Always keep safety top of mind during this time. Here are some safety reminders from leading Canadian utility, Enbridge Gas Distribution:

Yard Safety
When planning projects that require digging, such as planting a tree or building a fence, remember that natural gas and other utility lines could be buried in your yard – and it's the law to locate them before you dig. They will coordinate with member utilities to locate underground lines, mark them, and leave a locate sheet providing instructions on how to proceed safely.

Make sure you landscape carefully near gas meters and regulators and ensure soil does not touch them as this could result in corrosion and cause a gas leak.

Blocked Sewer Safety
Plumbers, municipal sewer operators, property managers and property owners are also reminded to contact Ontario One Call before attempting to clear a sewer blockage beyond the walls of a building. There could be a gas line intersecting with the sewer line. If rotating or water jetting equipment comes in contact with a natural gas line, it could cause damage which can potentially result in a gas leak, fire, or explosion. Once advised, an inspector will visit your home within two hours to determine if there is a potential safety issue.

Pool Heater Safety
With pool season in full swing, now is the perfect time to have your pool heater serviced. Like other fuel-burning equipment, pool heaters need to be maintained regularly to work safely and efficiently. A licensed heating, ventilation, and air conditioning (HVAC) contractor can assist you with service and any questions you may have.

Source: News Canada

• Know how much you can afford—Before beginning your house search, take time to review down payment options, household income, current debt, estimated monthly housing-related costs and closing costs.
• Work with a budget—Budgeting and setting a maximum amount on how much you are willing to spend are key to ensuring you can buy your first home and still live within your means. Know where your money is going and how much you have to spend within the parameters you've set for yourself.
• Do your research—Friends, family members and online websites can offer you helpful tips and personal advice. Also, consider reaching out to a mortgage agent for further details and information.

Source: News Canada

• Never accept money, guarantee a loan or add your name to a mortgage unless you fully intend to purchase the property. If you allow your personal information to be used for a mortgage, even for a brief period, you could be held responsible for the entire debt even after the property is sold.
• Always know who you are doing business with. If you are buying or selling a home, use only licensed Real Estate Agents and other industry professionals. And never sign anything until you know exactly what you are signing.
• Determine the sales history of any property you are thinking about buying, and consider having it inspected and appraised. Ask for a copy of the land title search, and find out if anyone else has a financial interest in the home. If a deposit is required, make sure the funds are held “in trust” by the Vendor’s Realty company or lawyer / notary.
• Get independent legal advice from your own lawyer / notary. Talk to your lawyer / notary about title insurance and other alternative methods of protection.
• To protect yourself from identity theft, never give out your personal information until you know who you are dealing with and how your information will be used. Review your mail, bank statements and other financial statements on a regular basis for inconsistencies. Shred or destroy all personal and financial documents before you throw them away. And inspect your credit report on a regular basis by contacting Equifax Canada at www.equifax.ca or TransUnion Canada at www.transunion.ca.
• Most importantly, be wary of anyone who approaches you with an offer to make a quick profit in real estate. Remember: if a deal sounds too good to be true, it probably is.

This information is available in eight languages at www.cmhc.ca/newcomers

If you suspect that you or someone you know has been the victim of real estate fraud, contact your local police department immediately. For information on fraud prevention or any other aspect of owning, maintaining or buying a home, visit the CMHC Web site at www.cmhc.ca or call 1-800-668-2642.

The Canada Revenue Agency has a provision that allows you to deduct the costs of  moving, if you are doing so to for  a job or for full-time study at a university, college or other type of course at a post-secondary  level.  You can claim other costs associated with selling your old residence as well: advertising, notary or legal fees, real estate commission as well as that dratted mortgage penalty “when the mortgage is paid off before maturity.” 

Keep the receipts and fill out form T1-M Moving Expenses Deduction. For tax purposes, the mortgage penalties get lumped under “other selling costs, specify” on Line 16 of the T1-M form. 

Keith Brooks in media relations with the CRA says the earlier in the year you move, the better, since you can only claim deductions from the employment or self-employment income you earned at your new work location.

How much  might you see for this eduction? Gena Katz, Executive Director at Ernst & Young LLP, says a rule of thumb is: “For someone with taxable income of about $50,000 to $60,0000 (after deductions including RRSP) the moving expense deduction provides a benefit of about 31 per cent of the cost. For someone with taxable income between $90,000 and $100,000 it's about 43 per cent. . For income of $30,000 to $35,000 it's about 20 per cent."

That’s a pretty good return. For those dinged by the Interest Rate Differential (IRD) but who moved over 40km away for a new job or to pursue higher education, take solace that some of that money will be returned when you fill out your 2011 income tax return.

The Toronto Star, Monday, March 19, 2012 page B4

It is often easy to narrow down the specific elements you want in a house, besides providing a roof over your head. How many square feet is it, does it have a lawn, is it in a great location; but it is important to consider your budget when dreaming up your ideal dwelling. Since this is your first house, you can take advantage of the Home Buyers' Plan which allows you to withdraw up to $25,000 from your registered retirement savings plan to buy or build a qualifying home.

Once you've finally chosen a house and put down the deposit, all that's left to do is pack up your belongings. Then, once tax season rolls around, you may be able to claim $5000 as the first-time home buyer's amount. This is a non-refundable tax credit representing tax savings of up to $750.

“If you are a First Time Home Buyer, contact us and we'd be happy to help you secure a mortgage.”

Winter

• Install affordable plastic window-sealing kits, especially where you feel drafts.

• Install foam gaskets behind electrical outlets and switches to reduce air leakage.

• Close the fireplace damper tightly when it's not in use. If you use your fireplace regularly, consider adding a well-designed insert.

• Replace or clean furnace filters at least once every three months.

Spring

• Consider larger home improvements like replacing windows that are best completed when the weather is nice. Consider adding spray foam insulation (like innovative Icynene) to your attic or in other areas of your home where the summer heat can infiltrate. You can start saving up to 50 per cent in energy costs all year long.

• Is your air conditioner old or on its last legs? Before things heat up, consider investing in an energy efficient Energy Star-rated unit. Consult an expert to ensure the size of the unit is properly matched to the needs of your home.

Summer

• Add window coverings to block sunlight during the day, so your air conditioner doesn't have to work as hard.

• Replace inefficient incandescent lighting with more efficient compact fluorescent or LED lighting that also produce less heat.

• Check your hot water tank. If it's warm to the touch it might need some extra insulation. Check your home improvement store for inexpensive pre-cut tank jackets or blankets.

Fall

• Check insulation levels where you can, like the attic or the floor of a room over the garage. If you didn't get to it in the spring, install spray foam insulation to seal around openings and penetrations that let air flow in and out of your home.

• Use caulking, sealant and weather-stripping to create a barrier against air and water around doorframes, windows and baseboards. Choose the right caulking for the surface.

• Insulate your hot water pipes to reduce heat loss. It may enable you to reduce the temperature setting on your hot water tank.

“A family needs a budget that everyone can follow,” “Ensure you track expenses and plan for costs. This will help you save more and spend less.” 

Here are a few ways to get your family budget on track:

Recurring expenses. Track your monthly spending on your home, food, transportation, utilities and loans. Consider giving to charity on a regular basis too.

Occasional expenses. Birthday gifts, entertainment, dining out, school trips and clothing can quickly add up. Ensure you watch these expenses closely.

Emergencies. Build up some savings in an emergency fund. A rule of thumb is three months of your income.

Save for the future. Put some money aside for a new home, car or family vacation. Remember to contribute to an RRSP and RESP. Paying off debt should be a priority too.

Consider asking a financial advisor to help you plan and budget friends.

Special Ends December 2nd and Must Fund before December 12th

Limited Time Offer

Contact our office for details and how to apply today?

info@homeguardfunding.com
1 (800) 225-1777
Online Application

 
In the Fall 2010 and 2011 editions of the CAAMP survey, consumers’ opinions were sought on several issues, related to housing and mortgages, that have taken on high profiles in the media. The consumers were asked to what extent they agree with various statements, on a 10-point scale: a response of 10 indicates that they agree completely with the statement and a response of 1 indicates they disagree completely. Average scores of 5.5 would indicate neutral opinions.

The table below summarizes the responses. Results are presented in substantially more detail in the body of the report (starting at Page 9). For all of the questions, responses varied widely, and it is challenging to generalize about consumers’ attitudes. Highlights include:

• The statement that found the highest degree of agreement (an average rating of 7.98 out of 10) is that “as a whole, Canadians have too much debt”. Almost one-half (46%) gave ratings of 9 or 10, showing very strong agreement with this statement.

This, coincidentally or not, has been asserted repeatedly by senior government officials and other voices in the news media.

• There is also agreement (average rating of 7.11 out of 10) that “low interest rates have meant that a lot of Canadians became homeowners over the past few years who should probably not be homeowners”.

• However, different perspectives were found with several other questions.

• There is a widespread opinion that “real estate in Canada is a good long-term
investment”, which received the second highest rating, an average of 7.27 out of 10.

Click here to read a copy of the whole article.

Attend a ceremony. Back in grade school, mandatory assemblies kept us on track with the purpose and significance of Remembrance Day. But with age comes responsibility, and without your teacher's insistence, it can become difficult to stay accountable. Give your respect to those who fought and continue to fight for your freedom by scheduling time to attend a ceremony or watching one on television.

Poppy pride. From the last Friday in October to November 11, pin a poppy on the left lapel of your garment or as close to the heart as possible. This will publicly remind you of what it represents and will also encourage others to do the same.

Thank soldiers personally. Send a letter or card to express your appreciation. Mailing addresses are listed on the Department of National Defence website. You can also post a message to troops on the site's message board.

Put others first. Follow the example of Canadian soldiers who aim to bring peace and security to countries in need and do your part to help others.

Despite the common occurrence of these illnesses and no matter how many times your child gets sick, each case can be just as stressful as the last. Identifying whether your child has a cold or the flu can be tough, as symptoms can be similar.

The common cold is a mild infection of the respiratory passages that often leads to runny nose, sneezing and watery eyes. The symptoms of the flu are typically more severe than a cold, and affect the entire body. Symptoms of the flu may include: chills, fever, body pain and headaches.

