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Technology has allowed money to move faster than ever before. Banks and retailers have been quick to adopt electronic payment methods. Canadians have been fortunate to have the Interac e-transfer infrastructure since 2003. It has facilitated domestic peer-to-peer money transfers with wide adoption and success. The United States has seen many money-transferring services, as they don’t have an Interac e-transfer system of their own. From the classic PayPal to the more recentVenmoand Cash App. Although, many people wonder if Cash App is in Canada so they can send money to and from the United States with ease. Unfortunately, it is not, so what are the alternatives other than Interac e-Transfer? Canada has many mobile payment services available to help facilitate payments locally, to the United States and beyond.Keep reading to learn more! What is Cash App? Cash Appis a mobile payment service widely used in the United States of America and the United Kingdom. The service allows users to send

Real estate in Canada carries a high price tag. A lot of money moves in, out and through properties. When buying and selling properties there are many fees, costs, and taxes to consider. One of which is land transfer tax. The land transfer tax is payable to provincial and some municipal governments. Across Canada, it is the buyer who pays the land transfer tax. Location plays a significant role in how much is paid when it comes to land transfer tax. Provinces and municipalities earn a lot of money through this tax. Be sure you understand it and budget your property purchases accordingly.Continue reading for more information! Related Reading: Stocks vs Real Estate: Which is better to invest in? What is land transfer tax? Land transfer tax is payable to the government when land transfers from one entity to another. Land transfers normally occur when a property is bought and sold. The exact amount of the land transfer tax depends

Perhaps you’re applying for your first apartment lease. Or, maybe you’re ready to obtain a mortgage, but you don’t have extensive credit history. Under these circumstances, having a guarantor can increase your odds of approval. But what is a guarantor, exactly? A guarantor is someone who agrees to repay your debts if you default on your obligation for any reason. In some instances, a guarantor verifies that certain information is true, such as on an official passport application. In this article, we’ll cover what is a guarantor, who can be a guarantor, and other conditions surrounding guarantors in Canada. Keep reading to learn more! What is a guarantor? A guarantor is someone who vouches for another person, known as a guarantee, usually to obtain credit. By vouching for this person, a guarantor agrees to repay debt on behalf of the guarantee if they cannot pay for any reason. Having a guarantor is not mandatory when applying for debt, but it

Whether we like it or not, banking has become a routine part of our lives. We use our bank accounts to accept pay cheques, pay bills, buy things online or spend at a store. Because banking is central to how we live our lives, it’s important that you’re using an efficient and affordable solution. If you find your bank fees are too high or the customer service hotline has long wait times, you might consider switching banks for better service. In this guide, we’ll explore reasons why you might want to switch banks, what to look for in an ideal bank, and how to switch banks in Canada. Keep reading to learn more! Why would someone want to switch banks in Canada? In the modern world, there are an array of banks to choose from. When you choose a bank, it can be a hassle to switch in the future. So why would someone be motivated to switch? According to

Digital currency might have garnered a few scoffs in the early 2000s, but in 2023? Most people wonder: when will digital currency replace money?Financial experts debate whether digital currencies, like Bitcoin, Ethereum or other decentralized currencies, could actually replace today’s physical money. Even our trusted roster of financial advisors has more and more clients seeking financial advice surrounding digital currency from investment and personal finance perspectives. In this guide, we’ll walk through the ins and outs of digital currency, its pros and cons, and what to expect in Canada and beyond regarding digital currency as a new norm.Continue reading to learn more! What is digital currency? Digital currency, sometimes called virtual currency, is money that’s stored, exchanged, and managed primarily online, whether that’s through online wallets or decentralized exchanges. In other words? It’s pretty much electronic money. You can’t see or touch it like you can with cash — but you can still buy things with it. Hang on, isn’t

Canada is renowned for its education system and diverse culture. For this reason, many Canadians and international students study in Canada. For higher education, a lot of students must actively work while attending school. This could be to help with finances, but also to gain relevant work experience as they prepare to enter the workforce. Thankfully, there are not many working restrictions for Canadian students pursuing higher education. As a result, there are many ways on how to make money in Canada as a student. Financial independence is a sought-after benefit of higher education. Thus, most students navigate financial freedom as they pursue their studies. Managing expenses and earning money while studying can be a challenging balancing act. But with the right strategies, students can navigate this terrain successfully and be better prepared for the next chapter of their life when school is finished. Related Reading: 13 Summer Jobs for Teens Earning money as a student is a great time

The teenage years are the perfect time to start a side hustle. It allows teenagers to explore their entrepreneurial spirit and discover what kind of career they would like to pursue while earning some extra money. Many teens want the ease of a part-time or summer job, but others are eager for more. They want to explore sales, time management, and earning potential from a young age. Both side hustles and part-time employment will help teens acquire these life skills. There are ample opportunities for side hustles for teens in Canada, as we will explore in this article. Teenagers always want extra cash, so why not learn how to earn some independently? Learning how to earn an income of your own is a valuable life skill. Some parents have their children do chores in exchange for an allowance. Whereas others may advise their kids to find a job if cash is tight in the household. Many teenagers have become resourceful

