Mortgage Holiday, An Important Phone Call And Money Quickies For April 4,2014

 

 

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Mortgage Holiday

The banks have come up with a great idea to “carry a mortgage and carry on with life too” .  That statement met me when I logged on to do some  banking with TD this week.  The photo above is part of the mortgage holiday advertisement.

“When it comes to big events like staying home with a new baby,
going back to school or taking a sabbatical from work, a
TD mortgage could give you the opportunity to take a payment
vacation for up to four months”  This sentence was the body of the advertisement.

While you may come up against a major illness or unexpected lengthy term of unemployment that force you to take one of these mortgage holidays I can’t imagine any other reason to do so except to increase the profits for the bank.  Just because you are on holiday doesn’t mean the interest stops accumulating.

Taking a vacation from mortgage payments is a great idea for the bank.   They will earn interest on the months you choose not to pay and you will probably end up being in mortgage debt longer than people who don’t take disadvantage of this option.

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Got Gas?

With the 40% rise in natural gas rates just announced I need to change the budget just a little bit.   The giant gas company says that it will mean an increase of $400 per year for an average family in Ontario.  I am not average so I am budgeting for an extra $200 per year.

Everything keeps going up except my wage.

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86 Rich Canadians

The wealthiest 86 Canadians have as much wealth as the lowest income 11 million Canadians.

You can read about this on every Canadian news site today but it is nothing new.  The rich get richer, the poor stay poor and the middle class continues to shrink.    I am far below the rich but above the 11 million lowest income citizens. 

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Open For Business

Lots of websites promote products for a fee.   Many websites post articles reviewing products and services and I would like to enter in to that potentially lucrative arena.  To that end I would like to extend an invitation to the Nestle Corporation to review/promote/endorse salted caramel gelato made by Nestle’s Haagen Dazs division.   I could supply several thousand words on the extreme feelings of pleasure that overcome you when eating their gelato.

I accept payment in the form of cash, cheque, Paypal or gelato.

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ringing phoneThe Accountant Finally Phoned

I have been waiting for my phone to ring.  I have been desperate to hear how much my tax refund will be.  I need a really big refund to keep me on track in my HELOC pay off ( http://solvingthemoneypuzzle.com/2014/04/02/second-quarter-financial-playbook/ ).  The accountant left a message on my answering machine but I had to wait until the next day to  find out the results.

I was waiting for the results of 2 returns.  My own of course and that of my older son because I need part of his as repayment for a $1,900 loan that I gave him.

And the refunds are:

: my younger son gets $26 and I have advised him not to blow                                                it all in 1 place

: my older son will get $1,011 and I expect the bulk of that will                                                 come to me for loan repayment but he may need some of it to move

: my refund is just over $2,000.   I will have enough to pay the                                                accountant’s bill and have a full $2,000 to put on the HELOC

Good financial news is hard to come by some days and this is definitely good news.

 

 

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9 Responses to Mortgage Holiday, An Important Phone Call And Money Quickies For April 4,2014

  1. Excellent news on the tax refund. When I was out of school, I LIVED for tax refunds to put towards my debt.

    It’s also not surprising the top 86 richest Canadians have so much money. Have you seen how much Galen Weston of Loblaws, No Frills, Holt Renfrew and now Shoppers Drug Mart has as a net worth? He’s a billionaire.

  2. jon_snow says:

    Our tax refunds are late in arriving… consider me irked.

    • janesavers says:

      I won’t get mine for a few weeks but just knowing that the money is headed my way is enough to make me happy.

  3. Woohoo on the tax refunds! That is so great to hear. Your youngest son is totally going to have a party with his $26 ;)

    • janesavers says:

      My refund was a big relief for me and I may actually reach my target of finishing the HELOC in July.

      My youngest son was not happy with his refund but he worked for minimum wage so he didn’t pay a lot of taxes either. I am sure he will do something unsensible with it.

  4. Riky N says:

    I like the turn around on the sweets compared to the previous post. Maybe you have found a way to have your no spend month and eat that gelato too.

  5. BetCrooks says:

    Good news on the tax refunds! And by investing it in your HELOC you’re guaranteed an immediate positive return.

    I haven’t filed our taxes yet. I’m in no rush to pay. ; )

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