Finding effective and safe treatments can also be a challenge for parents. With Health Canada's restrictions on the use of cough and cold medicines for children under the age of six, parents are often unsure of how they can help their child battle cold and flu.

Some natural health products, such as Coryzalia, Stodal and Oscillococcinum from Boiron Canada, have been approved by Health Canada and may be used for the treatment of coughs and colds in children and help relieve their symptoms with no known side effects. A little extra TLC, warm baths, extra rest and consumption of clear fluids will also help your child on the road to recovery. Used together, Health Canada-approved medicines and home remedies can help your child effectively tackle their symptoms, having them back to good health in no time.

So let's shake something other than our empty piggy bank this year. Shake up our old habits. Try something new. Don't spend so much money on lattes. That $600 fill–in–the–blank fad? It shall pass. Just blink a few times. If you have some money to put away, try the new kid on the block: the Tax–Free Savings Account. It's an investment vehicle that's a bit more flexible than an RRSP, and a bit more lucrative than a plain old savings account.

Tax–Free Savings Account:

• $5,000 in new contribution room every year.

• Buy different types of investments.

• Interest and capital gains you make are tax–free.

• Unused contribution room accumulates.

• A home inspection could helpevaluate

How can we fund this longer retirement? “The easy answer is either through an increase in contributions, or higher returns on your investments,” says Bob Gorman, Chief Portfolio Strategist for TD Waterhouse.

“However, in reality that can be difficult: people have a natural tendency as they age to make lower-risk investments, which can reduce the chances of higher returns.”

Getting an early start on retirement savings and making regular contributions is probably the best way to ensure you have savings in place when it's time to stop working. Bob Gorman offers tips to get started—or to help maximize your current retirement investments:

Make sure you have a plan.

Know what your goals are and determine what financial steps are needed to get there. An experienced financial advisor can help you build a custom plan suited for your personal situation, as well as help you manage it.

Contribute regularly.

Monthly contributions can help you reach your total annual contribution goal. Investigate taking advantage of payroll deductions for an RSP if offered by your employer.

If short of funds, consider a loan for your RSP contributions.

The tax deferred compound growth on your investments could potentially outweigh the interest costs.

Evaluate your investment portfolio regularly.

Analyze your asset allocation and assess if it’s appropriate for your required return, time horizon and risk tolerance, as well as if you’re on track to meet your goals.

(Source: News Canada)

Decorations for special events, most often involving candles, such as those found in jack-o'-lanterns, account for an average of 800 home fires in North America, causing nearly $4 million in direct property damage every year.

To keep your house from being haunted with potential insurance woes, here are some Halloween preparation tips for preventing fires and other insurance claims.

Practice fire safety: When setting up spooky electrical decorations and lighting, ensure that electrical outlets are not overloaded. Consider battery or solar powered jack-o'-lanterns.

Make sure your walkways are safe: Although darkness may set the Halloween mood, keep walkways well lit and obstruction free to reduce the risk of injury and allow many guests to walk through simultaneously.

Check your insurance coverage: While homeowner policies generally will cover you and your property on Halloween, it is a good idea to contact your insurance broker to ensure you have the right amount of coverage—especially with hundreds of visitors to your home.

(Source: News Canada)

Blended Payment:  A mortgage payment that includes principal and interest. It is paid regularly during the term of the mortgage. The payment total remains the same, although the principal portion increases over time and the interest portion decreases.

Closed mortgage:  A closed mortgage cannot be paid off, in whole or in part, before the end of its term. Many closed mortgages limit prepayment options such as increasing your mortgage payment or lump sum prepayment (usually up to 20% of your original principal amount).

Conditional offer:  An Offer to Purchase that is subject to specified conditions, for example, the arrangement of a mortgage. There is usually a stipulated time limit within which the specified conditions must be met.

Lien:  A claim against a property for money owing. A lien may be filed by a supplier or a subcontractor who has provided labour or materials but has not been paid.

Link home:  A link, or carriage home, is joined by a garage or carport. The garage or carport gives access to the front and back yards. Builders sometimes join basement walls so that link houses appear to be single-family homes on small lots. These houses can be less expensive than single-family detached homes.

Variable mortgage interest rate:  Fluctuates based on market conditions but the mortgage payment remains unchanged.

• Determine your net worth - Take your assets (cash, investments, savings, vehicles and other items you own) and subtract your liabilities (car loans, lines of credit, overdrafts and credit cards). A positive number is a good sign that you may be ready to purchase your first home. Also check out some of Homeguards calculators available!

• Obtain mortgage pre-approval - There are many different mortgage options available on the market today. Thoroughly investigate the terms and rates available, and once you have settled on a rate, term and amortization period, apply for mortgage pre–approval with your lender. Mortgage pre–approval presents you as a serious purchaser, to both real estate agents and sellers.

• Hire a real estate agent - Top agents have extensive experience and demonstrate dedication and commitment to helping their clients. Our agents have a vast network of qualified real estate agents, if you would like a referral please don't hesitate to ask. You can also explore real estate sites to read profiles on agents, including their areas of expertise and languages spoken. A real estate agent will have knowledge of accurate, real–time market data to leverage your negotiating position, as well as access to properties often even before they are listed on MLS.

As we literally “break the fast” of 8 to 12 hours without eating, the body and brain need to refuel. A balanced breakfast not only kick-starts the metabolism, it sets us up for a more successful day. More than a quarter-century of research supports a positive link between breakfast and mental alertness and physical performance.

Families count on cereal for convenient, affordable nutrition, too, making it a popular breakfast choice among parents. In fact, ready-to-eat cereal is the preferred breakfast in many countries and the choices keep getting better. The taste, nutrition, simplicity and affordability of Kellogg cereals (just 50 cents a serving for cereal and milk) explain why they are a mainstay in nearly 77 per cent of Canadian homes.

What many parents may not know is that cereal is also an extremely nutritious choice. Cereal ranks as one of the best choices available as it is typically low fat and a nutrient dense food with many essential vitamins and minerals such as iron, B vitamins and zinc. Cereal also delivers the important benefits of grains, including fiber. Add to that the fact that kids and adults who regularly eat cereal tend to have lower body mass indexes and are less likely to be overweight than those who eat cereal less frequently and parents can be confident that are choosing a healthy breakfast option.

1. Status Certificate: This document should be a condition in any agreement to purchase. It includes important information such as monthly expenses, pending legal actions and other matters, including how much the condo has in reserve funds, which could affect future fees. It also includes the documents governing the condominium: the declaration, by-laws and rules & regulations. These documents govern many aspects of condo life. You should become familiar with them, as they may affect your lifestyle. Can you have pets? When can you use the swimming pool? Can you wash your car in the garage or barbecue on the balcony? Discuss your concerns with your real estate lawyer and ask for advice
   
   
2. Special issues for new developments: For those who purchase pre-construction or in a new building, there is a whole other set of variables. When will the amenities be ready? Will there be phasing? This could mean additional buildings on the same site, and more people using the facilities. What are your interim occupancy rights until the condo is registered? Knowing this can avoid complications when selling or renting your units
   
   
   
3. Property rights: As the condo owner, you own the interior space of the dwelling unit inside the condominium. However, the building walls, surrounding land, fences and facilities are usually owned in common with other owners in the complex. Your real estate lawyer can explain what property rights you will have when it comes to your parking space, locker and balcony/patio.
   
   
4. Condominium governance: It's typical for a board of directors made up of elected condo unit owners to oversee the workings of the condominium. This governing body has a great deal of influence over how the building is run. If possible, learn as much as you can about the board, including how you can get involved in decisions that will affect your lifestyle and property value

Canada's housing affordability did slip for a second consecutive quarter this year as a result of higher home prices and mortgage rate increases.

Affordability across the country remains close to historical norms, however, rapidly eroding affordability in the Vancouver-area market is skewing the national picture.

Since the start of 2011, the Greater Vancouver Area directly accounted for up to one-third of the deterioration in affordability at the national level. Vancouver's market continues to be in a class by itself for unaffordable housing. Strong demand in higher-end pockets of this particular market has catapulted prices to unprecedented levels. "Vancouver's housing market is without a doubt the most stressed in Canada and is facing the highest risk of a downturn," added Wright.

Market segments that also faced some affordability pressures in the second quarter included: the two-storey home category in Quebec (Montreal), Ontario (Ottawa and Toronto) and Saskatchewan. At the other end of the spectrum, Alberta remains an attractive province to would-be homebuyers, as owning a home in a market such as Calgary is very affordable.

"Renewed turmoil in global financial markets has caused heightened uncertainty with respect to the pace of global growth and we need to factor this into our outlook for the Canadian housing market," said Wright. "However, this volatility might have a silver lining; housing affordability in Canada may not deteriorate as quickly or by as much as we previously expected."

• Ontario: Although existing home sales eased in the second quarter, sellers remained in the driver's seat in many local Ontario markets, leading to continued house price increases. This raised the cost of homeownership in the province. RBC measures increased between 1.1 and 2.0 percentage points, further reversing some of the declines registered in the latter half of last year. Still, affordability in the province is not being overly strained.

• British Columbia: Affordability in the province deteriorated as home values appreciated further in the second quarter. The primary contributor to this significant decline was hefty price gains for bungalows. Measures for B.C. rose between 1.0 and 5.7 percentage points in the quarter - the largest increases in the country.

• Alberta: Housing affordability continues to be attractive in Alberta despite rises in measures - the lowest among provinces between 0.5 and 1.3 percentage points. Homebuyer demand has been stuck in low gear; existing home sales, new home construction and home prices continue to exhibit flat trends. Going forward, attractive affordability, robust growth and rising employment will act to shore up confidence in Alberta's housing market.

• Saskatchewan: Price increases for two-storey homes and bungalows weighed on Saskatchewan's housing affordability in the second quarter. RBC measures for these two categories rose the most in more than two years - by 2.8 percentage points and 2.0 percentage points, respectively. At this point, affordability levels have moved further above long-term averages for the province, potentially causing some strain for homebuyers.

