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For the past year, I've gotten started on the whole 'monthly bills' thing. I have a cell plan for 45/mo and a starter credit card with a $1000 limit that I pay off monthly. Once each, I've missed a monthly deadline. For the cell phone, I ended up making a double payment the next month, and the CC debt($120 that month) was paid off about five days late. I'm new to the credit rating game - will there be any repercussions from those at all? I have no other credit builder than those two at the moment. If relevant, I'm in Canada.
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May 9, 2010 20:36
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| # ¿ May 3, 2024 16:44 |
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My first and only credit card(with the bank where my account is) expires in September. When should I expect the bank to send me information on renewal?
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May 3, 2012 02:48
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I've been with the same smaller regional bank for all my life, since my parents opened an account in my name when I was eight. I'm looking to transfer to another bank that's one of the Canadian Big 4 mainly to open an RDSP which my current bank does not offer, and to have the same bank as my longtime girlfriend (we are not merging accounts). My entire credit history is on a single MasterCard issued by my current bank. I don't want to lose this history. If I transfer my accounts over, what happens to this card? Can I retain the history without having to go through my current bank for payments and such?
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Feb 11, 2013 06:41
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I've got a tax return question and I'm Canadian, so I think this is the best place to ask... Last summer, I worked a two-month contract for a nonprofit organization. After that, they retained me on a freelance contract where I get a $200 check straight up(no deductions) every month from them for publishing their monthly newsletter. So in the 2012 tax year, I got $800 from them for this work (September-December). The T4 I received from them deals solely with the income from the two-month contract itself. What do I do in this situation regarding my tax return? The organization's treasurer is new to his position and there's a good chance he isn't up on the little details.
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May 5, 2013 21:52
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I need help figuring out the best use of my money in the short term. I'm a recent university graduate who is extremely likely to land a position g field within a year that will start at 62k a year. I currently have a related job that is stable, but has wildly unpredictable month-to-month income that can range from 1200-4500 a month. My living expenses not including debt servicing are less than $1000 a month. GF is in a similar situation - she earns around $1250 a month (does not vary), but likely to land a job fairly soon starting at 55k a year. I have two student loans. Current amounts: $16,255.21 @ 5.5% floating $19,452.06 @ 3% floating Those loans are currently on Repayment Assistance Plans, which is basically the government making the monthly payments (not just interest, they make the full payments) for me for a period of 6 months due to my low income. My RAP term expires on December 31, and I will be applying for another term afterwards. My total monthly payment for those two loans is roughly $400-450, and they are on 9.5 year terms which started in July 2014. I have a permanent lifelong disability, so am eligible for and have opened a Registered Disability Savings Plan (RDSP). The RDSP program started seven years ago and I am eligible retroactively for all grants and bonds since I was in the lowest income bracket every year. Basically, for each of the past six tax years I accumulated $500 of grant space that the government will match 3x (I put in 500, they put in 1500) plus an additional $1000 of grant space that the government matches 2x (I put in 1000, they put in 2000). So for each of those six years I have accumulated $1500 worth of grant eligibility for which the government will match with $3500. Six years x $1500 = $9000 of unused grant space, for which the government will contribute $21,000 total. This doesn't include the amount I will be eligible for from the 2014 tax year, which bumps the numbers up another 1500/3500. I currently have about $22,300 between my checking and savings accounts, and $8,500 in my RDSP ($6000 of free bonds from the government plus $2500 that I just contributed days ago) Me and my GF have no imminent large purchases besides an engagement ring which will probably be in the ~$500 range as we are focusing on getting our careers up and running. Our day to day expenses are modest - I pay our $600 monthly rent, she covers our food bills, owns our only (cheap, reliable) car while I pay for my own use of public transit, and we have no expensive tastes. Our finances are entirely separate, and we are both prudent with our money. GF has zero debt. We do not intend to get married super soon, but it's on the table and she wants me to manage my debt first before we tie the knot. Given all this, what do you all suggest I do with my money after covering for living expenses? Does it make sense to throw everything I can into the RDSP up to the government's match or should I be putting lump sums towards my loan as well? How much should I be holding back for emergencies? That free government money is amazing, but at the same time that's a lot of debt to carry when I do want to buy a house and (cheap) car in the long term. Koskinator fucked around with this message at 05:31 on Dec 28, 2014 |
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Dec 28, 2014 05:20
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I'll be able to renew the RAP until I land a full time job, which could happen this fall or be delayed for another year. You're right, I'm not currently paying a cent on my loan. The only money I've put towards it at all is a lump-sum payment to cover interest which accumulated during my six month grace period following the end of my studies.
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Dec 28, 2014 05:34
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| # ¿ May 3, 2024 16:44 |
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I'd like to double check my plan for divvying up my money - I'm in Canada. Those are my current student loans: Federal - 14,559.37 at 5.2% floating, monthly payment 194.25 Provincial - 16,931.60 at 2.7% floating, monthly payment 204.96 I have no other debt, and I hold a RDSP with $26k right now that still has tons of grant matching space left to make up - the government will grant $3500 for the first $1500 I put in annually. I have over 20k of unclaimed grants, and I can contribute up to 10.5k per year until I catch up. I have $37k in the bank. The one negative is that I currently do not have a stable income. I live frugally and have really good financial restraint, but because I'm still waiting to land an ongoing stable job in my field I'm not going to throw all my money at the RDSP and loans immediately. Am I correct in that the best strategy for tackling this would be: 1) Contribute money to the RDSP to get the government grants 2) Even if my loan repayment assistance ends, continue with RDSP grants as first priority over loans since the grants outweight my loan interest payments 3) Once RDSP annual grants are maxed for the year, pay down the provincial loan first because it has the higher interest rate Koskinator fucked around with this message at 20:40 on Feb 19, 2016 |
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Feb 19, 2016 20:36
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