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Feb
25

3 Ways to Eliminate Bad Debts

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In our previous blog, “Bad Debts to Eliminate,” we identified which of your debts are considered bad debts. All credit card interest, high interest loans, non-deductible mortgages and family or friend debts with no repayment structures are considered bad debts. If you have one or several of these bad debts, how are you going to eliminate them? There are 3 ways for you to successfully eliminate your bad debts. • Create a Closed Circle Budget and stick to it. A closed circle budget is a type of budget which has a set amount of obligations, necessities and wants. You set these...
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Feb
20

Bad Debts to Eliminate

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In the previous blog, we talked about the difference between a good debt and a bad debt. And as mentioned, you need to make a plan to eliminate your bad debts. Before making plans, you need to know exactly which of your debts are bad debts. The following are the bad debts you must eliminate: • All credit card interest• High interest loans, notes and credit lines• Non deductible loans, notes and credit lines• All non deductible mortgages• Family or friend debts with no repayment structureImportant note: There are various ways for you to eliminate these bad debts. You can talk...
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Feb
18

Good Debt VS Bad Debt

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Did you know that some debts can be advantageous to you? Yes, not all debts are created equal. If managed properly, some debts can help you achieve Wealth!So how do you determine which ones are good debts and which ones are bad? Here are the distinguishing factors of each type of debt. Bad Debts: - consumer- non-deductible- high interest- are debts you payExamples of bad debts are credit card debt and high interest loans and credit lines. Good Debts:- have assets attached- tax deductible- can be used as leverage for Capital and Investing - are debts paid for youAlthough a Mortgage...
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Feb
12

When to file your taxes

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The deadline to file their 2019 tax return for most individuals is April 30,2020. This is also the deadline for all individuals including the self-employed and their spouses or common-law partners to pay any amounts due. For those who are self-employed or those who have a spouse or common-law partner who is self-employed, the deadline to file your tax return is June 15, 2020. Again, make sure you pay any amount you owe by April 30, 2020 to avoid interest or penalties. After April 30, the CRA will start charging interest on any amount you owe until your balance is paid....
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