Life after debt

Bad credit does not have to be the end. After having gone through bankruptcy or a consumer proposal, many people might think that their credit is shot and that there is no way of ever getting a good credit score.

Without a decent or good credit score, you will not qualify for personal or car loans, lines of credits or even a mortgage. There are many companies out there that are willing to help you re-establish your credit after going through some debt troubles.

One of those companies I have had the personal experience of working with is Prudent Financial Services. Prudent specializes in personal loans, car loans and mortgages. By getting a loan with PFS, not only is it an opportunity to re-build your credit but (unlike banks), they will not lend you any more money than you can afford to re-pay. They are easy to work with and have very flexible repayment schedules.

It's nice to know that credit problems are not the end, and that there is life after debt.

Click here for more information on PFS Loan Centre.

Home Renovation Tax Credit, not Rebate

In an attempt to get Canada's economy moving, the federal government has introduced the Home Renovation Tax Credit (HRTC) for the 2009 tax year. Many people are under the misconception that after a home renovation, when receipts are submitted to the government, they will receive a rebate of up to $1,350. I have seen the commercials and they can be very misleading. The way the term credit is used in the commercials, it can be easily misunderstood as rebate.

This is a tax credit and not a rebate. Credit means you may use the amount to decrease your taxes payable on your income tax return; rebate is when you first spend the money and then get a portion back.

Not all home renovations are eligible. There are exclusions.

The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350.
It applies to eligible purchases made after January 27, 2009, and before February 1, 2010.

For more information click here.

While you’re here, you might want to take a look at other tax credit opportunities that may apply to you; there are some rather interesting ones, such as the SRED program, which allows businesses conducting scientific research and experimental development to receive cash refunds and/or tax credits for their work.

Happy Shopping!!