• Manitoba: Housing affordability has continued along in the 'neutral zone' in Manitoba this quarter. RBC measures experienced a modest deterioration in the latest quarter - ranging from 0.7 to 1.2 percentage points. This rise in homeownership costs may have contributed to cooling in spring home resale activity, though major flooding in the province likely caused some disruptions in certain areas. Before spring, Manitoba's existing home sales registered the best first quarter ever, led by strong gains in Winnipeg.

•  Quebec: Affordability has been a mixed bag in Quebec so far this year. The cost of owning freehold homes slipped for two successive quarters and the cost of owning a condominium apartment did not change materially. In the second quarter, RBC measures for bungalows and two-storey homes climbed 1.0 and 1.8 percentage points, respectively. The measure for condos barely rose (up only 0.2 percentage points). Divergent affordability patterns were reflected in home prices.

• Atlantic: Rather flat market activity kept gains in property values in Atlantic Canada at bay, which limited the deterioration in housing affordability in the second quarter. RBC measures rose between 0.9 and 1.2 percentage points across the region. Atlantic Canada continues to have a long-standing affordability advantage relative to most other Canadian markets. The Atlantic Canada market was resilient during the 2008-2009 down turn and is well positioned to weather possible adversity going forward.

Before the 'end of summer' and 'back–to–school' blues set in, take the long weekend to explore, enjoy and indulge in the finer things in life.

Take the family and make weekend of it; taking in the natural wonders with a bike ride along winding trails. Get out of the city on a camping or fishing trip. Enjoy a boat ride, relax on the deck, and finish the day off with a barbecue and campfire at the cottage.

Here are some ideas on how you can give back and help others around you within the community:

• Organize a fundraiser with family, friends and others.  Have a 'Potluck dinner' is a great way to bring everyone together while collecting donations for a charity of choice. Set a goal of how much money you wish to raise and from there hold 'Silent auctions along with raffles to help reach your target.
• Charity walks and runs are another active way to enjoy the last of the warm weather. Make it a group event and participate in annual events in your community.

Source www.newscanada.com

In today's rising interest rate environment, a rate guarantee is an important item on your home buying checklist. Guaranteeing the best rate gives you peace of mind and helps you save money on one of the biggest purchases you'll ever make.

Source www.newscanada.com

What is a digital wallet? It is a service that allows you to access money from your bank accounts, credit cards and other sources (like a PayPal account) to pay for items or send money to people with your computer, smartphone or Internet-connected device.

The convenience of having access to your money anytime, from almost anywhere and device is one of the biggest reasons the service is gaining momentum. More than 4 million Canadians already use PayPal as their digital wallet.

1. Buy goods on the go:  Purchase items with your smartphone in just a few clicks. No need to enter credit card numbers, shipping addresses and billing details. You can also feel good about the fact that PayPal never shares your financial information with stores or businesses you buy from.

2. Transfer money on the spot: Quickly chip in for your exact portion of a restaurant bill. A digital wallet means that you can transfer money to your friend right at the table, without overpaying or running to an ATM.

3. Avoid ATMs and banking fees: 60 per cent of Canadians don't want to find a bank machine every time they need to pay someone back. With a digital wallet, ATMs and banking fees can be avoided. With PayPal it is free to send money to virtually anyone in Canada using your PayPal balance or bank balance.

Security Tips:

• Passwords – Set a password for your cell phone to lock the phone either after some period of time or inactivity or at a certain time each night.
• Security lock Code – Lock your phone when it is not in use.
• Erase History – Don’t allow your cell phone to store data in your browsers for long periods of time.
• Encrypt your information – Encrypt your information if you must keep personal information on your phone.

Source www.newscanada.com

Sounds great, but how do I get involved?

Many young Canadians are interested in volunteering or taking a more active role in their community, but they don't know how. The Duke of Edinburgh's Award offers young people a balanced, non-competitive program o

f voluntary activities that encourages personal discovery and growth, self-reliance, perseverance, responsibility to themselves and service to their community. The program is op

en to all young Canadians between the ages of 14 and 25, regardless of circumstances or abilities.

The Award is unique since it allows participants the flexibility to choose the activities that best suit their interests and abilities. And, the criteria for achieving the Bronze, Silver and Gold levels are based upon individual effort and improvement.

How does it work?

Young people earn The Award by achieving goals in four areas: community service, skills development, physical education and an adventurous journey. To help increase the accessibility of the program, the TD Waterhouse Investing in Youth initiative provides funding for local field officers who introduce The Award to communities and provide support to participants. Twoof the specific areas of focus for Investing in Youth is encouraging inner-city youth and youth with disabilities to take part in the program.

Constantly being nickled and dimed when trying to save money can be frustrating,

Whether you're trying to invest for retirement, or simply conduct daily banking transactions, you shouldn't have to worry about your money being eaten away by fees. Thankfully, consumers have options. Canadians who are looking for no fee, low–cost, simple products now have more choices than ever before.

How to keep more of your money in your pocket:

1. Opt for a no–fee chequing account: Paying your bills and making purchases with your debit card can sometimes add up to several transactions a month. No–fee chequing accounts, like Thrive Chequing, a new account from ING Direct, give you unlimited transactions and bill payments with no fees and no minimum balances.

2. Find an account that makes it easy to move your money: A tax–free savings account (TFSA) and RSP are great tools to help you save for the future and your retirement. But be cautious of financial institutions that charge you a fee for transferring your TFSA or RSP accounts to another bank.

3. Shop around for your investments: Choosing a mutual fund shouldn't be like picking out your socks in the morning. It requires a little bit of research, but it doesn't have to be complicated. Fund fact sheets provide information on the cost of owning a mutual fund, a summary of the stocks and bonds your fund holds, and a breakdown of fees. Online comparison tools allow you to put two mutual funds side–by–side and see which ones are providing the best value for your money.

However, a Verico Homeguard Funding Ltd. mortgage professional can help you plan for the future should interest rates rise.  You can not only save thousands of dollars over the life of your mortgage but shorten your amortization period with flexible payment options. 

Here are a couple of tips to pay off your mortgage faster;

• Make annual mortgage payments on the principal - Some mortgages allow you to make a lump sum payment once a year or at renewal time.  This lump sum will decrease your principal, shortening the amortization of your mortgage.  Consider making a lump sum payment to your mortgage if you receive a bonus from work or a gift from your family.  You will save interest in the long run.
• Try paying your mortgage bi-weekly instead of monthly - A bi-weekly payment schedule can help you save on mortgage interest. With bi-weekly accelerated payments, you actually end up making 26 bi-weekly payments a year versus 12 monthly payments – this equals to one extra month of payment every year.

Wanna play but don't have a team?

Send us an e-mail we'll help you find one!

  All proceeds go to the Inn from the Cold Homeless Shelter

For more information:

Drop us a line on the event page click here

Alissa Sudsbury
905-716-7411
alissa@homeguardfunding.com

Grant Brown
416-949-5454
grant@homeguardfunding.com

• Learn about your options
  • When house–hunting, you look for places that suit your needs and lifestyle. Do the same when deciding on your mortgage. Know the differences between fixed and variable interest rate mortgages and decide what amortization period best suits your situation. Payment flexibility is also important when deciding on a mortgage, to know what you can prepay, as well as options to pay less at a later date if something unexpected comes up.

• Calculate your mortgage numbers
  • Run the numbers and settle on a price range you can afford using a convenient online mortgage calculator, which factors in your income and the size of your down payment and compares different mortgage options and payment plans. Understanding what you can afford lets you narrow your search and shop with confidence, knowing that the houses you view fit within your budget.

• Get pre-approved
  • The home–buying process can happen very quickly, so be prepared when you find a home you want. Getting pre–approved for a mortgage puts you in a good position to make an offer when you find the right home. There is no cost or obligation, and it's a good opportunity to come in and talk to a mortgage expert to clarify any questions.Click here for more information on why you should get pre-approved.

• Use our handy budget calculator
  • Compare your income with your current or planned expenses and debt payments to see what kind of mortgage you can comfortably fit into your budget.  Click here to use our household budget calculator.

Camping is a quintessential summer activity filled with excitement, tradition and adventure for all ages. It provides a great opportunity to get outdoors, reconnect with family and friends, experience nature and promotes physical activities such as hiking, swimming and other water sports.

Helpful tips for a fun and relaxing camping season:

• Location, location, location - You'll want to set your tent up on high ground in case it rains so water will drain downward. You'll also need to consider the direction of the morning sun and will want to position the tent door away from it.

• Let there be light - Bring a rechargeable lantern, such as Coleman's LED Quad lantern, to keep the fun going well into the night. With the Quad's detachable panels, campers will be able to remove a single section and light their way around the site.

• The joy of cooking - Don't compromise delicious meals just because you are outdoors. At–home favorites are made easy with stoves, such as the Coleman Perfect Flow two–burner camp stove.

 For more information on campgrounds in Ontario visit the Ontario Parks website.

A new Bank of Canada study by Allen, Clarke, and Houde (2011) examined factors that may explain the differences in mortgage rates. We’d like to touch base on a few different key findings in their report:

• Using a mortgage broker borrowers pay less

The report stated that those borrowers who use a mortgage broker pay less, on average, than borrowers who negotiate with lenders directly. The average discount is up to an additional 19 basis points! Over the lifetime of a $300,000 mortgage the 19 basis points translate to a savings of over $11,000! I’m not sure about you but I know some home renovations or upgrades I could do with $11,000. It may seem very small compared to the $300,000 investment you’ve made but by making one simple choice it could save you thousands of dollars.

We do love saving you money and although we pride ourselves on obtaining low mortgage rates for all our clients, that’s not the only benefit you receive. At Homeguard, operating for 28 years comes with its perks, day in and day out we operate our business with honesty and integrity, the professional relationships that have been developed with all of our lender partners plays a large role in the service we provide you.

When the time comes for your first home or when your mortgage comes up for renewal, think about what you could do with $11,000 and make your choice!

There's no need to drain one's bank account or energy reserves to create a living room that provides the kind of livable luxury we could all use. Louis XVI formality and matchy-matchy looks are a thing of the past for most of us. The luxury living room of today is a place we can enjoy the peace and quiet first and foremost. It's also a room that says something about what's important to us. We showcase items we care about there, whether inherited from a favorite grandparent, purchased with a loved one or collected on a recent trip or visit to a local fair.

