Ian Leverington's Blog

Average debt balance for Canadians in 2015 was $21,058. I have reviewed a lot of credit bureaus and I learned early on in this business that most people have an inadequate understanding of how credit reporting works. Most go about their life almost never thinking about their personal credit profile until they want to apply for some type of credit or loan. The thing is, some forms of credit of very easy to qualify for like secured or low limit credit cards or auto loans  which are weirdly easy to qualify for considering some vehicle payments can be as much a a mortgage payment! So these types of credit don't really require much for preliminary advice or planning. Other types of credit are more difficult to qualify for, like unsecured loans, lines of credit and mortgages and these require a much more strict understanding of borrowing requirements. So, to help you work toward a 800+ credit score which will allow you to qualify for a mortgage or any type of credit you w...

There is plenty of debate about whether RRSPs or TFSAs are the best place to park your savings, but industry professionals  say if you understand the advantages and disadvantages of each, there is little reason not to use both. "Both the RRSP [registered retirement savings plan] and the tax-free savings account form a very important role in an overall financial plan," explains Jared Webb, an adviser with Fernhill Financial in Victoria, B.C. "They're both very effective.They're both fantastic tools. One is not better than the other, really. They serve different purposes. Like any tool in a tool chest, if you use the proper tool for the job, it's the most effective." It's the tax treatment that's different, and that can make a difference when deciding which one is right for you. "Tax-free savings accounts and RRSPs are simply just tax strategies," Webb said. "They're just telling the governme...