There are always some people who try to take advantage of others. Be careful with anyone who phones offering a deal, asking for money, or saying you won a contest. Never give out personal information. Don’t respond to people who request money or your personal information (especially banking information) over the Internet. Unfortunately, some people will try “scams” to take money from others. Learn more
When you find a home you want to buy, you put in an “offer.” A real estate agent can represent you.You can put certain conditions in your offer for a home. Having a professional inspect the property before closing the purchase is a good condition.“Conditional on financing” can give you time to arrange a mortgage. In some cases, there may be more than one offer on a home so you may be competing with other interested buyers. Learn more
You can open a Registered Retirement Savings Plan (RRSP) at any financial institution to save for retirement. Money invested in an RRSP is tax deductible and grows tax-free until withdrawn.At age 71, you must convert the RRSP into a Registered Retirement Income Fund (RRIF) or buy an annuity. Talk with a financial advisor or someone at your financial institution.They can help you with your RRSP investment. Learn more
Take good care of your personal papers, especially papers about your identity, banking, credit cards, and bills. Keep these in a safe place.You wouldn’t want such information to get into the hands of others.Tear up such papers before throwing them away. Many office stores sell “shredders.” It is a good idea to shred personal papers before throwing them away.
When you buy a newly built home, certain things are guaranteed. For example, the builder is responsible for certain repairs or changes that might be needed. Inspect your new home carefully.You may want to visit the site while it is being built to examine the quality of construction. Guarantees are good for a set time only so find out how long the work will be guaranteed. For more information, go to the Canadian Home Builders’ Association web site at http://www.chba.ca.You can also get more helpful information from the Canada Mortgage and Housing Corporation’s website at http://www.cmhc-schl.gc.ca
The amount of tax-deductible money you can put in an RRSP each year depends on your income, how much you have contributed in previous years, and how much you have contributed to a private pension plan.The Canada Revenue Agency will be able to tell you how much tax-deductible money you can contribute to an RRSP in the coming year. Learn more
Be very cautious about e-mails you receive that offer you deals, products, and prizes or appealing for help. Most are trying to take advantage of you. Never e-mail personal banking or credit card information to anyone unless you are sure that you can trust them. Never fill in forms or provide personal information on a website unless it is a site you know and trust.The Government of Canada has a Canadian Anti-Fraud Centre to help protect Canadians from frauds and scams.You can find this help at http://www.antifraudcentre-centreantifraude.ca/english/home.html.
Many people in Canada rent their home rather than buy it.They may rent a house, townhouse, condominium, apartment, and so forth.To rent or lease, you will usually need to sign a lease with a landlord. Leases are often signed for a period of one year. If you need to “break the lease”—that is, move before the year is over—there may be a cost.The landlord is the owner or manager of the property.
Credit Education Week is around the second week in November each year. Efforts and activities are undertaken in this week to help Canadians handle credit and debt wisely. For more information, visit the website of Credit Canada: Debt Solutions at www.creditcanada.com.
Be aware that job advertisements may occasionally be false. It may be a scam by one or more people trying to get you to submit a job application which provides them with your personal information first.Try to make sure the job ad is a real one by calling the company and checking first.