Sue Rainville, Director of Marketing for Hunter Douglas Canada, offers the following tips to make your special room comfortable and luxurious:

Mapping it out and choosing the furniture

Decide what artwork, crafts or special furnishings you want to display. Arrange the major furniture pieces to encourage conversation and relaxation and to highlight your treasures – remembering they should be protected from high-traffic areas.   Remember too, no matter where you are seated, you need a place to put a glass, plate or cup of coffee within 15 or 18 inches.  As a general rule, the coffee table should be two-thirds the size of your sofa. Whatever your style, take your time when choosing the upholstery. Whether plush, satiny, tailored or anything in-between, make sure the fabrics are durable.

Window treatments and lighting

Do yourself a favor, and keep them simple and uncluttered, but effective. Choose products that modulate and soften the light, but still let you enjoy it. Light is a luxury in and of itself when properly managed. Alustra Duette honeycomb shades from Hunter Douglas have two fabric layers that diffuse the light and eliminate harsh shadows and glare for a truly restful ambience. They also come in fabrics that add organic texture at the window. Their honeycomb structure traps air and helps to lower heating and cooling bills.

With the right window treatments making the most of the natural light, you don't need harsh overhead lighting. Floor and table lamps provide a more intimate setting.

Carpets

Carpets can often set the style for a room. With the proper choice, a room can go from under-decorated to looking just right. A fine French carpet with graceful flowing lines and ornamentation or an Oriental or tribal rug with handmade detail can add distinction. Whatever your style, don't skimp on the size. Your main furniture pieces should fit within the confines of your carpet; if not your room is only going to look small. Experiment with the shape if you want the carpet to stand out.

Plants

An inexpensive accent in any room that adds another dose of Mother Nature in addition to the natural light is plants. As for height and size, try alternating plants at varying heights to add interest to a space. Porcelain or metallic plant holders bring distinction as well.

With these tips, making your special space comfortable and luxurious, should be easier than ever.

1. Accelerate gently;
2. Maintain a steady speed;
3. Avoid high speeds;
4. Anticipate traffic;
5. Coast to decelerate.

You should still combine errands, monitor your fuel consumption, reduce idling, maintain proper tire inflation and vehicle maintenance, cut back on air conditioning use and lighten your load; however, these five driving techniques will definitely put your wallet and the environment in the green.

Save money at the pumps by participating in our LIMITED TIME OFFER, with every mortgage or referral receive a gas card for .10c off/L for 2000 L ($200 Value)! CLICK HERE for more information

Check out the NEW Realtor.ca mobile app released! Makes searching for houses on MLS that much more convenient!

The app provides users with the features and functionality of REALTOR.ca and takes full advantage of Blackberry device features, such as:

• Using the handheld's GPS technology:
  • Properties Near Me - get up-to-date property information, photos and driving directions;
  • New Listings Near Me - recent listings in the area you're visiting;
  • Open Houses Near Me - find open houses near your present location;
• My Agent - Contact either your agent(s), or the listing agent for more information about a specific property;
• Property Search - Search for houses and properties across Canada, and connect with REALTORS® to view, buy or sell a property;
• Personalized settings allowing the user to set default language, unit of measure, how properties are displayed, and search radius for "Near Me" searches;
• Interactive BING mapping is embedded to allow focus on specific neighbourhoods;
• Scheduled Open Houses can be added to the device's calendar.

The new app can be downloaded in your app world or store.

The second tactic is to outperform the market. This means ensuring your property increases in value at a greater rate than those in your surrounding market. One way to do that is through renovations – but not all projects are created equal when it comes to generating a return on investment (ROI).

Here are the top four “renos for ROI”:

1. Building an income suite (also knows as a rental suite)
   This is by far the most profitable reno a homeowner can undertake. Income suites typically have a 150% to 250% ROI.
2. Painting
   This is an inexpensive way to freshen up a property. Picking neutral tones and doing a good job are key. This simple reno project gives 100% ROI.
3. Renovating Kitchens and bathrooms
   Kitchens should be bright and spacious with a smart layout. Replacing old appliances with inexpensive and more efficient newer ones also adds a lot of appeal. Bathrooms are equally important. The more you have, the better the ROI. This delivers about 75% to 100% ROI.
4. New Flooring
   This has a dramatic impact and hard surfaces are the way to go. Laminate flooring is inexpensive, easy to lay, durable and looks great. With modern styles and improved design, it has become the flooring of choice for real estate investors. New flooring can generate an avg. of 70% to 90% ROI.

  (Source: HGTV.ca)

Finished Look for Less

Does your kitchen have shiny brass light fixtures? If so, updating these can instantly make your home look more current and stylish. Home improvement retailers offer a wide variety of stylish and affordable choices in popular finishes, such as stainless steel or old world bronze. Or, for an even more economical choice, turn your current lighting fixtures from brass to beautiful by spray painting them with a new contemporary finish.

Fashionable, Functional Focal Point

Most kitchens have a basic faucet – but as the focal point and most-used item in the kitchen, updating this mainstay can create a functional and fashionable change that everyone will take notice.

When selecting a new kitchen faucet, look for models that feature a single-handle pullout design. The multi-function wand offers both a fast-fill stream for filling pots, as well as two eco-performance sprays that conserve water while allowing you to complete everyday tasks such as washing dishes or preparing foods.

Sensational Shelves

Nothing can make a kitchen look worse than cluttered countertops. But when it comes to storing necessities or displaying decorative items – there often is no other spot. While adding new cabinetry can solve your storage issues, it can be costly. Instead, build exposed shelves to give your kitchen a more updated look and an open, airy feel.

Home improvement retailers offer a variety of pre-made wood shelving in many materials and finishes, or if you are handy, you can build your own to save even more. Once they’re complete, utilize them for a mix of decorative and functional kitchen items and be sure to keep everything neat and clean for a polished look.

Breathtaking Backsplash

Adding ceramic tile in your kitchen can add colour, texture and a high-end appearance, but upgrading your entire floor or countertops can be very pricey. Instead, adding a tile backsplash can make a dramatic change – with minimal cost and effort. Whether you’re an experienced DIYer or not, there are many online step by step guides or classes at home improvement retailers to learn how to complete this simple project. And, in no time at all you’ll have beautiful tile masterpiece that will accent – and protect – your walls.

With a few updates, your kitchen will look great and be more functional… all without breaking the bank.

(Source: News Canada)

(Source: News Canada)

Apple Blossom – Good things to come

Red Tulip – Declaration of Love

Pink Carnation – Gratitude

Yellow Carnation – Rejection

Daffodil – Chivalry and Respect

Sunflower – Adoration        

Daisy – Innocence and Purity

Violet – Faithfulness

Edelweiss – Daring and Courage

Forsythia – Anticipation

Gardenia – Secret Love and Joy

Ivy – Wedded love and Fidelity

Lavender – Loyalty

Orange Blossom – Marriage and Fertility

Pink Rose – Friendship

Red Rose – Passionate Love

With more payment options than ever, consumers can find easy ways to save money, simply by using a different payment method.

Consider cash

Some merchants will provide discounts for cash purchases of goods or services. Using cash can also make it easier to stick to your budget. But watch how you access your cash. Use an automated bank machine (ABM) owned by your financial institution - withdrawing from a different institution’s ABM could cost more than $8.00 per transaction. Avoid taking cash advance on your credit card since interest will be charged on those funds right away.

Debit cards can carry costs

Debit can be a good option, as long as you are not paying extra fees per transaction. Check how many free debit transactions are included with your bank account package.

Make your credit card work for you

Credit cards can be a convenient and safe way to pay for purchases and services. Some also offer benefits and rewards. But they can encourage buy now, pay later” spending habits that may lead to financial trouble. Carrying a balance on a credit card increases the cost of everything you purchase with the card due to the amount of interest you pay, says Ursula Menke, commissioner of the Financial Consumer Agency of Canada (FCAC). Aim to pay off your balance in full every month to avoid interest charges that mean you actually pay more than the price tag.

(Source: News Canada)

The new measures:

• Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
• Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the re-packaging of consumer debt into mortgages guaranteed by taxpayers.
• Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.

The Canadian government's ongoing monitoring and sound underlying supervisory regime, along with the traditionally cautious approach taken by Canadian financial institutions to mortgage lending, have allowed Canada to maintain strong and secure housing and mortgage markets.

The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.

 (Source: JAC News)

“Low interest rates have enticed many Canadians to spend more on credit,” says Stephen Reichenfeld, VP and wealth counselor, Fiduciary Trust Company of Canada. “But an improving economy means lending rates will likely rise. It’s important to take steps today and prepare for potential higher borrowing costs in the years to come.”

Four steps that can help you prepare to come out ahead:

• Reduce personal debt. Do what you can today to decrease your debt load before borrowing costs increase. Review the option to lock in borrowing costs now and consolidate debt at a lower interest rate. If you’re only making minimum payments on your credit cards, start paying more.

• Rethink your mortgage. If you have an adjustable rate mortgage, and you plan to be in your home for at least five years, consider refinancing options such as converting to a fixed rate mortgage at current rates. Speak to your mortgage broker to discuss your options.

• Equity funds. Stocks tend to benefit more than fixed income products like bonds in a rising interest environment. Past market cycles indicates sectors like industrials and technology benefit when interest rates rise.

• Don’t hesitate on a major purchase. Consider accelerating your plans to purchase now before interest rates rise. If you’re in the market for a new car, there may be zero percent financing and other incentives available. These offers often disappear as rates rise.

                                                                                                                                (Source: News Canada)

Despite decades of new nutritional information and diet advice, Canadians today are no thinner than in previous generations. According to a recent report in the journal of the American Academy of Pediatrics, research consistently shows that only about 5% to 10% of individuals who lose weight by dieting manage to keep it off for more than a year. Worse still, the report shows that dieters are 5 times more likely to develop an eating disorder.

“It’s time to stop fear-mongering about those extra pounds, and to value ourselves differently,” says Bear.

