What do you do? Find out more. Check out this calculator.
https://www.sunware.ca/illustrations/savings.aspx?isRecalc=N&selectedLanguage=en-CA
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Student Forgiveness Loans!
I FOUND THIS SITE AND THOUGHT IT MIGHT BE OF INTEREST TO MANY OF US… FIND OUT HOW TO GET STUDENT LOAN FORGIVENESS. A MUST READ!
YOUR GUIDE TO CANADA STUDENT LOAN FORGIVENESS
See below for credits
Student loan debt is a big problem in Canada, and it’s not going away any time soon. The average new graduate is carrying $28,000 in student loan debt. Pair that with high housing costs and low wages, and it’s no surprise that most millennials are putting off major life milestones because they simply can’t afford it.
There is a small glimmer of hope for those struggling with provincial and federal student loans, and it comes in the form of student loan forgiveness. I took advantage of New Brunswick student loan forgiveness when I wiped out $16,000 of my $42,000 in student loan debt. Without that loan forgiveness program and others like it, there’s no way I could have paid off $38,000 in two years.
If you’re one of the many young Canadians dealing with high student loan debt, I’ve put together a list of possible resources for you to tap to reduce your debt burden. Before you jump to your province and start going click happy, there are a few things you should know:
First, most of these programs are only for publicly funded student loans. If you have loans through a private lender, skip to the bottom of this blog post for additional resources.
Second, every province has a repayment assistance program (RAP). A RAP is there if you can’t make your minimum student loan payments. It’s not student loan forgiveness, it’s just there to help you if you are having trouble earning enough money to make your minimum payments. I’ve listed a few of them below.
Finally, some of these programs are applied to your loan automatically and some aren’t. Read the fine print on every website and mark the due dates on your calendar so you don’t miss out on your chance to reduce your student loans just because you didn’t get your application in quickly enough.
Enjoy!
FEDERAL CANADA STUDENT LOAN FORGIVENESS
Canada Repayment Assistance Plan (RAP)
The Canada RAP program is useful for university graduates who are having trouble paying their student loans back. The program makes it easier to manage your student loans by reducing the amount you have to pay each month or eliminating all together.
Canada Student Loan Forgiveness for Doctors and Nurses
If you’re a doctor or a nurse you can qualify for loan forgiveness for your Canada student loans by working in a remote or rural area. If you are a doctor, you could qualify for up to $40,000 in loan forgiveness over five years ($8,000 per year). If you’re a nurse you could qualify for up to $20,000 in Canada student loan forgiveness over five years ($4,000 per year).
BRITISH COLUMBIA STUDENT LOAN FORGIVENESS
Full-time students who successfully complete a year of studies may have the B.C. portion of their B.C.-Canada student loan debt reduced. There is not need to apply for this grant, you are automatically considered if you have a B.C.-Canada student loan.
B.C. Completion Grant for Graduates
A $500 grant for graduates from an undergraduate program. You must have a B.C. student loan and you must apply within one year of graduation.
Recent graduates in select in-demand occupations can have their B.C. student loans forgiven by agreeing to work at publicly funded health care facilities in underserved communities in B.C., or working with children in occupations where there is an identified shortage in B.C.
Pacific Leaders Loan Forgiveness Program
This program forgives outstanding B.C. student loan debt at a rate of one third per year. If you continue to work for the B.C. Public Service for three years, your B.C. student loan will be paid off in full.
ALBERTA STUDENT LOAN FORGIVENESS
Alberta Repayment Assistance Program (RAP)
Similar to the Canada RAP program, the Alberta RAP helps graduates who are struggling to make their monthly payments. This program reduces or eliminates your student loan payments. You have to reapply every six months.
SASKATCHEWAN STUDENT LOAN FORGIVENESS
Saskatchewan Repayment Assistance Program (RAP)
Saskatchewan also has a repayment assistance program if you are having trouble making your monthly payments. This program limits your monthly payments to no more than 20% of your gross income.
The Graduate Retention Program provides Saskatchewan income tax credits of up to $20,000 for tuition fees paid by graduates who live in Saskatchewan. To be eligible you need to live and file your income tax return in Saskatchewan. The tax credits are non-refundable.
Loan Forgiveness for Nurses and Nurse Practitioners
This program encourages nurses and nurse practitioners to work in rural and remote communities. You can use this program to receive $4,000 per year up to a maximum of $20,000. You must have a Saskatchewan student loan to qualify.
MANITOBA STUDENT LOAN FORGIVENESS
Repayment Assistance Program (RAP)
Surprise! Manitoba also has a repayment assistance program.
