4 per cent the previous quarter, in light of the sharp weakening in real GDP in the second quarter and disappointing reports on the housing and labour markets over recent months.

According to the report, the Canadian dollar has been hurt by concern about the U.S. and global recovery continuing, with an attendant downward impact on commodity prices, and will likely remain under pressure until the risk of another downturn in the global economy dissipates. RBC forecasts that the Canadian dollar will close out 2010 at 93.45 U.S. cents and will again trend upward toward parity by mid-2011.

At the provincial level, RBC expects all provincial economies to grow in 2010; however, the downshift in economic momentum prompted growth forecasts for most provinces to be revised lower in 2010 with the exception of Saskatchewan (increased to 6.3 per cent from 3.8 per cent) and Alberta (up 3.5 per cent from 3.1 per cent). The largest downward revisions were made to Manitoba (down 0.9 per cent to 2.0 per cent) and Newfoundland & Labrador (from 4.1 per cent to 3.3 per cent). All other adjustments were fairly modest from June and are as follows:

  • BC: growth of 3.3 per cent, revised lower from
    3.5 per cent
  • ON: growth of 3.5 per cent, revised lower from
    3.8 per cent
  • PQ: growth of 3.0 per cent, revised lower from
    3.5 per cent
  • NB: growth of 2.3 per cent, revised lower from
    2.4 per cent
  • NS: growth of 1.8 per cent revised lower from
    2.2 per cent
  • PEI: growth of 2.1 per cent, revised lower from
    2.6 per cent

A complete copy of the forecast is available as of 8 a.m. EDT, at www.rbc.com/economics/market/pdf/fcst.pdf. A separate publication, RBC Economics Provincial Outlook, assesses the provinces according to economic growth, employment growth, unemployment rates, retail sales and housing starts.

 

9.09.2010

Home renovation and rain gutters or eaves troughs

Uncontrolled water can cause structural damage to a home's walls or foundation. Rain gutters (also called eaves troughs or guttering) provide an important channel to collect water from the roof and divert it away from the foundation or basement.Typical costs:• The average residential home has anywhere from 120 to 250 feet of rain gutters, depending on the number of stories and the amount of roof line. (Sprawling single-story homes have more roof edges and therefore more feet of rain gutters than more-compact two- or three-story houses.)• Expect to pay around $3 -$5 a lineal foot to have someone install vinyl (PVC) gutters, or about $360 -$600 for 120 feet and $750 -$1,250 for 250 feet. Vinyl gutters are a fairly simple do-it-yourself project; material alone run about $50 -$100 for 120 feet and $90 -$180 for 250 feet. Vinyl gutters maintain their color well, are flexible and dent-resistant and don't rust or corrode but they do get brittle with age and extreme cold.• Having aluminum gutters installed averages about $4 -$9 a foot plus downspouts at $5 -$8 each, or $500 -$1,200 for 120 feet and $1,050 -$2,400 for 250 feet. Do-it-yourself materials average $350 -$500 for 120 feet and $450 -$850 for 250 feet. Aluminum is fairly easy to maintain but it dents more easily than other gutter materials and expands (moves due to temperature changes) significantly more than other metals.• Mainly used in restoration projects, wood gutters are heavy to install and cost about $12 -$20 a foot, depending on the type of wood used, or $1,450 -$2,400 for 120 feet and $3,000 -$5,000 or more for 250 lineal feet.• Galvanized steel gutters are about $4 -$8 installed, for a total cost around $500 -$1,000 for 120 feet and $1,000 -$2,000 for 250 feet. Steel runs $8 -$10 a foot, or $960 -$1,200 for 120 feet and $2,000 -$2,500 for 240 feet. Stainless steel gutters--which are strong, rust-free and keep a high sheen for years--average $20 a foot, or $2,400 for 120 feet and $5,000 for 250 feet.• Copper gutters are low maintenance and do not rust; they tend to be a custom project at a $15 -$25 a foot or $1,800 -$3,000 for 120 feet and $3,750 -$6,250 for 250 feet. Copper develops a patina as it ages.What should be included:• Generally a contractor will remove the old gutters and downspouts and install new ones. The gutters must be slightly sloped so the water will flow into the downspouts.• The two main types of gutter systems are sectional and seamless; sectional gutters are easier to install and more likely to be a do-it-yourself project, but are more prone to developing leaks. Usually seamless gutters are professionally installed.
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Credit rating definition

Evaluation of the timely repayment ability of an individual, firm, or debt security (such as a bond). Credit rating is built up on the basis of the (1) credit history, (2) present financial position, and the (3) likely future income. Credit reporting agencies, such as the US firm Dun & Bradstreet, collect, store, analyze, summarize, and sell such information. Also called debt rating.credit rating is in the Banking, Commerce, Credit, & Finance subject.
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Ibm smarter energy and your personal finance

Ibm is working on an initiative to have smarter energy services. Smart meter systems will lead to predective analysis to help save energy costs and hopefully sopme of it will end up with you.

The global amount of wasted energy could power all of india.

Smart meters can lead to a 15 percent reduction or savings within the electrical grid.