According to the NEDIC website (www.nedic.ca), better health – and appearance – are often enjoyed by individuals who focus on being well nourished, physically active and socially engaged. The following are some suggestions to help get you there:

•      Acknowledge and appreciate what you have achieved in life, big and small.

•      Respect and value the natural diversity of human bodies, including your own.

•      Be physically active for the pleasure and health benefit it brings.

•      Engage in activities that make you feel joyful and purposeful.

•      Attend to your emotional, physical and spiritual well-being.

•      Bring a sense of enjoyment to food preparation and eating.

•      Establish a regular eating pattern and experiment with unfamiliar fruits and vegetables.

•      Feel comfortable eating when hungry and refusing food when not hungry, both in your home and others.

These time-honoured ways to respect and treat yourself well are a welcome change from all the taboos and punishments associated with over-focusing on weight.

It’s never too late to start living well.

(Source: News Canada)

Here are some of the prizes you can win:

Bridal Dress by Wedding Bliss Sale for New Beginnings
Photography by Blue Six Creative
Decor by Vivian's Decor and Designs
Stationary by Paper Bliss
Make-Up Artist by StylEyes
Hairstyling by Brides Etc.
Video Featurette - Night Day Productions
DJ Services by Scotia Entertainment
Officiant by Enduring Promises
Wedding Planning by WeDDings Jubilee
Florals by Petals Stems and Leaves
Accessories by Buds and Blooms
Sweet Table Candy Display by Sweet Something Designs
Gift Certificate Towards your Wedding Bands - Samuel Kleinberg Jewellers

Please visit Toronto Wedding Professionals for more information and how to enter!

Following are the business hours in effect at Homeguard Funding Ltd. (Verico) during the holiday season:

If you have any questions in this regard, please contact us at (905) 895-1777.

Please click here to download a printable version.

If your home ownership fantasies have been rudely awakened by banks or mortgage brokers and agents denying your application, it’s time to take control of your situation and learn what you can do to turn that rejection into an approval.

What Are Your Options? Everyone’s financial situation is unique. With that in mind, here are five different options for making your homeownership dreams a reality.

1. Get a Co-signer
   If your income isn’t high enough to qualify for the loan you need and if you can find a co-signer with enough disposable income, part of that person’s income can be considered toward your loan amount regardless of whether the person will actually be living with you or helping you pay the bill. In some cases, a co-signer may also be able to compensate for your less-than-perfect credit. Overall, the co-signer is guaranteeing the lender that your mortgage payments will be paid. If you decide to go this route, just make sure that both of you understand the financial and legal obligations the cosigner takes on when he or she signs the loan documents.
   
   
2. Wait
   Sometimes conditions in the economy, the housing market or lending business make lenders less generous with loans. If you’re in a climate where everyone is panicking, then it may be best to wait things out. When conditions improve, lenders may become more accommodating.  In the meantime, you can work on improving your credit score, reducing your debt and increasing your savings. While you’re waiting, home prices or interest rates could drop. Either of these changes could also improve your mortgage eligibility.
   
   
3. Set your Sights on a Less-Expensive Property
   If you can’t qualify for the amount of mortgage you want and you aren’t willing to wait, switching to a condo or townhouse instead of a house, accepting fewer bedrooms or bathrooms, or moving to a less attractive or more distant neighbourhood may give you more options. As a more drastic option, you could even move to a different part of the country where the cost of home ownership is lower. When your financial situation improves down the road, you might be able to trade up to the property, neighborhood or city where you hope to end up.
   
   
4. Ask the Lender for an Exception
   Believe it or not, it is possible to ask the lender to send your file to someone else within the company for a second opinion on a rejected loan application. In asking for an exception, you'll need to have a very good reason, and you'll need to write a carefully worded letter defending your case. Your letter should avoid excuses and sob stories and focus only on the facts. Explain how the incident that is preventing your loan from being approved, such as a charged-off account, was a one-time event that will never occur again. This one-time event should have been caused by a catastrophe such as a large and unexpected medical expense, natural disaster, divorce or death in the family. The blemish on your record will actually need to have been a one-time event, and you'll need to be able to back your story up with an otherwise flawless credit history.
   
   
5. Team Up With Someone Else
   Two incomes are better than one, so if you can't qualify on your own, perhaps you have a family member or friend that you trust enough and like enough to make a major purchase with and live with. It won't be enough to just put them on the loan, of course - they'll need to actually help with the mortgage payments to make it work, and chances are they won't want to pay half the mortgage unless they're living in the new home with you.
   
   

Conclusion
To go from rejected to preapproved, it's important to know what lenders are looking for in an applicant. If you've been turned down for a mortgage, make sure to ask your mortgage professional plenty of questions about things you could do in your specific situation to make yourself a more attractive loan candidate. With time, patience, hard work and a little luck, you should be able to turn the situation around and become a residential property owner.

(Source: Investopedia)

Options abound for Canadians planning their holiday greetings for 2010. According to Shelli Gardner, cofounder of Stampin Up!, a crafting and décor company, handmade cards are the ideal solution for creative types looking to put a personal touch on their holiday cheer. A few materials and a little bit of inspiration are all that you need to create personalized holiday cards.

For those looking to experience the joy of card-making for themselves, the tools of the trade are simple:

Choose your base: Card stock is the easiest and most accessible base for making sturdy and colourful cards. Other options include recycled paper, handmade paper and specialized pattered paper. Just fold a sheet of paper cross-wise and you’re already well on your way.

Use a punch: Scissors and punches are invaluable tools for creating customized shapes and designs to be adhered to your card. Punches are high-precision tools that come in a wide variety of shapes and sizes, and they can be used to create virtually any effect. For example, try a snowflake shaped punch to create the stick-shaped arms of a snowman, or invest in a scallop-shaped punch to add a special curved border to a ribbon trim.

Add a stamp of originality: Rubber stamps are another easy way to add a festive touch to a card. Select a stamp with a holiday image, such as a Christmas tree, star, ornament or wrapped gift. Experiment with different ink colours and application techniques. For example, try a white or vanilla coloured ink against a dark background, or stick to a traditional red and green palette.

Get personal: Adhere photos of family members, friends, pets and other loved ones to the front or inside of the card for the ultimate personal greeting. Try cutting photos with a shaped punch for an added decorative effect.

Don’t forget the finishing touch: A sprinkling of glitter can easily add sparkle to even the simplest handmade card. Add some texture by crafting an appliqué with Designer Fabric in a seasonal motif, such as the new Candy Cane Christmas Designer Fabric. Tie on a ribbon for the ultimate finishing touch.

(Source: News Canada)

According to the survey, more than half of Canadians keep track of their goals using a ‘running list’ in their heads. Only about 15 percent write their goals down, while twice as many (30%) do not keep track of their goals even though they report aspiring to greater goals in life.

This latest survey is part of a growing body of research from American Express Canada that reveals a rising class of Canadians, know as ‘potentialists’, that take a focused approached to realizing their personal potential. Whether it is a desire to volunteer more, embark on adventure travel or learn a new skill, these ‘potentialists’ bring a proactive attitude to other pursuits, defining success based on how fully they are able to realize their aspirations.

If you’re looking to broaden your resolutions this New Year, take some inspiration from potentialists and try one of the following ideas:

Track your goals like you track your finances

If you’d like to visit the African continent next summer to help build a school, ask yourself what you need to do tomorrow to get one step closer to that goal.

Pre-empt what might tempt

You should be hitting the books for that new language course but your favourite TV show beckons. Prepare yourself psychologically for temptations that will surely come your way and have a strategy and study schedule in place to deal with it before it happens.

Combat the fear factor

Twenty percent of Canadians surveyed cite ‘fear of failure’ as a reason why they don’t meet their goals. Recognize when irrational fears are getting in the way of your progress.

Willpower is like a muscle

Giving into little temptations can set off a domino effect. Be aware that if you don’t exercise willpower regularly, you may lose it.

(Source: News Canada)                       

With energy drinks, caffeinated beverages and even sugary shakes being all the rage, it seems that many have forgotten the most important factor in ensuring one’s daily get-up-and-go.... sleep.

Whether you have the luxury to snooze in or must wake up early, follow these easy steps to start the day refreshed and without the need of an artificial boost.

1.    Ban Work in the Bedroom

The bedroom should be a place to relax and unwind, not an extension of the office. Leave work and other tasks that require you to be at high levels of alertness to other areas in the room. Rest easy in the room designated for just that.

2.    Rinse to Relax

Just like many children’s pre-bedtime routine, showering or taking a bath before bed can be soothing. Additionally, the rise of the body’s temperature due to the warm water from bathing and the lowering after leaving the shower facilitates sleep.

3.    Sleep in Darkness

Dream away in as dark a room as possible. A little bit of light can surprisingly disrupt your circadian rhythm to prevent a proper night sleep. Try products such as Silhouette window shadings. It diffuses light through two fabric layers for a warm glow and calming effect.

4.    Watch the Heat

Utilize comfy blankets and pajamas to get relaxed and put the body at ease. Too warm a temperature can cause many people to toss and turn. Make sure the bedroom is no higher than 21 degrees C.

5.    Hide the Clock

If you are having trouble sleeping, the amount of time it takes you to fall under may be a contributing factor to keeping you awake. Rather than watching the minutes and hours pass, put the clock out of eyesight and dip into slumber without the pressure of witnessing the time tick away.

Make these easy changes and allow yourself to be alert with the aid of a solid night sleep, the energizing boost that nature intended.

(Source: News Canada)

If you’re like most Canadians, your home is probably the most important investment you’ll ever make. Whether you’re buying a home or refinancing your existing home, making the right decision now can help save you money and provide greater financial stability for your family in the future.

