A line of credit is a loan with no interest free period. Interest starts the day you are granted a loan. There are two types of lines of credit: secured and unsecured. Secured as in home equity with lower interest, unsecured as in personal or student loans.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Reducing your net income when you turn 65 you are eligible to receive Old Age Security (OAS) based on your income. Thus, it might be best to minimize your net income for tax purposes.
If your spouse/common-law partner is in a lower tax bracket compared to you, you should make RRSP contributions to a spousal RRSP to pay less tax as a couple.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Have a discussion with your adult children about pre-arranging funeral plans and costs. Decide to name your spouse as power of attorney for finances and your alternate can be your child.
Have a discussion about health care costs in the future and how you will pay for those. Update your will and discuss whether or not you will leave your children the estate in a trust.
Are your children in the highest tax bracket? This makes a difference and you should discuss this. Find out about a spousal trust in individual names—to ensure the inheritance does not impact eligibility to Old Age Security.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Happy New Year!! What an amazing idea to make a decision or joint decision this January to spend close to nothing—preferably nothing. This time of year is difficult financially for almost everybody and it will be easier than you think to stop spending altogether—for the time being. Get your family and friends involved! Make your priority spending only groceries and cut that grocery list. You have many items in your cupboard, freezer and fridge to plan ahead every week and spend the bare minimum. Make a meal plan every week, freeze soup, casseroles and vegetable dishes. Try and organize potlucks with other people or another family. When considering entertainment, get dressed warm and get outside, go skating, sliding, hiking —there are dozens of free, fun outdoor activities. If the cold outdoors is not your thing, research free indoor events or invite people over to your home. Use up your gift cards, if needed, this month and make sure you return all items you do not need or want—it’s amazing how much money we get back when we remember to return items we do not need. You have 31 days in January to make the most of each day and challenge yourself to not spend money. The less you spend, the more you save for bills and hopefully savings for the rest of the year. Practice positive money spending habits now and you will feel empowered to make this year your best financial year to date. Good Luck! Spend Less! Feel Great!!
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
A line of credit is a loan with no interest free period. Interest starts the day you are granted a loan. There are two types of lines of credit: secured and unsecured. Secured as in home equity with lower interest, unsecured as in personal or student loans.
Elderly & Tax Planning
Elderly Parents & Adult Children
New Year: Debt Solutions