Thinking about buying a home? Getting approved for a mortgage in Canada requires thorough preparation, both mentally and financially. While exploring open houses and finding a realtor might feel like natural starting points, a key focus for prospective buyers should be securing mortgage approval. Qualifying for a mortgage is the most significant step in the…
If you have debt, you might wonder if it ever expires or simply disappears after a certain period of time. In Canada, the statute of limitations for debt plays a key role in determining how long creditors can legally pursue you for unpaid debts. This statute sets a time limit for creditors to take legal…
While both Registered Pension Plans (RPPs) and Registered Retirement Savings Plans (RRSPs) are valuable retirement savings options for Canadians, they differ in a few important ways. RPPs are employer-sponsored plans, while RRSPs are set up and managed by individuals. This distinction impacts how and when you can access your savings. When comparing RPP vs RRSP,…
When faced with mounting debt payments, pressure from debt collectors, or the burden of high-interest credit cards and loans, many Canadians contemplate whether they should consider using RRSP to pay off debt. While it may seem like a straightforward solution, it’s important to fully understand the immediate and long-term consequences of tapping into your retirement…