To help you make an informed decision, Canada Mortgage and Housing Corporation (CMHC) offers the following tips on what you should think about when financing a home:

• Calculate in advance how much home you can afford. Mortgage Professionals use a few variables to determine the maximum mortgage you can afford: your household income, your down payment and your debt payments including your new planned mortgage along with major related expenses such as property taxes and heating.
• Consider getting a smaller mortgage than the maximum amount you can afford. Your future financial picture may not be the same as it is today. By taking on a smaller mortgage than the maximum amount you can afford, you will gain the flexibility and peace of mind to manage your other obligations today and deal with any unforeseen events that might occur in the future.
• Evaluate the impact rising interest rates could have on your monthly payment. For many homeowners, a rise in interest rates could have a significant impact on their housing costs. For example, if you are renewing a mortgage of $250,000, an increase of just 2 percent in the interest rate could cost you around $300 extra each month. Evaluating the impact of future interest rate increases today could help you avoid potential financial difficulties tomorrow.
• Become mortgage free faster by reducing your amortization period. On a mortgage of $250,000, choosing a 25-year amortization instead of a 35-year amortization will increase your monthly payments by about $200, but will also save you around $90,000 in interest over the life of your mortgage, and make your family mortgage-free 10 years sooner.
  
  Choosing an accelerated payment option (equivalent to one extra payment per year), making lump sum payments or increasing your regular payment amount all contribute to reducing your amortization period. For example, making one extra payment per year on your 35 year mortgage will make you mortgage-free 6 years sooner.

 (Source: Canada Mortgage Housing Corporation)

Every day: Record purchases

Keeping track of every dollar spent may seem like a hassle – every pack of gum? every trip to the gas station? – but with the range of high and low tech options, there’s no excuse not to do it. Jeffrey Schwartz, the Toronto-based executive director of Credit Counselling Services of Canada, says the exercise is an important eye-opener that can help you plan your budget. “You’re going to be able to identify areas where you can cut back.”

Every pay period: Put 10 per cent of your pay into savings

The key to easy saving is making sure it’s invisible. You’ll be contributing a steady amount to an account you won’t touch and the money will be taken out before you even notice it was there in the first place. You can set up a plan with your bank to siphon off 10 per cent each paycheque – but feel free to start at a mere 5 or 6 per cent to ease into things.

The best invisible method for a heavy debit-card user: Take advantage of bank programs that allow you to round up every retail purchase to the next $5 or $10 benchmark. Say you are charged $22 at a grocery store for toothpaste, shampoo and deodorant. When you go to pay, the total is rounded up to $25 or $30. The extra money goes straight to a savings account.

Every month: Tackle one major debt

You could spend the rest of your life making the minimum payments on your outstanding debts – and lose thousands on interest along the way. Instead, pick one to tackle each month, and put whatever extra you can into paying it down.

Every month: Find a new discretionary expense to cut or scale back

You hear about the “latte factor” – the way that daily specialty coffee can set you back $1,000 per year – but that’s not the only discretionary expense that’s draining your bank account.

You might consider your bundled telecom-service package a fixed expense, but there’s a lot of trimming you can do in that department. For instance, get rid of the unlimited texting plan if you only send 100 messages each month. Unbundle your services and shop around to different providers.

Every year: Reassess your credit-card and bank-account choices.

You can cut up your credit cards, freeze them, or hide them under the couch, as dozens of personal-finance books will advise you – but that’s extreme.

You don’t need to use it often, but a credit card is a near necessity, Murray Morton, a Toronto financial planner, says. You need it to book a hotel room, rent a car, etc. Have a credit card for an emergency or to establish credit but pay off your cards each month and look at the type of cards you have.

Depending on your lifestyle, it’s best to get a credit card with no fee that has an attainable rewards program. No point in getting a credit card with a hefty annual fee and a rewards program that is hard for you to obtain.

 (Source: Globe & Mail / by Dakshana Bascaramurty)

SAVING

Basic first steps – Before making any decisions about what to do with your money, you have to make sure that you have enough of it on hand.

DO pay yourself first. That’s the most important rule. Take an amount from each paycheque and set up an automatic savings or investment plan. Putting 10% of your gross is a good start but whatever amount, make sure you don’t spread yourself too thin. After awhile, you won’t even notice this amount disappearing.

DO pay off your consumer debt before investing. It’s like earning a return that equals the interest charged on your debt. For instance if you’re carrying a credit card balance of $1,000 with 18% simple annual interest, that’s $180 a year in charges. Pay off that debt and you’ve saved $180. That’s the same as investing $1,000 in something that earns an 18 % return after tax. In fact, if you’re in a 50% tax bracket, you would have to earn 36% to emerge with the same $180 in your pocket.

THE TRUTH ABOUT MORTGAGES

While your home’s value may have greatly increased, you may also be paying more than necessary on the mortgage.

DO refinance your mortgage if your rate is more than 2% higher than current   rates, and you have less than 2 years until maturity. Check with your mortgage   holder to determine the penalty for getting out of your deal.

DO consider a variable or floating rate mortgage if you have built up equity in your house and are able to tolerate the risk that your monthly payments will fluctuate. Speak with your mortgage broker to determine if this is an option.

INVESTING

Expect ups and downs. Too much risk can hurt your portfolio’s growth rate but so can hiding in ultra-safe investments paying one percent or less. Ideally, your portfolio should be able to keep its head above water during prolonged market downturns and be positioned to grow when the economy and market soar.

DO look at staying invested for the long haul. Don’t chase every fad as studies have shown that it’s long-term discipline that provides above-average returns.

DO diversify. But don’t overdo it. To start, you need the right mix of stocks and bonds. A general rule of thumb is that the percentage of your investment portfolio consisting of fixed-income holdings should equal your age. The thinking is, you become more conservative as you get older.

DO know when to sell. The toughest thing for any investor is to sell. One suggestion is that no holding should make up more than 5-6% of your portfolio.

 (Source: Reader’s Digest)

Make a list and get your child involved.

Use the recommended or required supplies from your child’s school or teacher as a starting point. If you don’t have a list yet, check with parents at your school who have older kids. They might have good advice about what is required in your child’s grade. Sit down with your child and go over your list together. You’ll be teaching your child how to get organized, a skill that applies to more than shopping.

Separate wants from needs.

Most school supplies don’t go out of style, and your child will happily use the unsharpened pencils his older sister didn’t use. But as any parent with last year’s superhero notebook knows, beware the power of trends. Rather than getting into an argument with your older child about whether a backpack with headphones is essential because “everybody is getting one,” try setting a budget for supplies. It will help your child set priorities, learn how to manage money, and start saving his allowance for the items your budget won’t allow.

Take inventory.

Sort through last year’s supplies to see what is left over or can be reused. (Having trouble finding last year’s stuff? Resolve to set up a place to keep your school supplies together this year.)

Start early and look for bargains throughout the summer.

The best bargains are often available at back-to-school sales. Keeping your supply list in your car or purse or on your PDA will help you shop for supplies as you do your other errands.

Watch for promotions. Hang on to flyers and ads that advertise
supplies at a particular price. If the store where you’re shopping
charges more, ask the sales clerks to match its competitor.
Some stores that don’t offer price matching will still do it. 

Buy basics in bulk.

You know you’ll need paper, pencils, glue stick and notebooks. Dollar stores, warehouse stores and even eBay sources for buying these and other basics in bulk. You and a group of other parents might be able to negotiate a group discount from an office supply store.

Then set up a supply shelf or storage container in your home that you can use all year long. You’ll be able to avoid late-night shopping trips to buy notebook paper when you run out. And you’ll know where to find unused notebooks and pencils when it comes time to shop for back-to-school supplies next year.

(Source: GreatSchools Staff / www.greatschools.net )

1.    Not Knowing What You Can Afford
As we’ve all learned from the subprime mortgage mess, what the banks says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you don’t already have a budget, make a list of all your monthly expenses (excluding rent). Subtract this total from your take-home pay and you’ll know how much you can spend on your new home each month.

2.    Skipping Mortgage Qualification
What you think you can afford and what the bank is willing to lend you may not match up, so make sure to talk to your mortgage broker and get pre-approved for a loan before placing an offer on a home. Beware that even if you have been pre-approved for a mortgage, your loan can fall through at the last minute if you do something to alter your credit score, like finance a car purchase.

3.    Failing to Consider Additional Expenses
Once you’re a homeowner, you’ll have additional expenses on top of your monthly payment. You’ll be responsible for paying property taxes, insuring your home against disasters and making any repairs the house needs. If you’re purchasing a condo, you’ll have to pay maintenance costs monthly regardless of whether anything needs fixing because you’ll be part of a building strata.

4.    Being Too Picky
Go ahead and put everything you can think of on your new home wish list, but don’t be so inflexible that you end up continuing to rent for significantly longer than you really want to. First-time homebuyers often have to compromise on something because their funds are limited.

5.    Lacking Vision
Even if you can’t afford to replace the hideous wallpaper in the bathroom now, it might be worth it to live with the ugliness for a while in exchange for getting into a house you can afford. If the home meets your needs in terms of the big things that are difficult to change, such as location and size, don’t let physical imperfections turn you away.

6.    Being Swept Away
Minor upgrades and cosmetic fixes are inexpensive tricks that are a seller’s dream for playing on your emotions and eliciting a much higher price tag. If you’re on a budget, look for homes whose full potential have yet to be realized. First-time homebuyers should always look for a house they can add value to, as this ensures a bump in equity to help you up the property ladder.

7.    Compromising on the Important Things
Don’t get a two-bedroom home when you know you’re planning to have kids and will want three bedrooms. Don’t make a compromise that will be a major strain.

8.    Neglecting to Inspect
Before you close on the sale, you need to know what kind of shape the house is in. You don’t want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs.

9.    Not Choosing to Hire an Agent or Using the Seller's Agent
Once you're seriously shopping for a home, don't walk into an open house without having an agent. Agents are held to the ethical rule that they must act in both the seller and the buyer parties' best interests.

10. Not Thinking About the Future
It's impossible to perfectly predict the future of your chosen neighbourhood, but paying attention to the information that is available to you now can help you avoid unpleasant surprises down the road.

(Source: Globe & Mail)

An important first step before purchasing your new home is to obtain a pre-approved mortgage. A pre-approval will demonstrate to sellers and realtors that you are a serious buyer, which can help in your negotiations.

Another advantage of having a preapproval is that you will know how much you can realistically afford and what your payments will be before you start looking at homes. It also allows you to lock in your interest rate with a 90 day guarantee which is a great feature in the event that interest rates rise.

