If you sign a lease to rent a property as your home, the lease will indicate such things as how much rent you will pay per month as well as what will be included, such as utilities like hydro, gas, and cable TV. Check a lease carefully before signing it. Keep a copy of your lease in case you need to refer to it.You may want to consider renters’ insurance to protect yourself should there be fire, damage or theft while you are renting.
You can save money for your children’s future education in a Registered Education Savings Plan (RESP).The federal government will match some of the money you save each year.The lower your level of income, the more the government may contribute. RESP money is not tax-deductible. However, there is no tax on any gains on investments in the RESP. Also, check into the “Canada Learning Bond.” If you earn below a certain level of income, the government may provide more support for paying education costs. Learn more
Many newcomers to Canada start their own small businesses. It isn’t easy to start and run a successful business. Governments in Canada will try to help people who have good ideas and a desire to start a new business.There are programs and services, including grants and loans, available but it can be a challenge to complete the application forms and qualify. Learn more
The person paying rent to live in a property is called the tenant or lessee.The person who owns/manages the property is called the landlord or lessor. Both the tenant and landlord have rights.Visit DayPlanner web site – Link #134 to review the rights of both.
Having a car can help improve your chances of getting a job.With a car you may be able to get to and from a job that would be difficult otherwise. Some jobs also require the use of a car. At the same time, there are costs to owning, operating, and maintaining a car. Compare the costs with the benefits before investing in a car.
If you are looking for answers to your questions about banking, credit cards, etc., the Financial Consumer Agency of Canada can help.You can visit their site at www.fcac-acfc.gc.ca
When a person signs a lease to rent a property, it is often for a period of a year. Some leases are month-tomonth. Some can be for longer than a year.At the end of a lease, a new lease can be signed if the landlord and tenant agree on the terms of the new lease. In some cases you may be able to rent from month to month, without a lease. If you do, you should have some agreement in writing with your landlord.
“Compound interest” enables savings to grow more quickly over time. For example, if you invest $1,000 at 5% for one year, your money becomes worth $1,050 at the end of that year.The next year, you earn 5% on $1,050—the principle plus the interest. By earning “interest on your interest,” your money “compounds,” or grows faster.To determine how long it will take money to double in value, use the “Rule of 72”—divide 72 by the rate of return. If you earn a 6% return on an investment it will double in 72 ÷ 6 = 12 years.
Identity theft is a crime that is growing worldwide. It happens when someone gets your personal information and pretends that they are you.They might use your name to take out a loan, use your credit card to make a purchase, or access your bank accounts to withdraw money. Protect your personal information.
Before signing a lease to rent a property, you should check the following: • The term of the lease—how long you are agreeing to pay rent for • The monthly rental charge • Whether or not utilities (electricity, gas cable,TV, Internet) are included • If there is parking and, if so, is there an added cost • If there is snow removal/lawn services • Details on garbage pick up and property maintenance • Is there an inspection before you move in—so you can check that everything is in good order