Having bad credit can affect your ability to buy a new car, purchase a home, and it can even interfere with your ability to secure a job.  Building a solid credit history can be tricky, but there are proven ways to build credit so you can give your score a much needed boost. Check out these 4 smart ways to build good credit: Get educated Building good credit is not just about getting a couple of credit cards.  There are many factors involved when calculating your credit score.  These include payment history, amounts owed, length of credit and types of credit...
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Here’s more information if you are buying or selling your home.Home buyer’s plan: The home buyer’s plan is a program that allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year and you have up to 15 years to repay the amount you withdraw. Note that your first repayment starts on the second year after the year you withdrew the funds from your RRSPs. You are qualified for the Home Buyer’s Plan if...
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If you bought or sold your home or plan to buy or sell your home soon, here is the information you need. Principal Residence Exemption: If you sold your principal residence last year, you should have claimed the principal residence exemption when you filed your taxes last April. This provides you an exemption from tax on any capital gain from the sale. Starting with sales in 2016, you are required to report basic information on your income tax return when you sell your home if you want to claim the principal residence exemption. Basic information such as the date you acquired...
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On our previous blog, we covered some basic information regarding child care expenses such as its definition, which expense qualifies and who can claim the expense. In this blog, we’ll look into other important information on child care expenses such as for whom you can claim the expenses and which payments you can claim. For whom can you claim child care expenses? You can only claim child care expenses for an eligible child. An eligible child is your or your spouse’s or common law partner’s or a child who was dependent on you or your spouse or common law partner and...
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