Personal Finance

How to Apply for a Mortgage Online in Canada

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Are you looking to apply for a mortgage online?

With technological advancement, it’s never been easier to apply for and get approved for a mortgage right from your home, and without the need for a face-to-face meeting.

Some things you need to prepare before applying for a mortgage online, are as follows:

– A reputable credit score, and

– Proof of income

How to Survive a Layoff?

employee leaving a job

A layoff is a traumatic experience. I experienced it first hand, 9 years ago, roughly a year after migrating to Canada.

In the Philippines, there’s no such a thing as lay off, well at least before the pandemic hit. I was never laid off from a job before. Like most people experiencing this surprising event, my initial reaction was to panic. Realizing that I could qualify for Employment Insurance (EI), I panicked less but I needed to come up with a plan fast!

Losing a job means losing your income source, and you have to be quick to get another one to maintain your household’s financial security.

In Canada, being laid off is just part of the game, yes, even after your probation period. If the company you work for experiences some difficulties, the lower-ranked employees are always the first ones to go.

How to Open a Self Directed TFSA

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This article aims to answer the frequently asked question from new self-directed investors:

How to open a self-directed TFSA?

Generally, there are two options you can consider when opening up a TFSA, one is through an independent broker, and the other, through a financial institution, like banks and credit unions.

Self-directed TFSA is a different breed, this is aimed at those who would like to take matters into their own hands, manage their own funds, and save on management fees on the process.

Opening a self-directed TFSA is simple, and quite straightforward. All you have to do is visit an online brokerage website, like QuesTrade,  and sign up for an account.

Once your account is approved, simply select TFSA as your account type, and you’re off to the races.

Furniture Financing: A Good Idea or Potential Disaster?

is financing furniture a good idea?

If you’re in the market for new furniture, then you probably know that there are a multitude of decisions to make. From size, quality, color, and more… you just have so many options that it’s really hard to make the right decision, but is financing furniture a good idea? To finance or not is the most important decisions among all your furniture purchase decision making road blocks. Furniture in Canada can be quite expensive compared to the rest of the world, especially if you’re buying high-ticket items like couches, beds, and dining tables. And since, it’s such an expensive purchase, most Canadians won’t have cash readily available for outright furniture purchase. Knowing this fact, the furniture stores came up with furniture rent to own schemes to “help Canadians buy the furniture of their dreams”. For many, this may seem like the best option as it allows you to make major furniture purchases without having the cash upfront. Yes, take this home for a fairly low monthly payment. I’m pretty sure you came across one of these offers and you may not be 100% convinced as to whether or not financing furniture is a good idea, so you decided to make a quick google search on the subject. Just like any major financial decision, there are pros and cons in financing furniture. The answer isn’t so simple but understanding what financing means for you can help to clarify if wether or not it’s your best choice. How Does Furniture Financing Work? …

Furniture Financing: A Good Idea or Potential Disaster? Read More »

Understanding Personal Financial Risk Management

financial risk management strategies

Risk is inherent in all aspects of our daily lives, yet is an often overlooked piece of the financial puzzle. Oftentimes, you’ll hear financial risk management strategies applied to business operations and investments, this is because risk management is so important to the survival and success of businesses and investment portfolio; its importance, however, is rarely emphasized to individual personal financial planning, and while business and investment growth are important, personal financial conservation and success equally is, and that is the focus of this article. Understanding Risks Risk is the possibility of loss, in most cases, of an asset that could potentially cause financial hardships to an entity, individual, or family. As an economic being, you may own a lot of assets, some are important, some aren’t as important. There are a lot of different risks that may affect ones’ financial well-being, due to loss of one or more assets. Driving to and from work on a daily basis, for example, presents a lot of risks to you, your loved ones and your vehicle. In Canada, you can’t drive a vehicle without insuring it and you have to go through a stringent driver-licensing certification before you could operate one as a licensed-driver. That’s because taking a vehicle on the road presents such a high-risk to yourself and others. Should something happen on the road, a lot of assets and lives are at risk. To protect yourself against the financial obligations of such a risk, proper driver certification and the implementation …

Understanding Personal Financial Risk Management Read More »

Welcome to SmartWealth Blog!

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This is where we’re going to post, 100% free-content to empower clients like you make well-informed financial decisions from spending, budgeting, money management, asset protection to wealth-building strategies. As independent financial advisors in Canada, our team is dedicated to helping Canadians achieve a good financial future and we believe, financial education plays a crucial part. By reading this blog, you will be more informed both as a product and a financial consumer, before you even talk with a financial advisor; thereby making sure that your interest is well represented.

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