Homebuyers will generally need to have an appraisal of the property they are purchasing in order to obtain a firm approval of their purchase. Make sure to contact your mortgage broker as they’ll be able to assist you with this pre-approval process.

When it comes to deciding on the right down payment amount, there are a number of options to consider:

Conventional Mortgage – A conventional mortgage requires a down payment of at least 20% and is offered on both a fixed or variable interest rate mortgage. Conventional mortgages have the lowest carrying costs because they do not have to be insured against default. So, while it may take long to accumulate this type of down payment, it will also save on mortgage costs over the long run.

Low Down Payment Insured Mortgage – Most lenders now offered insured mortgages for both new and resale homes with lower down payment requirements than conventional mortgages-as low as 5%. Low down payment mortgages must be insured to cover potential default of payment; as a result, their carrying costs are higher than a conventional mortgage because they include the insurance premium.

Using Your RRSP as a Down Payment – Under the federal government’s Home Buyer’s Plan, first-time home buyers are eligible to use up to $25,000 in RRSP savings per person ($50,000 for couples) for a down payment on a home. The withdrawal is not taxable as long as you repay it within a 15-year period. To qualify, the RRSP funds you plan to use must have been in your RRSP for at least 90 days.

When you are ready to search for your new home, contact your mortgage broker for assistance. Your mortgage broker will be able to help you get pre-approved and will be able to assist you in determining which of the above down payment options are right for you.

 (Source: News Canada)

Pick Your Pumpkin

If you have the time, enjoy a family trip to a pumpkin farm to make your selection. Savor some fresh cider or steaming hot chocolate while browsing hundreds of sizes and shapes of pumpkins. Your visit can also be an opportunity for younger kids to connect with nature and learn how pumpkins are grown. But even if you find yourself making a last-minute run to the supermarket or roadside stand, your family can have a blast picking the perfect pumpkin.

Start the selection process by deciding on the shape and color:

• Tall thin shapes are ideal for funny faces and whimsical expressions.
• Round shapes are great for happy faces – and scary ones, too.
• Oddly shaped pumpkins are perfect for creating unique characters.
• Want something different? Consider a white pumpkin. Even when unlit, white pumpkins seem to glow as the daylight fades.

Next consider size:

• A large space, like a big front porch, will look best with a large pumpkin. Or, group three or more medium-size pumpkins to create a big display.
• If your pumpkin is destined for a small space, like a table in your entry hall, choose a more diminutive pumpkin. For a long narrow space, like a mantle, consider lining up three or more small pumpkins.
• If your kids will be helping with the carving, stick with medium-size pumpkins, which are the easiest to work with.

Before making your final selection, make sure your pumpkin:

• Has a broad, gently curved face for carving that is vertical or tilted upward.
• Is free of soft spots or breaks in the skin.
• Sits well on the ground and is stable.
• Includes a bit of stem, especially if you will be removing the seeds through the top.

Choosing a Design

When pumpkin carving with your kids, keep in mind that the younger the child, the simpler the design you should choose. The Internet is a good source for finding design ideas.   

Click Here for free pumpkin carving patterns!

Assemble Your Tools

You can carve your pumpkin with common household items or purchase an inexpensive kit under $10. Either way, you’ll want some version of the following tools: Cutting tool, Scraper, Punch, Pattern, Tape and Table Covering. With these tools handy you’re ready to carve your pumpkin. Enjoy!

(Source: Kaboose / www.kaboose.com)

We recommend avoiding microwave oven wipes as well. These release VOCs (Volatile Organic Chemicals) into our lungs while we use them, and are also easily absorbed into our skin. Instead, bring a cup of water to boil in the microwave – the steam will loosen the dried-on food particles.

The dish on dish soap

Most conventional dishwashing liquid and detergent is full of harmful chemicals with names like: Acetone, Benzaldehyde, Benzyl Acetate, Benzyl Alcohol, Camphor, Ethyl Acetate, Limonene, Linalool, and a-Pinene. Potential risks from exposure to these products are not pretty: central nervous system disorders, damage to the immune system, respiratory disturbances, and headaches. Check your local shelves – many stores now carry safer alternatives. While you may spend a little more on a safe product, the planet and you and your family will be better off in the long run.

Static-free and loving it

That “fresh clean smell” you get right after you wash your clothes might irritate your skin and nasal passages. Fabric softeners often contain strong artificial scents that are potentially flammable. Chloroform, benzyl acetate and pentane are even more dangerous when heated in a tumble dryer. The good news is that there are new products that help reduce static and keep clothing soft. “Static Eliminator” is a reusable dryer sheet system that is chemical-free and safe for infants and people with allergies and eczema.

Another alternative to fabric softener is a dryer ball. These tiny, spiked plastic balls tumble around with your clothes to increase air circulation. Your clothes will turn out static free in 25 per cent less time and you’ll reduce energy consumption. Or hang drying your clothes: you’ll save yourself some money and lower your carbon footprint. Your dryer is one of the most energy intensive appliances in your house.

Mothballs: they smell bad for a reason

For safer clothing storage, ditch the mothballs. Mothballs contain questionable chemicals like naphthalene and paradichlorobenzene. These substances are particularly unsafe for young children if swallowed, inhaled, or exposed to the skin. Instead, try cedar wood as a natural moth repellent. It’s available in blocks, balls or sheets. It’s natural, smells nice and it’s biodegradable.

(Source: davidsuzuki.org)

Emergency Fund

The crux of this six-month plan is the emergency fund. Ideally, everyone should have at least one or two months' wages sitting in a money market account for any unpleasant surprises. This emergency fund acts as a buffer as the rest of the budget is put in place, and should replace the use of credit cards for emergency situations. You will want to build your emergency fund as quickly as possible. The key is to build the fund at regular intervals, consistently devoting a certain percentage of each paycheck toward it and, if possible, putting in whatever you can spare on top.

What's an Emergency?

You should only use the emergency money for true emergencies: like when you drive to work but your muffler stays at home. Covering regular purchases like clothes and food do not count, even if you used your credit card to buy them.

Downsize and Substitute

Now that you have a buffer between you and more high-interest debt, it is time to start the process of downsizing.  It’s odd that the natural solution to "not enough money" seems to be increasing income rather than decreasing spending, but this backwards approach is very familiar to debt counselors. The more space you can create between your expenses and your income, the more income you will have to pay down debt and invest. This can be a process of substitution as much as elimination. For example, if you buy coffee from a fancy coffee shop every morning, you could just as easily purchase a coffee maker with a grinder and make your own, saving more money over the long term.

Focus on Rewards

Another trick that will help your budget come together faster is to focus on the rewards. A mixture of long- and short-term goals will help keep you motivated. This can be as simple as saving for a small luxury, or even something bigger like buying a car with cash. Watching these goals slowly but surely become a reality can be very satisfying and provide further motivation to work harder at your budget.

Find New Sources of Income

Why isn't this the first step? If you simply increase your income without a budget to handle the extra cash properly, the gains tend to slip through the cracks and vanish. Once you have your budget in place and have more money coming in than going out, you can start investing to create more income.

Now, it is possible that it will take you more than six months to get your budget balanced out as it all depends on your situation, including how much or what kind of debt you have. But, even if it does take you longer than six months to get your budget turned around, it is time well spent.                   

(Source: Investopedia.com)

1.    Plug into Bargain Electricity

Are your electricity bills excessive? Maybe you’re using too much power at peak hours. For instance, try running your dishwasher at night, rather than during the day. By taking advantage of off-peak rates, most consumers can save about $100 a year. Replace pre-1992 appliances when they break down with the news ones with the Energy Star label.

2.    Challenge Your Property Tax

Go to your local assessor’s office and find out what property taxes your neighbours are paying. If your house is similar but your taxes are higher, you may want to challenge your bill. Also, read the description of your home. Errors in square footage or the number of bathrooms could mean an overcharge. The assessor’s office or local board of tax review can tell you how to file an appeal.

3.    Pay Off Your Plastic

If you carry a credit-card balance from month to month, pay it back pronto. A $1000 balance at 18 percent blows nearly $200 a year in interest. If you can’t pay it off in full, transfer your debt to a lower-rate card.

4.    Say No to Car Extras

Your car dealer may sell you rustproof treatment and fabric protection at $100 a pop, and paint protection for as much as $250. Usually these extras are the dealer’s way to squeeze more money out of you.

5.    Skip the Service Contract

Extended warranties on electronics are rarely a good deal. Experts say most product breakdowns occur in the first year and are covered by the manufacturer’s warranty.

6.    Buy in Bulk

Items you may use a lot, such as paper towels and diapers, are often far cheaper when you buy in quantity. E.g. new parents buy an average of 2400 disposable diapers in their baby's first year alone. Diapers that cost 20 cents apiece sold at grocery shops might go for 15 cents when bought in bulk at a discount store or warehouse. Just a nickel a diaper could add up to an annual savings of $120.

7.    Rethink Your Vacations

The “staycation” (relaxing at home) is becoming a popular way to save a bundle on a vacation. But if you still want to travel, consider using a “homestay” program.

If you would like to travel but wanting to save
money, “Homestay” and “Homeswap”
programs are good alternatives to consider
as it will help reduce cost when travelling.  

8.    Use Online Banking

Online Banking can save you time and money. If you sometimes forget to pay bills, set up automatic payments in order to avoid potential late fees. It also allows you to monitor your cash flow more easily.

(Source: Reader’s Digest)

What Can I Do to Help?

If you find yourself facing financials difficulties, as a result of job loss, family income reductions, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these three simple steps, you can make a big difference in resolving your financial difficulties.

1. Talk to your mortgage professional

• To increase the chance of successfully managing your financial situation through early intervention, call your mortgage professional at the first sign of financial difficulty;
• Ask the mortgage professional about information on the options available for managing your financial situation; and
• Keep the mortgage professional informed as circumstances evolve

2. Clarify the financial picture

To help your mortgage professional fully understand your financial situation, before meeting with them, prepare a detailed list of financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates. Be sure to include information about your current income, savings accounts, investments, and any other assets.

