Credit Counselling Archives - Page 7 of 70

Quit Gambling For Your Health and Happiness

Posted on April 28, 2017June 20, 2023 by Jordan Rumanek

Prioritize Your Health and Happiness: Quit Gambling Today

Now is the time to prioritise your health and happiness by quitting gambling. The digital era has exponentially increased the avenues for gambling, leading to a significant rise in problem gambling. Gambling often leads to a solitary and pleasureless existence, enveloped by anxiety, dread, panic, and both mental and physical distress. The misconception that gambling provides a form of enjoyment is misleading—gambling is not a savior, it is the source of suffering. Studies show that divorce rates among problem gamblers are twice as high, and the suicide rate is twenty times higher. Continued gambling alters the brain’s chemical balance, preventing us from deriving joy from regular everyday experiences, creating only an illusion of euphoria.

Do not fall for the idea that gambling is a well-earned reward after a hard day’s work. This notion that it offers true pleasure is flawed. Identify the trap and consider more valuable uses for your money. Addiction leads us into a cyclical trap, causing us to seek relief from the very source that induces our stress. No gambler truly maintains control or exhibits genuine happiness or enjoyment. Life as a non-gambler is considerably more fulfilling.

In conclusion, there are countless reasons to quit gambling, but the most crucial include: increased self-esteem, the ability to enjoy authentic pleasures again, enhanced stress coping skills, boosted confidence, and improved financial stability.

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.

Joint Loans

Posted on April 21, 2017April 12, 2016 by Jordan Rumanek

Joint Loans

If you are considering co-signing for a loan, credit card or line of credit with another person, it is imperative to research your responsibilities. If you co-sign, the lender will consider you to be a joint borrower, and you become equally responsible for repaying any balances owing on the loan. If the primary borrower is unable to pay the debt, the bank or lender can demand that any borrower and or co-signer listed on the loan or credit agreement pay the entire amount. Also, keep in mind, for certain credit cards, the terms may state that authorized users such as, for example, secondary cardholders can be held responsible for any outstanding balances, even if they did not sign the credit card application. Be sure to read the credit agreement carefully and make sure that you fully understand who is responsible. If you aren’t sure, ask.

If you decide to co-sign for a loan, credit card or line of credit from a federally regulated financial institution, you also have the right to receive the same information about the loan from the lender. For example, if you co-sign for a credit card with another person, the lender must give each of you copies of the credit agreement and the monthly statements, unless you consent to waive this right. This, in turn, allows you to keep track of the status of the loan—whether the other borrower is making payments or if the terms and conditions have changed. In order to guarantee you protect yourself as a co-signer, ask the primary borrower to purchase insurance to pay back the debt in the unfortunate circumstance they pass away. In this circumstance, the primary borrower can name you as the beneficiary on a life insurance policy for an amount that will allow you to pay back the loan. In sum, understand your rights and responsibilities before you co-sign and be certain you read the loan agreement carefully to protect yourself from financial disaster.

Tax Credits and Benefits for Seniors: Part 2

Posted on March 10, 2017April 12, 2016 by Jordan Rumanek

Tax Credits and Benefits for Seniors: Part 2

Ontario Drug Benefit Programs: Each year, millions of Ontario residents receive drug benefits from Ontario’s drug programs. The province has five different programs seniors can apply for depending on needs: Ontario Drug Benefit Program (ODB), if eligible, may pay for the majority of cost of your prescription drugs, New Drugs Funding Program for Cancer Care (NDFP) may cover the costs of newer intravenous cancer drugs. Third, the Special Drugs Program (SDP) may provide funding for specific drugs used for certain diseases and conditions. Fourth, inherited metabolic diseases program (IMD) may pay for certain drugs, appropriate supplements and specialized food to treat metabolic disorders. Finally, the government offers the Visudyne Program, this program may pay for the specific drug that slows the eye disease called age related macular degeneration. It is important to find out if you are eligible and apply to these programs because the cost of your prescription drugs may be covered by the province of Ontario.

