This story was originally titled "30 Simple Ways to Improve Your Finances" in the November 2007 issue. Subscribe to Canadian Living today and never miss an issue!
5 things you need to know about mortgage brokers
1. A mortgage broker works with a variety of brokers to find the best mortgage and rates for your financial needs.
2. The best way to find a broker is through word of mouth.
3. Make sure your broker is flexible and works with a variety of financial companies. David Moulds, an independent financial adviser in Edmonton, says this is beneficial because not all lending institutions have the same criteria, not all financial institutions have the same products or services and everyone has different needs and wants.
4. Ask for multiple references and make sure the broker is licensed.
5. As long as you are flexible on which trust or financial company takes on your mortgage, a mortgage broker will find you the best mortgage product to fit your needs.
by Sara Ditta
4 ways to benefit from changes to the registered education savings plan
1. The annual $4,000 contribution limit has been eliminated.
2. The lifetime contribution limit has jumped from $42,000 to $50,000 per child for 2007 and subsequent years.
3. The cap for annual contributions that qualify for the 20 per cent Canada Education Savings Grant has increased from $2,000 to $2,500, resulting in an increase in the grant from $400 to $500.
4. Part-time students with at least 12 hours of class per month will be able to withdraw up to $2,500 per each 13-week semester from their RESP.
by Andrea Davis
2 ways to check your credit rating
Your credit rating is an important tool for qualifying for loans or credit and provides a picture of your financial health. Check your credit report once a year to confirm the accuracy of your personal and financial information, such as your loan payment history. It's easy to do. Here's how.
1. View your credit report online with Canada's two major credit-reporting agencies: Equifax (www.equifax.ca) and TransUnion (www.transunion.ca). Equifax charges $15.50 for the online service; TransUnion charges $14.95.
2. For a free report send in a request form by mail (the form is available online) with photocopies of two pieces of identification. You'll receive a full report in the mail in about two weeks.
If you spot any errors, contact the agency and correct the information. By doing this you can also make sure that you have not fallen victim to identity theft.
by Sara Ditta
3 ways to save on car insurance
Jean-Pierre Gagnon, director of underwriting and actuarial services at the Canadian Automobile Association (CAA) South Central Ontario, recommends the following tips to get you driving with more money in your pocket.
1. Check the cost of insurance before you buy a vehicle. High-end cars, such as sports cars and SUVs, have higher premiums because they're more likely to be stolen.
2. Choose the highest deductible you can afford. Insurance rates cost less when you choose a higher deductible. If you have an older vehicle, consider the vehicle's value versus the insurance costs. You may want to drop certain coverages, such as comprehensive and collision.
3. Take advantage of discounts by combining auto insurance with home insurance or by insuring more than one vehicle with the same company. You may also be eligible for discounts if you're a member of an automobile association, part of a professional organization, an alumni from a particular university or if
your employer has an arrangement with an insurance company.
by Sara Ditta
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