Tips and Tricks

HOMEOWNER TIPS – Humidifier Maintenance

Whether you have a power humidifier or just a simple pan-type model, you will have to clean your humidifier on a regular basis to ensure proper operation. As water evaporates, it leaves behind mineral deposits that clog the mechanisms in the humidifier, eventually causing it to stop working. You will be able to tell when cleaning is appropriate as the mineral deposits will be noticeable to the eye and to the touch. The sponge drum in a power humidifier will be crusty and stiff instead of soft and pliable. Check at least twice a year and more often in the winter when your humidifier is likely to be working harder.

Homeowner Tips – Hiring A Snow Removal Contractor

Following are some questions to ask when choosing a snow removal contractor:
1. Does the company have insurance (general liability insurance specifically covering snow removal operations)?
2. Is the organization registered with the Better Business Bureau?
3. Are the employees of the company covered by workplace health and safety insurance?
4. How long has the firm been operating?
5. Does the company have solid references in your area?
6. What type of equipment will be used?
7. How will the company communicate with you

City Of Toronto Permit Parking Changes

February 3, 2009 –We have received a letter from the City of Toronto indicating that the City has made information regarding properties currently licensed for boulevard parking (i.e. front yard parking, driveway widening, residential/commercial boulevard parking) available on its web site. The City has advised that a license for boulevard parking does not follow the property, and that new property owners need to apply to have the license agreement transferred.

Boulevard parking information on the City’s web site is available at www.toronto.ca/transportation, under “parking”, then “off-street parking”, and then “licensed locations”.

IT’S RRSP TIME…THE ON GOING DILEMA.

At this time of the year you might ask yourself…
RRSP or Mortgage?

It’s RRSP season and that means you can’t turn on the TV without some talking head trying to bully you into making a fat contribution. But if you’re younger and still paying off your first house, you shouldn’t be saving a cent for retirement this year. That’s right – it would be more prudent to forget contributing to your RRSP altogether and pay down your mortgage instead.

The debate as to whether you should focus on your RRSP or your mortgage has raged on too long. Part of the problem is that the banks win twice if your RRSP takes precedence: they get fees from selling you mutual funds in your RRSP, and they keep you in your mortgage for longer. That’s why their traditional advice is to put as much money in your RRSP as possible and then use your tax refund to pay down your mortgage. This approach certainly won’t land you in the poorhouse, but it’s not the optimum way to go.Both shelter you from tax

The biggest misunderstanding in this debate surrounds the tax implications of the two approaches, says Malcolm Hamilton, actuary extraordinaire at Mercer Human Resource Consulting in Toronto. Many people think that your RRSP payments are tax sheltered and your mortgage payments are not. No wonder: when you put money in your RRSP the tax man sends you a juicy tax refund, but when you make an extra mortgage payment, you get nada.

But Hamilton says that RRSP payments have no significant tax advantage over mortgage payments. That’s because every time you make an extra mortgage payment you reduce the principal amount that you’ve borrowed, which means that you will pay less interest in total over the life of your mortgage. All of those future interest payments that you no longer have to make would have been made with after-tax dollars, so in effect, you not only save the interest, but the tax on that interest too.

It’s hard to get your head around, but the net effect is that you get a tax-free return on the money you use to pay down your mortgage, just like the tax-free return you get inside an RRSP.

It comes down to risk

If neither approach has a tax advantage over the other, then the next logical thing to look at is the return. Do you get a better return on your money by paying down your mortgage, or by investing it in your RRSP?

Most comparisons will tell you that you get a better return from your RRSP, but those comparisons don’t play fair. Usually they’ll compare, say, a 6% mortgage rate to something like an 8% return on your RRSP. Paying down a 6% mortgage is like getting a 6% return on an investment, so they conclude that the 8% return you get on an RRSP is the better deal.

That seems reasonable, but it’s not a fair comparison at all. That’s because the 6% return you get on your mortgage is a sure thing, and the 8% return on your RRSP is not. The truth is, a guaranteed tax-free 6% return is almost unheard of right now. An investment product offering such a return would devastate the market for GICs, T-bills and bonds as investors stampeded to the higher guaranteed rate.

Not only that, but the comparisons usually forget that the average mutual fund in Canada charges over 2% in fees, so the actual return you could expect from an RRSP after fees is more like 6%. “And in order to get that 6%, you’re going to have to take on the full risk of being in the stock market,” says Hamilton. “I think that most investors will appreciate that if you’ve got a choice between a high-risk 6% return and a no-risk 6% return, you’re well-advised to take the latter.”

The dangers of success

Since paying down your mortgage offers you the best risk-adjusted return, anyone who’s buying their first house should concentrate on that task, even if it means neglecting your RRSP contributions for a while. However, there are some dangers.

The biggest pitfall is that you’ll be so successful at paying down your mortgage that you’ll think you can afford a bigger house than you really can. You also have to keep in mind that once your first house is paid off, you really do have to get going on those RRSP contributions. If instead you decide to turn around and buy a bigger house, you could run into trouble.