Trillium Drug Program: This program helps people who have high prescription drug costs relative to their household income. You will however have to pay a small amount 4 times per year and this is called a deductible. The amount of your deductible is based on your household income. For most people, the deductible equals about 4% of your household’s combined net income. In addition, if you have high prescription drug costs and a low household income you may be eligible to pay $2 or less for every prescription. The pharmacist will charge you this fee and the fee is called a co-payment. You need to download: Application for Ontario Drug Benefits and the information package: A Guide to your Application: Ontario Drug Benefit (ODB).

Reduced Co-Payment for Lower Income Seniors: It is important to research all possibilities for tax credits and benefits—particularly when you are a senior. Depending on your annual income, you may be able to have the ODB $100 annual deductible waived and have your co-payment reduced per prescription.

Ontario Guaranteed Annual Income System (GAINS): If you are 65 years old or older and receive the federal Old Age Security pension and the Guaranteed Income Supplement payments, you could get up to a maximum of $83 per month to ensure your income stays above a certain amount. GAINS ensures a guaranteed minimum income for Ontario seniors by providing monthly payments to individuals who qualify. The monthly GAINS payments are on top of the federal Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) payments you may receive.

Strong Communities Rent Supplement Program: Low to moderate income households, including those requiring support services, can apply for a rent-geared-to-income subsidy to help make housing affordable.

Tax Credits and Benefits for Seniors: Part 1

Posted on February 10, 2017February 19, 2017 by Jordan Rumanek

Tax Credits and Benefits for Seniors: Part 1

Healthy Homes Renovation Tax Credit: If you are 65 years old, and over you could get up to $1,500 to help with the cost of making your home safer and more accessible. The Healthy Homes Renovation Tax Credit is a permanent, refundable personal income tax credit for seniors and family members who live with them. If you qualify, you can claim up to $10,000 worth of eligible home improvements on your tax return. The amount of money you get back for these expenses is calculated as 15 per cent of the eligible expenses you claim. For example, if you spend and then claim $10,000 worth of eligible expenses, you could be eligible to receive $1,500. The Healthy Homes Renovation Tax Credit can help with the costs of improving safety and accessibility in your home. Explore the interactive house below for examples of changes you could make. Seniors and their family members at all income levels are eligible.

Home and Vehicle Modification Program: It is possible to receive money to help with the cost of making your home and vehicle more accessible if you have a disability that restricts mobility. This money is a last resort option due to the minimum amount of cash in this program. However, the maximum government contribution for home and vehicle modifications is $15,000 per client for home modifications and/or $15,000 per client for vehicle modifications. The government contribution may be spent on the following goods and/or services: design schematics and professional fees of contractors, architects or other professionals needed to plan construction or installation. In addition, the equipment and supplies needed for the approved modifications, the cost of any warranties and the installation of any equipment, the approved structural alteration of the home and/or vehicle, including labour and/or training on the use of equipment, provided by the contractor/ supplier/ vendor.

Ontario Senior Homeowners’ Property Tax Grant: If you are 64 years old and over and own your own home, you are eligible to receive up to $500 to help with the cost of property taxes each year. You are eligible if your family net income for the previous year was $35,000 or less. The amount you receive is adjusted if you make between 35,000-50,000 and you are not eligible if you make over $50,000 per year. Here is how you apply for the grant: You complete the application for the Ontario Trillium Benefit and Senior Homeowners’ Property Tax Grant, which is part of your personal income tax and benefit return. You have to report the amount of property tax you paid on line 6112 on the ON-BEN application. Remember to use total property taxes paid including the municipal and education property taxes.

Category: Credit Counselling

Quit Gambling For Your Health and Happiness

Prioritize Your Health and Happiness: Quit Gambling Today

Joint Loans

Tax Credits and Benefits for Seniors: Part 2

Tax Credits and Benefits for Seniors: Part 2

Tax Credits and Benefits for Seniors: Part 1

Tax Credits and Benefits for Seniors: Part 1

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