As a post-secondary student, there are various student discount programs you can take advantage of. Your education is expensive enough as is, you can save some dollars by accessing these programs. In some cases, high school students are eligible for these discounts as well. These deals are in different product categories including restaurants, retailers, and credit card companies. If you are interested in buying a laptop, acquiring new clothes, or purchasing tuition books, student discounts are available. In this article, you will find a list of student discount programs in Canada that will help manage your finances while studying. Let’s have a closer look! Is there a student discount in Canada? Yes! If you are going to university or college there are several student discounts and related programs to help cut costs after spending on books, tuition, and basic costs of living. In some cases, high school students can be eligible for these discounts as well, but it depends on

Ready to buy your first home? You’re probably saving for all your countless expenses, like closing costs, mortgage interest, and of course, your down payment. Advisorsavvy’s roster of vetted financial advisors helps hundreds of Canadians find sustainable ways to save for milestones like their first home. One hefty chunk of your closing costs is land transfer tax. But first-time home buyer land transfer tax works a little different than the norm. We’ll walk you through everything you need to know about land transfer tax. Plus, amounts first-time home buyers are eligible to receive in tax returns. Continue reading to learn more! What is land transfer tax? Land transfer tax is required either to a province or municipality upon the sale or transfer of a home from one person to another. It must be paid no matter how much the transaction is for, and first-time home buyers still have to pay the tax. The exact amount due depends on the province and

With the holiday season quickly approaching, you may have exciting festivities planned. Along with the joy of holiday cheer comes the stress of increased spending. Gift-giving, decorations, holiday travel, and festive feasts are all financially demanding. Even though we look forward to these celebrations every year, they come with increased expenses. These expenses can cause financial strain for even the best-planned holiday budgets. This does not mean you have to suffer and break the bank. Be strategic, inventive, and plan your holiday season. With this guide, you can discover how to save money over the holidays. This way, you will have a joyous and affordable festive season! We will explore practical tips and strategies. Using these tactics, you will be able to manage your finances wisely during the holiday season. Whether it is a family vacation, a festive gathering, or a never-ending gift list, you can navigate the holidays with reduced stress. And with reduced stress, you can be more

People get married for many reasons. Ultimately, marriage is a partnership in which you care for someone, and they care for you, in some capacity. It is a civil and sometimes religiously recognized union of two people. There are many financial and legal benefits of marriage in Canada. But while there are perks, there are also responsibilities and obligations. Learn about the challenges and make sure you have conversations about your finances before marriage. Keep reading to learn more! What is marriage? Marriage in Canada is the federally recognized union of two adults. Furthermore, marriage is governed by the federal government under theCivil Marriage Act. The solemnization is regulated by the provinces and territories. Solemnization is also known as the formal marriage ceremony, either religious or civil. The Civil Marriage Act states, “Marriage, for civil purposes, is the lawful union of two persons to the exclusion of all others.” The act further requires the individuals to be able to consent

Life is expensive enough with inflation — tax time just adds fuel to the fire. However, Canadian tax laws offer some relief with certain credits and deductions, including the charitable donation tax credit. Of course, a certified financial planner or investment advisor can help you determine the best ways to access these benefits and build savings. We have a whole roster of financial professionals here at Advisorsavvy that we connect to Canadians like yourself every day.  But if you’re tight on time? Keep reading for our financial-planner-approved breakdown of the charitable donation tax credit.The gist? If you donate money to a qualified charity, you can deduct the eligible amount and receive a tax credit. But how do you know who you can donate to, and how much can you really get back? We’ll cover all those questions and more in this up to date guide. Keep reading to learn more! What is the donation tax credit in Canada? The donation

If you are a property owner, you’ve probably found yourself wondering how to tap your property’s equity. Perhaps you need the money for a home renovation or an urgent repair. The answer could be through a second mortgage. These come in multiple forms, with home equity line of credit (HELOC) and home equity loans being the main two. Unfortunately, second mortgage rates are not as good as primary mortgage interest rates. However, they are still very promising and allow you to access equity in your home. Second mortgage rates tend to be better than other lending interest rates.Keep reading to learn more! Related Reading: Mortgage Refinancing Canada What is a second mortgage? A second mortgage is a type of loan taken out against an owned property. It is used to access equity in the property, which is the difference between the market value and the outstanding debt against it. The property would already have an existing first mortgage. In the

Tax debt can be overwhelming; however, it must be dealt with! Unlike other debts, tax debt comes with significantly more repercussions. The Canada Revenue Agency, or CRA for short, is responsible for collecting any owed taxes in Canada and they’re not a regular creditor. Rather, they’re a special kind of creditor that takes precedence over other debtors. To achieve their goal of collecting outstanding tax debt, they have potentially dramatic methods to collect owed tax debt. Finding out what happens if you owe CRA money may not be the most enjoyable content to read. But the sooner you deal with the situation, the sooner you can move on! Learn more about how to deal with outstanding tax debt below. Who is the Canada Revenue Agency (CRA)? The Canada Revenue Agency (CRA) is Canada’s administrative body for handling and collecting taxes. The CRA is responsible for the tax administration of the federal government and most provincial and territorial governments. They collect