ONTARIO STUDENT LOAN FORGIVENESS
There are 12 grants and bursaries available to students with Ontario student loans. Most of them only apply to you if you are currently a student. You must have Ontario student loans to qualify.
QUEBEC STUDENT LOAN FORGIVENESS
A version of RAP, the deferred payment plan allows you to pay back your student loans in accordance with your income. The deferred payment plan can be applied to a variety of financial institutions, not just provincial student loans.
NOVA SCOTIA STUDENT LOAN FORGIVENESS
0% Interest on Nova Scotia Student Loans
If you live in Nova Scotia, filed your income tax in Nova Scotia and have Nova Scotia student loans since 2007, you can apply for 0% interest on the provincial portion of your student loans. Your monthly payment will remain the same but 100% of your payment will go to your loan principal.
Nova Scotia Student Loan Forgiveness Program
This program is for Nova Scotia student loans (not federal student loans) issued after August 2015. You must be a Nova Scotia resident obtaining a four-year degree at a Nova Scotia university to qualify. You are automatically assessed for this forgiveness program, which can forgive up to 100% of your Nova Scotia student loan.
The debt cap program applies to students who received Nova Scotia student loans between August 1st, 2011 and July 31st, 2015. Anyone who obtained a four-year undergraduate degree qualifies. You are automatically assessed for this program when you graduate. You could have up to 100% of your Nova Scotia student loans forgiven.
Anyone who received student loans between August 1, 2003 and July 31, 2008 can apply for Nova Scotia’s debt reduction program. You must have successfully graduated from your degree program to apply.
NEW BRUNSWICK STUDENT LOAN FORGIVENESS
The timely completion benefit is available for students with New Brunswick student loans who graduated from a four-year undergraduate program after August 1, 2009. You must have a total federal and provincial student loan amount totaling more than $32,000 and you must apply within seven months of graduation.
PRINCE EDWARD ISLAND STUDENT LOAN FORGIVENESS
Receive up to $2,000 per year of study, as long as you take out at least $6,000 per year in student loans. You must have PEI and Canada student loans to qualify and you must apply within 60 days of your last day of class.
NEWFOUNDLAND STUDENT LOAN FORGIVENESS
Newfoundland and Labrador Debt Reduction Grant
With the elimination of the Newfoundland Student Loan, all financial assistance from the province is in the form of a non-repayable NL Student Grant effective August 1, 2015. If you receive provincial funding after August 1, 2015 you will be automatically assessed for this grant.
This may not be an exhaustive list. If you know of other programs that aren’t listed here, or if any of these programs have expired, I encourage you to email me and let me know so I can keep this list up to date.
If you’ve already applied for all of the grants you qualify for and you still have student loan debt left (as I did), the next step is to pay it off. I encourage you to use my debt repayment spreadsheet to find out how quickly you can pay off your debt.
Most of the programs listed above are only available for federal and provincial student loans. If you have your student loans with a private lender, you won’t be able to use the programs above. If that is the case, consider looking into student loan refinancing as a possible way lower your interest rate and pay off your debt quicker.
posted March 9, 2016 from https://myalternatelife.com/canada-student-loan-forgiveness/
For all you Women out there…. WOMEN POWER!
It’s amazing how much we do and never give it a thought… We just do it! must see/hear https://www.youtube.com/watch?v=5aSRpbLOfo0
What Federal and Provincial Benefits do seniors get in Ontario?
- Federal benefits.
- Canadians living and working in Ontario are likely eligible for Canada Pension Plan (CPP) benefits at retirement. At age 60 you may apply for a permanently reduced amount, or defer to after age 65 for an increased pension.
- Find retirement homes in Ontario.
Privately owned and funded entirely by resident fees, these 55+ communities are designed for seniors who do not have significant mobility or medical issues. Retirement Communities provide a variety of social, culinary, fitness and support services to all residents, who enjoy a relaxing and maintenance-free lifestyle. Shared accommodation, private condos, or cottage-style residences are all available to select from. -
Ontario is a premium retirement destination for many Canadians – thanks to a thriving economy, modern medical and financial infrastructures, and moderate weather. Over 12 million residents reside in the province, with seniors constituting 14.2% of this population. The province’s largest city is Toronto, which is situated on the shores of Lake Ontario. Home to over four million, 12.4% of the city’s population are senior citizens – a number that’s slated to grow to 20%+ by 2036. - Canadian residents may apply for Old Age Security (OAS) at age sixty-five. To be eligible you must have resided in Canada for a minimum of ten years as an adult (18 years of age and up). Your employment history is not a factor in determining eligibility. .
