January - 2023

The advantages and disadvantages of an open mortgage

Jan 31
2 min

The advantages and disadvantages of an open mortgage

An open mortgage is a type of mortgage that allows you to make extra payments and increase your payment amount without incurring penalties. Here are some of the advantages and disadvantages of an open mortgage. Advantages: Flexibility. With an open mortgage, you have the flexibility to make extra payments and increase your payment amount without incurring penalties. This can be useful if you have extra cash on hand or if your financial situation changes and you're able to aff

The Benefits of a Budget for Car Buying and Ownership

Clement Chung

Jan 30
2 min

The Benefits of a Budget for Car Buying and Ownership

Budgeting is an important part of car buying and ownership. A budget can help you make smart financial decisions and avoid overspending on your car. Here are some of the benefits of a budget for car buying and ownership. First, a budget can help you determine how much you can afford to spend on a car. By setting a budget, you'll be able to figure out how much money you have available for a down payment, monthly payments, and other car-related expenses. This can help you avoid

The Role of Critical Illness Insurance in Estate Planning

Clement Chung

Jan 29
2 min

The Role of Critical Illness Insurance in Estate Planning

Understanding How It Can Benefit You and Your Loved Ones Critical illness insurance is a type of insurance that provides a lump-sum payment if you're diagnosed with a covered critical illness. In the context of estate planning, critical illness insurance can be an important tool for protecting your finances and providing for your loved ones if you're diagnosed with a critical illness. Here's a look at the role of critical illness insurance in estate planning and how it can be

The Role of Power of Attorneys in Estate Planning

Clement Chung

Jan 28
2 min

The Role of Power of Attorneys in Estate Planning

Understanding Your Responsibilities and Rights A power of attorney (POA) is a legal document that gives someone else the authority to make decisions on your behalf. In the context of estate planning, a POA can be an important tool for ensuring that your wishes are carried out if you're unable to make decisions for yourself. Here's a look at the role of power of attorneys in estate planning and what you need to know about your responsibilities and rights. First, it's important

The Role of Old Age Security in a Comprehensive Retirement Plan

Clement Chung

Jan 27
2 min

The Role of Old Age Security in a Comprehensive Retirement Plan

Old Age Security (OAS) is a government-funded pension program that provides a basic level of income to seniors in Canada. While OAS is an important part of Canada's retirement income system, it's not intended to provide all the income you'll need in retirement. Here's a look at the role of OAS in a comprehensive retirement plan. First, it's important to understand what OAS is and how it works. OAS is a monthly pension that's available to most seniors who are 65 years of age o

The impact of RESPs on financial aid and scholarships

Clement Chung

Jan 26
1 min

The impact of RESPs on financial aid and scholarships

The impact of Registered Education Savings Plans (RESPs) on financial aid and scholarships can vary depending on the type of aid or scholarship your child is eligible for. RESPs are considered assets of the child, so they may be taken into account when determining financial aid eligibility. This means that if your child has a large RESP, they may be considered to have more financial resources and may be eligible for less financial aid. However, the money in an RESP is not con

Clement Chung

Jan 25
2 min

The pros and cons of a closed mortgage

A closed mortgage is a type of mortgage that has a fixed interest rate and a set term. This means that your monthly payments and interest rate will remain the same throughout the term of the mortgage. Here are some of the pros and cons of a closed mortgage. Pros: Stability and predictability. With a closed mortgage, you know exactly what your monthly payments will be for the duration of the term. This can make it easier to plan your budget and manage your finances. Fixed inte

How to Save Money for a Down Payment on Your Next Car

Clement Chung

Jan 24
2 min

How to Save Money for a Down Payment on Your Next Car

Saving money for a down payment on your next car is a smart financial decision. A down payment can help you get a better interest rate on your car loan, and it can also reduce your monthly payments. Here are some tips and strategies to help you save money for a down payment on your next car. First, set a savings goal. Decide how much you want to save for a down payment, and set a timeline for achieving your goal. This will help you stay motivated and on track. Next, create a

How to Choose the Right Critical Illness Insurance Policy

Clement Chung

Jan 23
2 min

How to Choose the Right Critical Illness Insurance Policy

Tips and Strategies for Ensuring Adequate Coverage Critical illness insurance is a type of insurance that provides a lump-sum payment if you're diagnosed with a covered critical illness. Choosing the right critical illness insurance policy is important, as it will ensure that you have adequate coverage if you're diagnosed with a critical illness. Here are some tips and strategies to help you choose the right policy. First, consider your needs. Different policies cover differe

How to Choose a Power of Attorney: Tips and Strategies for Ensuring Your Wishes are Carried Out

Clement Chung

Jan 22
2 min

How to Choose a Power of Attorney: Tips and Strategies for Ensuring Your Wishes are Carried Out

Tips and Strategies for Ensuring Your Wishes are Carried Out A power of attorney (POA) is a legal document that gives someone else the authority to make decisions on your behalf. Choosing the right person to be your attorney is an important decision, as they will be responsible for making decisions that affect your life. Here are some tips and strategies to help you choose the right power of attorney. First, consider your needs. Different types of POAs have different uses, so

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