Ontario has fixed energy prices for submitting energy to the power grid. The transferance of energy provides a key advantage.
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9.08.2010

Mortgage rate hike and increased rates in canada

Bank of Canada increases overnight rate target to 1%The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic recovery is proceeding but remains uneven, balancing strong activity in emerging market economies with weak growth in some advanced economies. In the United States, the recovery in private demand is being held back by high unemployment and recent indicators suggest a more muted recovery in the near term. Economic activity in Canada was slightly softer in the second quarter than the Bank had expected, although consumption and investment have evolved largely as anticipated. Going forward, consumption growth is expected to remain solid and business investment to rise strongly. Both are being supported by accommodative credit conditions, which have eased in recent weeks mainly owing to sharp declines in global bond yields. The Bank now expects the economic recovery in Canada to be slightly more gradual than it had projected in its July Monetary Policy Report (MPR), largely reflecting a weaker profile for U.S. activity. Inflation in Canada has been broadly in line with the Bank's expectations and its dynamics are essentially unchanged. Against this backdrop, the Bank decided to increase its target for the overnight rate to 1 per cent. As a result of monetary policy measures taken since April, financial conditions in Canada have tightened modestly but remain exceptionally stimulative. This is consistent with achieving the 2 per cent inflation target in an environment of significant excess supply in Canada. Any further reduction in monetary policy stimulus would need to be carefully considered in light of the unusual uncertainty surrounding the outlook.
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Mortgage rate hike and increased rates in canada

Bank of Canada increases overnight rate target to 1%The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic recovery is proceeding but remains uneven, balancing strong activity in emerging market economies with weak growth in some advanced economies. In the United States, the recovery in private demand is being held back by high unemployment and recent indicators suggest a more muted recovery in the near term. Economic activity in Canada was slightly softer in the second quarter than the Bank had expected, although consumption and investment have evolved largely as anticipated. Going forward, consumption growth is expected to remain solid and business investment to rise strongly. Both are being supported by accommodative credit conditions, which have eased in recent weeks mainly owing to sharp declines in global bond yields. The Bank now expects the economic recovery in Canada to be slightly more gradual than it had projected in its July Monetary Policy Report (MPR), largely reflecting a weaker profile for U.S. activity. Inflation in Canada has been broadly in line with the Bank's expectations and its dynamics are essentially unchanged. Against this backdrop, the Bank decided to increase its target for the overnight rate to 1 per cent. As a result of monetary policy measures taken since April, financial conditions in Canada have tightened modestly but remain exceptionally stimulative. This is consistent with achieving the 2 per cent inflation target in an environment of significant excess supply in Canada. Any further reduction in monetary policy stimulus would need to be carefully considered in light of the unusual uncertainty surrounding the outlook.
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Blackberry and iphone apps and saving money

Have you been able to find any good blackberry or smartphone apps to download? I'm looking at some of the key personal finance areas that could benefit from a new app. Let me know at businessintelligencecentre@gmail.com if you find any worthy of mentioning here.
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9.07.2010

Back to school moeny savings tip # 1

If you want to actually feel full and stay within a healthy balanced diet, then I highly recommend making your lunch the night before. Get rid of that frozen food crap and make some fresh food. You'll end up saving money and you'll feel full longer.
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9.06.2010

Should you carry multiple credit cards?

Consumers may be dialing back on their credit card usage, but there are still plenty of good reasons to carry multiple credit cards.

Although there's no one-size-fits-all answer as to how many credit cards consumers should have, taking a good look at your own financial situation and spending patterns can help determine what's best for you.

Here are a few reasons to consider having several credit cards:

Sense of security
Having more than one major credit card can help you feel more secure. Carrying multiple credit cards in your wallet means that if something goes awry, like a credit card purchase won't go through or an ATM eats your card, you have another one to fall back on. In addition, not all retailers and service providers accept all credit cards, and you don't want to be stuck somewhere without a way to pay for a purchase.

Some consumers use a dedicated credit card for online shopping. It can make it easier to keep track of fraudulent activity or limit damage if you become a victim of identity theft.

Or you might want to keep a spare card tucked away safely at home or in a bank safe-deposit box in case your wallet gets stolen or you lose your main card.

Rewards and discounts
Some consumers want a wallet full of credit cards that offer rewards for purchases. These can include perks for travel, entertainment, shopping and services.

Gasoline station credit cards often offer lower gas prices for those who use their card for gas purchases. And many retailers offer percentage discounts off purchases or coupons to entice consumers to use a particular store's credit card.

Boost credit score
While people may fear having several credit cards looks bad to lenders, managing several cards responsibly helps show you're a good credit risk. Lenders look at your debt-to-limit ratio, or the proportion of your available credit you actually use.

Paying your bills on time or paying off your credit cards can bolster your credit score.

9.04.2010

hurricane earl power outage nova scotia

 
Here is a table to show when power will be restored in Nova Scotia due to hurricane earl


9.03.2010

Kids and finances

From time to time, I like to eat only foods that are orange. It was something I started in college. I know it sounds odd, but this just happens to be my only odd habit. The rest of the time, I am completely normal.

 

Recently it was orange food day for me, so I was at the grocery store buying my cheese doodles, orange soda, boxed macaroni and cheese, and carrots. As I was waiting in line, there was a mother in front of me with her little girl and she was teaching her daughter how to make a purchase. It brought memories back to me of my own mom doing the same with me.

 

I am sure everyone has a recollection of learning about money: how to estimate how much money is needed for a purchase; figuring out what change you should get back; and how to save for that coveted action figure, comic book, or, in my case, an “Easy-Bake Oven”. Who doesn’t remember having a piggy bank or a jar for saving money for those “I have to have it, or I will simply die” moments of our youth?

 

Kids today have more money than ever to spend on snacks, clothing, and games/toys. One website that I visited states that more than 10 million--40 percent of the Nation's children and youths between ages 10 and 18--receive regular allowances or handouts from their parents or guardians, averaging $50 per week. I found that statistic surprising. As a kid, I considered myself lucky when my parents raised my allowance to a dollar. With that kind of cash in the hands of kids today, it is even more important that they learn from a young age how to handle money.