Fall in Love with Your Home… All Over Again!

General Mark Goode 27 Feb


Most of us like where we live, but we might not love it. Have you fallen out of love with your home? No sweat! We have the tips to help you fall in love with your home, all over again!

Cleanse and Purge

Depending how long you have lived in your home, you have probably gathered up a number of items that you no longer need, want or use. One of the first steps to falling in love with your home again is purging your space of all that unnecessary stuff. This includes old clothes, furniture you hate and outdated accessories. Removing the old to make way for the new can have a huge effect on how you feel about your home!

Rearrange Your Rooms

Once you have purged all of the unwanted items around your home, you probably have a bit more space to work with! A great way to breathe new life into your space is by re-arranging your furniture! While not all rooms will have optimal space, you might be surprised if you just try and see how it would look with a different layout! Simply moving around your furniture will make your home feel revived, without any extra spend!

Consider a New Colour

If you’re looking for that little extra refresh, a new coat of paint is a great way to get the job done! Changing the tone of your room from darker to lighter, or warm to cool, can make the space feel brand new again! This year’s tones include purples and pink hues, matched with grey and white or pops of teal and blue for that extra 70s vibe!

Or Try a New Style

If you’ve always had a home with traditional cupboards or furniture, it might be time to mix it up! Swapping out a few old pieces for something new, perhaps with a modern twist, can revive any space. Consider starting small by swapping lamps or your coffee table and moving up to larger items like TV stands and bookshelves for that fulsome redo!

Enhance Your Lighting

Lighting has a big effect on mood, and it is the same for your home. Installing new light fixtures, adding or removing lamps, or even changing your bulbs from a bright white to warm or vice versa for a different environment. If you’re looking for that extra ambiance, try a lava lamp or a cute candle tray!

Retouch and Refinish

If you’re not interested in going all out on your home makeover, you don’t have to! There are still plenty of ways you can fall in love with your home again… such as with a little retouching and reviving! A great place to start is your kitchen cupboards, refinishing and painting your existing cabinets is easier than you may think!

Don’t Forget About the Exterior!

While we spend a lot of our time indoor our home, you don’t want to forget about the exterior! New and inviting front door lighting, a cute brick path and some new flowers can create a whole new world for you to enjoy. Consider also adding wicker furniture, an outdoor rug and hanging fairy lights or adding a water feature for that extra relaxation.

Not sure if you can afford updates to your home? Consider utilizing your home equity! Contact Mortgage Man DLC and we can tell you how.


Source: dominionlending.ca

Canadian Jobs Market Booms

General Mark Goode 16 Feb


Canadian Jobs Market Booms Despite Rate Hikes

Today’s Labour Force Survey (LFS) for January was much stronger than expected. This raises the question, how long the Bank of Canada’s rate pause will last. This report showed no evidence that the labour market is slowing in response to the vast and rapid runup in interest rates.

Employment surged by 150,000–ten times more than expected–and most of the gain was in full-time jobs. The employment rate has returned to pre-pandemic levels. Employment rates among people 55 to 64 have been on a solid upward trend since the summer of 2022, mirroring the rise in employment over that period observed among most demographic groups.

Immigration Remains a Vital Factor In Hiring

Canada’s population grew the fastest in over 50 years in the third quarter of 2022. This is mainly driven by an increase in non-permanent residents.

Non-permanent residents represent the majority of a larger group. This is including those who were not born in Canada and have never been landed immigrants. Non-permanent residents can hold various kinds of work, study, or residence permits. On a year-over-year basis, employment for those not born in Canada and who have never been a landed immigrant was up 13.3% (+79,000) in January, compared with growth in total employment of 2.8% (+536,000).

The average hourly wages rose 4.5% on a year-over-year basis in January. This is down from 4.8% in December. Although this is good news for the inflation outlook, it still remains much above the 2% target. Year-over-year wage growth reached 5.0% in June 2022 and peaked at 5.8% in November.

The unemployment rate remained near a record low. Which holds steady at 5.0% in January. This is close to record-low 4.9% in June and July last year.

Employment growth was most robust in wholesale and retail trade, healthcare, education, other services and construction.

Bottom Line

The Canadian jobs market is showing no signs of slowing. This has to make the Bank of Canada at least a bit nervous.

This is the last jobs report before the Bank of Canada meets again on March 8. The CPI data for January will be released on February 21 and will be the primary factor determining Bank action. If inflation continues to decline, as expected, the rate pause will hold. If not…

To get the best information tailored to you or if you have any additional questions, please give us a call or feel free to complete an online application!

705.326.8523 | mark@markgood.ca

Please Note: The source of this article is from SherryCooper.com/category/articles/

Tax Credits and Deductions You May Not Have Known About

General Mark Goode 10 Feb


With many Canadians are experiencing strains caused by the increased cost of living and inflation. Claiming tax credits can help offset the financial burden by putting extra money back in your pocket.

Below, is some of the top credits and deductions that you may be able to claim on your income tax return to help you save money.

Top government tax credits and deductions for this tax season

Some tax credits are offered automatically and applied based on the information you provide in your tax returns. However, you must manually apply for other tax credits (such as the Canada Child Benefit or home office tax credit) when filing your returns.