3. Stay informed

The more information you have at your disposal on managing your finances, the easier it will be to make the right decisions. Take Charge of Your Debts is an online tool from the Government of Canada that is designed to help borrowers like you understand debt problems, and includes information on making a budget, budget counseling, credit repair, etc. Log onto www.igc.ca (Industry Canada) and search for “Take Charge of Your Debts”.

How Can Mortgage Professionals Help?

Your mortgage professional wants to establish and maintain a positive relationship with you over long term, and is fully trained and equipped with the tools to help you deal with the temporary financial setbacks you may be facing.

(Source: CMHC)

Going it alone when looking for a suitable mortgage is a time consuming process. With the pace of life as it is today, many of us barely have time to sit down and enjoy a little quality time as it is. Spending hours glued to the computer or ringing around various lenders is something that most of us can do without. If you go directly from lender to lender to get your mortgage, you will end up having to complete a new application for each lender, which can waste a great deal of time. Additional time will be taken up with browsing and comparing all the different deals with each lender, and then comparing the lenders against one another.

That is why you need someone that is not only up on all of the latest information, but knows the ins and outs of the mortgage industry. This person will know how to locate the best program for your needs while keeping your new mortgage payment affordable for your budget. This is true of independent mortgage brokers.

Did You Know? Submitting one application
after another with a range of lenders could
worsen your credit rating.  

Using a mortgage broker is an effective way of getting a mortgage package to suit your needs without having to commit hours of your time to searching and browsing. When you use a mortgage broker service, you will simply be cutting out all of the time and work involved in finding a mortgage to suit your circumstances. Another great benefit is that the mortgage broker works for you, the customer, and normally don’t charge a fee (unless you have an extraordinary financial situation), as they are compensated by the lenders once they close the mortgage deal. A good mortgage broker will be able to source a wide range of mortgage deals on your behalf, and will then put forward the ones that offer the best value in terms of interest rates and monthly repayments. All you have to do is complete one simple application form, which saves you the hassle of having to complete a form for each lender in which you are interested.

An established mortgage broker will already have formed links, contacts, and relationships with a wide range of mortgage lenders. He or she will therefore know which lenders may cater for your particular needs. For instance, if you have a poor credit rating and you are looking for an affordable mortgage, the broker will most likely know which lenders offer affordable finance to those with a tarnished credit history and can therefore approach the right lenders straight away. If you were looking for a bad credit mortgage without the help of a broker, you could end up going through one application after another with a range of unsuitable lenders, and you could end up with a long line of refusals, which could make your credit rating even worse.

Using a mortgage broker is a great way to get a good value, affordable mortgage that is tailored to meet your needs. It is also an excellent solution to getting a good mortgage deal without having to put in the hard work and time.

Before discussing which might be better for your purposes, let’s look at some of the basics of each. A second mortgage pays out a fixed sum of money to be repaid on a set schedule, like your initial mortgage. Unlike refinancing, the second mortgage does not supersede the first mortgage. Second mortgages are usually 15 to 30 year loans with a fixed rate of interest. Like the initial loan, the rate of interest and points (if any) will be based on your credit history, the price of the home, and the current interest rate. While the interest rate on a second mortgage may be a little higher, the fees are generally lower.

HELOC, however, is similar to a credit card, and it may even include a credit card to make purchases. Like credit cards, interest is charged, and the amount you can borrow is based on your credit worthiness.

When deciding whether or not to go with a second
mortgage or HELOC, we recommend that you
speak with an independent mortgage broker with
experience in this sector to help you make the best
decision that is right for you.

To determine the limit of your HELOC, lenders will look at the appraised value of your home, you may have access to up to 80% of the appraised value or purchase price of your home (whichever is lower), less any prior outstanding mortgage charges. As your mortgage balance decreases, your available rate increases.

Your current financial needs will help to determine which type of loan is right for you. If you need money for a one-time expense, such as building a new deck or paying for a wedding, you would probably opt for the fixed-rate second mortgage.

But if you forecast a recurring need for extra money, such as tuition payments, you may prefer a HELOC. A line of credit allows you to borrow when you need the money and, if you pay back the amounts quickly, you can save money over a second mortgage. You also need to consider your spending habits. If having another credit card in your wallet would temp you to spend more often, then you are not a good candidate for a HELOC.

Once you make an initial determination about which loan might be right for you, you will need to discuss the details with a professional.  We recommend that you speak with an independent mortgage broker with experience in this sector to help you make the most effective decision among the products available.

Why work with an independent broker?

• Because they are not loyal to any one financial institution (i.e. like a bank consultant), the options presented will be greater. 
• Independent mortgage brokers scour the market for the best mortgage products – not just those being pushed by a particular company. As the mortgage broker fee is paid by the lending institution, it’s a decision that doesn’t cost you anything. 

(Source: AllBusiness.com)

As water supplies diminish during periods of low rainfall, some municipalities must declare restrictions on lawn and garden watering. By applying some handy tips, your lawn and garden can cope with drought conditions and you can minimize water wastage.

Did You Know? Peak demand for water
during the summer months places stress
on municipal water systems and increase
costs for tax payers and water users. 

General Tips

Much of the summer peak demand is attributed to lawn and garden watering. Often water is applied inefficiently, resulting in significant wastage due to over watering, evaporation or run-off. Here are some general watering tips to help avoid wastage:

• Before watering, always take into account the amount of water Mother
  Nature has supplied to your lawn or garden in the preceding week. Leave a measuring container in the yard to help you monitor the amount of rainfall (empty it once per week) and follow the tips below to help determine how much water to add. Also bear in mind any watering restrictions that may apply in your municipality.
• Water in the early morning, before 9 a.m., to reduce evaporation and scorching of leaves from the sun. Water on calm days to prevent wind drift and evaporation.
• Set up your sprinkler or hose to avoid watering hard surfaces such as driveways and patios. If you're not careful, it's water and money down the drain.
• Water slowly to avoid run-off and to ensure the soil absorbs the water.
• Regularly check your hose or irrigation equipment for leaks or blockages.
• Collect rainwater from your roof in a rain barrel or other large container and keep it covered with an insect screen. Direct the down spout of your eaves troughs into the rain barrel.
• Choose an efficient irrigation system. A soaker hose placed at the base of plants on the ground applies water to the soil where it is needed — rather than to the leaves — and reduces evaporation (see Figure 1). Drip or trickle irrigation systems are highly efficient because they deliver water slowly and directly to the roots under the soil surface. This promotes deeper roots, which improve a plant's drought resiliency. If you use a sprinkler, choose one with a timer and that sprays close to the ground.

 (Source: Canada Mortgage and Housing Corporation)

Municipal Governments Have Adopted a Variety of Strategies to Increase the Supply of Affordable Housing.

For nearly 13 per cent of the population, adequate, suitable and affordable housing is either out of reach financially or attainable only by cutting back on other necessities.

Creating affordable housing – and ensuring it remains affordable into the future – is an ongoing challenge that has given rise to innovative approaches from entrepreneurs, the not-for-profit sector and all levels of government. Municipal governments, for example, have adopted a variety of strategies to increase the supply of affordable housing, some of which are outlined below.

Adopting affordable housing policies:
Many Canadian municipalities have adopted policies requiring that a certain percentage of new construction be affordable housing.

Establishing housing trust funds:
Some municipalities have created a trust fund to support affordable housing. The Resort Municipality of Whistler, British Columbia, for example, created the Employee Housing Service Charge Fund to provide affordable housing for resident employees and their families.

Providing land for affordable housing:
Many municipalities support the construction of affordable housing by donating land, selling it below market value or leasing it at a nominal fee to non-profit or faith-based organizations.

Changing zoning regulations and allowing variances:
Zoning changes to permit smaller lot sizes, reduced setbacks from lot lines, infill housing, secondary suites or garden suites can increase the supply of affordable housing in a community.

Allowing density bonusing:
Density bonusing is a tool used by municipalities to allow developers to build at a higher level of density (that is, greater floor area or number of units per hectare), in exchange for including affordable housing units in the development.

Accelerating the approval process:
Municipalities can encourage developers to provide affordable housing by streamlining the approval process or fast-tracking proposals that include affordable housing units. Reducing the time and cost of the application process results in savings that can be passed on to homebuyers.

Reducing or waving municipal fees:
Some municipalities offer developers relief from development cost charges, such as planning fees, parkland levies, and reductions or waivers of property taxes, in return for including affordable housing in their developments.

CMHC’s team of experts offers first-hand knowledge of approaches that have been implemented by private companies, the not-for-profit sector and municipalities to develop affordable housing in communities across Canada. To learn more about people and projects assisted by CMHC, visit http://www.cmhc.ca/affordablehousing

(Source: Canada Mortgage and Housing Corporation)

Look Inside

What do you already own that your new home would need to accommodate? If your dining suite is one that you cherish, use often and happens to be huge, then add “large dining room” to your Must Have List. Carry this logic through your space and you should come to some conclusions about what is essential in a new home. While you’re at it, take a look at your personal style; it can also give you valuable clues as to what you really want. For example, if your style tends more to clean lines and a modern look, then loft-like spaces or open concept homes will probably hold more appeal.

Look Outside

What is out in the world that catches your attention? Is it a brick exterior or cedar shingles that make a house feel like home to you? Consider the different styles of houses that you like, and see if there are any common elements among them. Another place to look is at the style and size of any new items you plan to acquire. Taking an outside inventory of what appeals to you can help narrow down your search.

Look at Your Requirements

It's helpful to take a head count and look at what features are vital to each member of your family. How many of you are going to live there, and are any more expected shortly? How many of you need home offices or parking spaces or playgrounds or workshops? This will give you an idea of the size and number of rooms you require, as well as clues to locations or types of housing. Make sure you include pets and consider what's best for them. This may move a fenced yard to the top of your list.

Look at Your Lifestyle

Look at your lifestyle to gain insight to your best locations. If you’re planning to stay awhile, and are also planning on children (or already have them), then you’ll want to find a neighbourhood that’s kid friendly and has great schools. Another consideration should be your work commute. Make sure it has what you need, whether that’s access to public transportation or parking spots.

All in all, if you take the time to consider what’s really important to you, you should be able to find the house that is the right for you. Happy Hunting!

 (Source: www.hgtv.ca)