The most important thing to remember is that paying down your mortgage and building your RRSP are both worthy causes. In the end, if your biggest financial concern is which one you should put your money in, you’re probably going to be just fine either way.

Duncan Hood

Staging Your Home With $5000.00 To Spend

Setiing The Stage To Sell Your Home With A Budget Of $500.00

Staging Your Home To Sell …. The $100.00 Fix Up.

This Video shows you how with as little as $100.00 you can get your home ready for sale.

Sage staging advice Elements that create 72% of the first impression inside the home are within control of the seller – What

Sage staging advice

Elements that create 72% of the first impression inside the home are within control of the seller – What’s not is location and size.

63% of buyers are willing to pay more money for a house that is move – in ready.

79%of buyers indicated they are willing to pay a premium for a home with an updated kitchen.

If You Lose Your Wallet

Good advice, just in case:

Read this and make a copy for your files in case you need to refer to it someday.  Maybe we should all take some of his advice.
 
    A corporate attorney sent the following out to the employees in his company.
 
     1. The next time you order checks have only your initials (instead of first name) and last name  put on them.  If someone takes your  checkbook, they will not know if you sign your checks with just your initials or your first name, but your bank will know how you sign your
checks.
 
     2. Do not sign the back of your credit cards.  Instead, put “PHOTO ID REQUIRED”.
 
     3 When you are writing checks to pay on your credit card accounts, DO NOT put the complete  account number on the “For” line. Instead, just put the last four numbers.  The credit card company knows the rest of the number, and anyone who might be handling your check as it passes through all the check processing channels won’t have access to it.
 
     4. Put your work phone # on your checks instead of your home phone.  If you have a PO Box  use that instead of your home address. If you do not have a PO Box, use your work address.   Never have your SIN# printed on your checks.  (DUH!)  You can add it if it is necessary.  But if  you have it printed, anyone can get it.
 
     5. Place the contents of your wallet on a photocopy machine.  Do both sides of each license,  credit card, etc.  You will know what you had in your wallet and all of the account numbers and  phone numbers to call and cancel.  Keep the photocopy in a safe place.  I also carry a photocopy  of my passport when travel either here or abroad.  We’ve all heard horror stories about fraud  that’s committed on us in stealing a name, address, SIN, credit cards.
 
     Unfortunately, I, an attorney, have firsthand knowledge because my wallet was stolen last  month.  Within a week, the thieve(s) ordered an expensive monthly cell phone package, applied  for a VISA credit card, had a credit line approved to buy a Gateway computer, received a PIN  number from DMV to change my driving record information online, and more. But here’s some critical information to limit the damage in case this happens to you or someone you know:
 
     1. We have been told we should cancel our credit cards immediately. But the key is having the  toll free numbers and your card numbers handy so you know whom to call.  Keep those where  you can find them.
 
     2. File a police report immediately in the jurisdiction where your credit cards, etc. were stolen.    This proves to credit providers you were
diligent, and this is a first step toward an investigation  (if there ever is one).
 
    But here’s what is perhaps most important of all:  (I never even thought to do this.)
 
    3. Call the two national credit reporting organizations immediately to place a fraud alert on your  name and Social Insurance number.  I had never heard of doing that until advised by a bank  that called to tell me an application for credit was made over the Internet in my name. The alert means any company that checks your credit knows your information was stolen, and they have  to contact you by phone to authorize new credit.
 
    By the time I was advised to do this, almost two weeks after the theft, all the damage had been  done. There are records of all the credit checks initiated by the thieves’ purchases, none of  which I knew about before placing the alert.  Since then, no additional damage has been done,  and the thieves threw my wallet away. This weekend (someone turned it in).  It seems
to have  stopped them dead in their tracks.
 
     Now, here are the numbers you always need to contact about your wallet,
etc. has been stolen:
         1.) Equifax Canada: 1-877-249-2705
         2.) TransUnion: 1-877-525-3823

Have Wasps Been Interrupting Your Outdoor Dining This Summer Here Are Some Good Ideas For Control

Wasps are beneficial insects because they prey on many other insects, including crickets caterpillars, flies, and other pests. But during late summer and fall they are more interested in collecting sweets and other carbohydrates. That’s why it’s not uncommon at this time of year for our outdoor activity to be disrupted by their annoying presence!

Wasps come in many types and sizes. The ones that are of most concern to people because of their stinging habits are yellowjackets and hornets. Control of scavenging wasps is difficult, as there are no insecticides that effectively repel or discourage them. The best strategy is to minimize attracting them.

Wait to serve food and drink until people are ready to eat. Promptly put away food when done and throw garbage into a container with a tightly fitting lid. Examine glasses, cans, and other containers before drinking from them to check for wasps that may have flown inside. If a wasp flies to your food, wait for it to fly away or gently brush it away. If you crush them they will give off an alarm scent that will attract others wasps.

Many people make the mistake of placing wasp traps in areas of human activity. This of course attracts more wasps. Place the traps in a wide circle 40 or 50 feet away from the area you want to be wasp free. Sweet smelling liquids like carbonated pop are the best attractant. And for an easy, effective, home-made trap, check out EarthEasy.com

Tagged:

Next Page »