  1. The caregiver tax credit

If you’re caring for a spouse or family member suffering from a mental or physical impairment, you may be able to claim certain expenses with the Canada caregiver credit. To be eligible, you would have to be able to prove that you’re a caregiver for:

  •  Either your or your spouse’s child or grandchild
  •  Either your or your spouse’s parents, grandparents, siblings, aunt, uncle, niece, or nephew

The dependent must also have lived in Canada for the year you claimed the credit.

  1. Home office tax credit (even if you’re an employee)

Working from home is more common than ever, but it also comes with expenses, such as:

  •  Increased power usage
  •  Increased internet data usage
  •  Creating a dedicated office space in your home

Many of these additional expenses can be claimed as a tax credit. You can even claim certain office supplies.

  1. Moving expenses tax deduction

Moving to another province or city can come with a host of expenses, such as:

  •  Truck rental
  •  Fuel
  •  Renting storage units
  •  Paying movers

Both employees and self-employed workers can qualify for this tax credit.

4. Capital loss tax deduction

The stock markets performed poorly in 2022, and many Canadians lost money on their investments. The good news is that you can claim these losses against your other capital gains for the year.

Capital loss tax credit can reduce your capital gains tax liability.

If you’ve reduced your capital gains tax liability to $0, you can save the unused capital loss tax credit and apply it to future years. (or up to three years prior).

To apply a capital loss to a previous year:

  •  You need to file an amendment to your tax return for the year in which you incurred the capital loss.
  •  You can only apply the capital loss to a year in which you had capital gains.
  •  The capital loss will reduce the amount of capital gains you had in that year, potentially resulting in a lower tax liability.
  •  To apply a capital loss to a future year:
  •  There is no need take any action in the year you incur the capital loss.
  • Capital loss can be used to offset capital gains in future years until the capital loss is fully used up.
  •  You must claim the capital loss in the year you want to use it to offset capital gains.
  1. GST/HST tax credit

The GST/HST sales tax credit is automatically paid to eligible Canadians on a quarterly basis (every three months). A person is eligible for this credit based on their income that was reported the previous tax year and is reassessed on an annual basis.

  1. Canada child benefit (CCB)

The CCB is a monthly payment issued by the CRA to parents or guardians of children under 18 years old to help with the costs of raising children. The amount you’ll receive depends on your reported income, your living situation, and the number of dependent children you’re caring for.

The federal CCB payment may also be combined with provincial child tax credits as well, which can increase the amount you’re eligible to receive.

Bonus tip : if you’ve already used tax credits to reduce your income tax liability to $0, then you might be able to transfer a certain amount of your unused tax credits to your spouse or common law partner to help them reduce their taxes.


Government credits often go unclaimed

Canadians can file their income tax returns by paper or online using NETFILE-certified tax software. Some of these programs can help you figure out what tax credits you may be eligible for.

It may be a good idea to consider hiring an accountant to help you file, if you’re unsure which tax credits you may be eligible for.

Source: CTV News  https://www.ctvnews.ca/business/before-you-do-your-taxes-take-note-of-these-tax-credits-and-deductions-you-may-not-have-known-about-1.6264245?utm_campaign=manual&utm_medium=trueAnthem&utm_source=linkedin.

10 “Must Know” Credit Score Facts.

General Mark Goode 3 Feb

If you are in the market for a home or a new car, you are probably very familiar with your credit score. Lenders are one of the primary users of credit scores and it can have a huge impact on whether you get approved for a loan and just how much interest it is going to cost you. What isn’t well known about credit scores is where they come from, what makes them go up (or down!) and who else besides potential lenders uses them to make decisions? Your credit score is going to be with you for life, so why not take a couple of minutes to get the facts.

  1. There are two credit-reporting agencies in Canada: Equifax and TransUnion. Your credit score may vary between the two. Lenders may check one or both agencies when you apply for credit.
  2. Your credit score is actually derived from the data in your credit report — which can be had for free once per year from Equifax and TransUnion. Some banks, credit unions, and other financial services companies provide your credit score fo
  3. r free as part of their services.
  4. Credit scores range between 300 and 900 with the Canadian average being 650.
  5. Your credit score is used for a lot more than just borrowing money; insurance companies, mobile phone providers, car leasing companies, landlords and employers may all require your credit score to make decisions.
  6. Five factors affect your credit score: length of credit history, credit utilization or how much of your limit you have used, the mix/types of credit you hold, the frequency you apply for credit, your payment history.
  7. Mistakes and omissions are not uncommon and is a good idea to check the details of your credit report. Both agencies have a process to report errors and get them corrected.
  8. Credit scores of 700+ are considered “good” and offer a higher chance of loan approval, greater borrowing limits, and lower or “preferred” interest rates and insurance premiums.
  9. Credit scores are continuously evaluated and adjusted. If you have “errored” in your past, the damage is not permanent! Your score can be raised/rebuilt by using credit responsibly (see #10).
  10. Checking your credit score regularly is a good idea and will help detect errors, monitor improvements, and identify fraud. This is a “soft” enquiry and will not affect your score.
  11. To increase your credit score: make payments on time, pay the full amount owing, use 35% or less of your available credit, hold a variety of credit types, apply for new credit sparingly.

Don’t make the mistake of ignoring your credit score. Even if you aren’t looking to borrow money anytime soon, there are a lot of reasons to keep an eye on it.

For powerful personal finance education and training with immediate results, check out the complimentary livestreams each week from Enriched Academy. View the schedule and sign up for upcoming sessions on their events page.

Blog Credit: DLC Marketing Team