TIP0007
I am back with some more saving tips...
As you know, Canada tax filing season is on and everybody must be looking to file their taxes. Here are some ways by which you can save taxes:
1. Putting your money into RRSP, it reduces your income by the amount you invested in RRSP but not more than the limit set by CRA for you.
2. TTC subway monthly passes, if you have used monthly passes for TTC then you can claim that amount, you get 15% of the amount you spent.
3. Amount spent on borrowing money or paid to an agent for investing in mutual funds or dividends.
4. Moving, if you have moved at least 40 kms closer to your work then you can claim the moving cost, you get 15% of the amount spent.
5. Medical expanses, amount which was spent by you on medical services and those were not covered by your insurance then that amount is eligible for tax claim, you gain get 15%.
6. First time home buyer, if you are first time home buyer then you get $750 in you tax return back as part of HST.
7. Money spent on fitness of your kids, if you spent any money on the activities or fitness of your kids then then amount will get you 15% back.
8. TFSA, all interest earned in TFSA is tax free.
9. Always enter the amount of rent you PAID or Property Tax paid in your tax return, it might get you some GST/HST return.
10. Donations, if you have made some donations then you get 15% of the amount back in tax return.
Hope above tips helps you same some money, if you have any queries or need any clarifications on above then leave comments and I will explain you the method..
Happy savings..
Friday 19 February 2016
Thursday 4 February 2016
Money transfer to India - Best exchange rates and service
TIP0006
I am an Indian and can understand the pain of looking for best exchange rates to transfer money to India.
People usually gets confused with so many options of service providers to transfer money, today I will be comparing the pros and cons of two best money transfer options available from Canada; "ICICI Bank Money 2 India" and "Transfast"
ICICI Bank Money to India:
This is a money transfer service provided by ICICI bank India and is very reliable. Below are the pros and cons of the same
Cons:
1. Longer first time setup
2. Low exchange rates
3. Longer time to transfer money to other banks than ICICI
4. Hidden exchange rates for variable money transfer
5. High fee
Pros:
1. Instant money transfers to ICICI bank
2. Instant pickups at lots of locations in India
3. Considered more reliable as the name attached with ICICI
4. No pre set limits on transferring money
Transfast:
This is a money transfer service provided by UAE bank and is pretty much like any other service provider. I like this most due to below pros but there are obviously some cons:
Cons:
1. Longer first time setup
2. No instant money transfers
3. Does not have all Indian bank branches listed for transfers
4. Sometimes require additional docs for verification which results in delay in receiving money
5. Pre set limit for transfers, which is annoying sometimes
Pros:
1. Very attractive and high exchange rates
2. Very reliable
3. Low transfer fee
4. Lots of offers to transfer without any cost
5. Refund process is lengthy
I will prefer Transfast if you are OK to wait for 1 or 2 days for receiving money as it gives very attractive and high exchange rates.
Decision is all yours.. Happy Savings...
I am an Indian and can understand the pain of looking for best exchange rates to transfer money to India.
People usually gets confused with so many options of service providers to transfer money, today I will be comparing the pros and cons of two best money transfer options available from Canada; "ICICI Bank Money 2 India" and "Transfast"
ICICI Bank Money to India:
This is a money transfer service provided by ICICI bank India and is very reliable. Below are the pros and cons of the same
Cons:
1. Longer first time setup
2. Low exchange rates
3. Longer time to transfer money to other banks than ICICI
4. Hidden exchange rates for variable money transfer
5. High fee
Pros:
1. Instant money transfers to ICICI bank
2. Instant pickups at lots of locations in India
3. Considered more reliable as the name attached with ICICI
4. No pre set limits on transferring money
Transfast:
This is a money transfer service provided by UAE bank and is pretty much like any other service provider. I like this most due to below pros but there are obviously some cons:
Cons:
1. Longer first time setup
2. No instant money transfers
3. Does not have all Indian bank branches listed for transfers
4. Sometimes require additional docs for verification which results in delay in receiving money
5. Pre set limit for transfers, which is annoying sometimes
Pros:
1. Very attractive and high exchange rates
2. Very reliable
3. Low transfer fee
4. Lots of offers to transfer without any cost
5. Refund process is lengthy
I will prefer Transfast if you are OK to wait for 1 or 2 days for receiving money as it gives very attractive and high exchange rates.
Decision is all yours.. Happy Savings...
Buying a new Car - Time to save
TIP005
Buying a new car at the right time can yield a huge pay off. In fact, you can save thousands of dollars on your new car purchases! So, the question remains, when IS the best time to buy?
December isn’t the only ideal time to purchase a new car. There are so many individuals who flock into the dealership in December in order to take advantage of special holiday offers that, by January, things tend to slow down significantly. If there’s another rule of thumb to follow, we would suggest that shoppers visit dealerships when demand is low. You’ll be more likely to save compared to shoppers who purchase when the dealership is at the height of demand. Demand tends to be lower when weather conditions aren’t ideal as well. On snowy days in January, there’s a decrease in demand. That’s another reason why January should be seen as an attractive month to purchase a vehicle. By neglecting January and early February, months where demand is lower than usual, you could very well be missing out on thousands of dollars in savings.
When sales are strong up until the end of December, dealers still push in January to meet or exceed goals and to sell remaining 2015 inventory. As soon as new cars from 2016 are on the lot, you can expect to receive attractive offers on brand new cars from the previous year- simply because they are from the previous model year. These remaining 2015 model vehicles are brand new, yet dealers are willing to provide steep discounts on these vehicles to make space for the new 2016 models. Manufacturers also provide incentives for customers to purchase remaining inventory. So visit the dealership now before all remaining 2015 models are sold. It’s your best chance at an unbeatable deal.
Sometimes, going against the grain is better. While everyone rushes to car dealerships in December, go in January. You can save up to thousands of dollars on your new car purchase!
Happy Saving ....
Buying a new car at the right time can yield a huge pay off. In fact, you can save thousands of dollars on your new car purchases! So, the question remains, when IS the best time to buy?
December isn’t the only ideal time to purchase a new car. There are so many individuals who flock into the dealership in December in order to take advantage of special holiday offers that, by January, things tend to slow down significantly. If there’s another rule of thumb to follow, we would suggest that shoppers visit dealerships when demand is low. You’ll be more likely to save compared to shoppers who purchase when the dealership is at the height of demand. Demand tends to be lower when weather conditions aren’t ideal as well. On snowy days in January, there’s a decrease in demand. That’s another reason why January should be seen as an attractive month to purchase a vehicle. By neglecting January and early February, months where demand is lower than usual, you could very well be missing out on thousands of dollars in savings.
When sales are strong up until the end of December, dealers still push in January to meet or exceed goals and to sell remaining 2015 inventory. As soon as new cars from 2016 are on the lot, you can expect to receive attractive offers on brand new cars from the previous year- simply because they are from the previous model year. These remaining 2015 model vehicles are brand new, yet dealers are willing to provide steep discounts on these vehicles to make space for the new 2016 models. Manufacturers also provide incentives for customers to purchase remaining inventory. So visit the dealership now before all remaining 2015 models are sold. It’s your best chance at an unbeatable deal.
Sometimes, going against the grain is better. While everyone rushes to car dealerships in December, go in January. You can save up to thousands of dollars on your new car purchase!
Happy Saving ....
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