- International benefits, made possible due to social security agreements, are available to Canadians living outside Canada, but who have previously been a resident of Canada for twenty years. If you are a survivor of an individual that has worked in Canada and internationally, you may also be eligible
- Guaranteed income supplement (GIS)
Low-income Canadian residents receiving OAS, may be eligible to receive a Guaranteed Income Supplement. Your household income must be within preset parameters. Note: Beginning in April 2023, the eligible age for OAS and the GIS will increase from age 65 to age 67 over a six-year period with full implementation by Jan 2029. Those affected were born on or after April 1, 1958. - Allowance program.
If you are age 60 – 64, a legal resident and citizen of Canada, having lived in Canada for 10 years since age 18, and your spouse or common-law partner is receiving OAS and GIS, you may be eligible for an allowance benefit – your household income will be considered for eligibility. If you have not lived in Canada for 10 years but your country of residence has a social security agreement with Canada, you may be eligible for a partial benefit. - Allowance for the survivor
If you earn a low income and have lived in Canada and your spouse or common-law partner is deceased, you may be eligible for the Allowance for Survivor benefit. To be eligible you must be age 60 – 64, be a Canadian citizen or legal resident, and lived in Canada for at least 10 years after age 18. This allowance will stop at age 65 when you may be eligible for OAS and a GIS.
Set realistic savings goals for your retirement
Want to start saving for the future, but not sure where to start? Use these tips to make – and stick to – smart savings goals.
Excerpts From Sun Life Assurance Company of Canada
Saving for retirement is the biggest and most important financial investment of your life. But if we’re honest, it’s also all too easy to put off. A five- or six-figure savings goal can feel intimidating, and saving for 10, 20 or 30 or more years in the future may not feel as pressing as, say, paying off your mortgage.
So if you’re confused about saving for your retirement – or you’re putting it off in favour of other financial goals – you’re not alone.
The good news, though, is that retirement planning doesn’t have to be intimidating or scary, and it doesn’t need to clash with your other financial goals. By deciding not to delay planning for your retirement, you’re off to a great start. Now, here’s how to set smart retirement goals now to give yourself more options tomorrow without sacrificing comfort today.
Take small steps towards retirement to stay motivated
You & Your Family Matter!
Feel paralyzed looking at a giant, lump-sum retirement goal? Break it down into manageable milestones. How much will you need to save for each year (or per month) of retirement?
To find out, go over your current annual expenses and estimate how much you’ll need in retirement, advises Janet Gray, an Ottawa-based Certified Financial Planner with Money Coaches Canada. Work out how much of those needs will be covered by income sources like Old Age Security, Canada Pension Plan or private pensions, and how much personal savings (possibly including tapping the equity in your home) you’ll need to fill the gap, if any.
- Want to know how much you’ll need to save? Try this retirement savings calculator.
From there, create a series of mini-milestones: savings goals that, once you take into account the interest they’ll earn, would cover six months of retirement, a year, and so on. You’ll reach those initial milestones faster, and that will help keep you motivated to save.
Start saving now, even if you don’t have a solid plan
You may not need us to tell you that knowing you need a plan is not the same as having one. But, good news: You don’t really need a detailed plan to start saving, especially if you’re decades away from retiring. “It’s the initial step into the habit that’s the hardest, so just start,” assures Gray. “Once you have, it’s easy to make changes.”
Start with what you can consistently afford, she advises. If you can comfortably set aside $100 a month, even in leaner months, start with $100 – then up that figure gradually as you get into the habit of saving and as your income increases.
Reap the rewards of investing for your retirement
Part of the challenge of saving is that you may have to wait a decade (or several) to reap the rewards. But there are more immediate perks, too.
Both registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs) have upfront advantages. You can deduct your receipted RRSP contributions from your income, so you can reduce the current taxes you’d otherwise pay. And you won’t need to pay any tax on the money you earn inside your TFSA – which means you’ll see some immediate financial benefits each year. Make a plan for the tax money you’ll save. For longer-term rewards, you can invest your tax savings in your RRSP or TFSA, if you have room. If you’re saving for your children’s education, you could put it in a registered education savings plan (RESP). You could beef up your emergency fund. Or you could reward yourself for smart planning by putting some of it towards something enjoyable, like a family vacation.
How to save for tomorrow when you’re not sure about today
by Kim Armstrong (January 2017)
Job insecurity doesn’t have to mean financial insecurity. These 5 tips will help you improve your financial health and plan for a brighter future.
Sophia Erikson is a 26-year-old who, for the past 2 years, has had to live away from her family and friends, moving from one contract job to another. She’s determined to find a full-time job working in public affairs, but the fear of not knowing what will come next has caused her stress about money and her future.
She’s not alone. The 2016 Sun Life Canadian Health Index found that one-third of Canadians are feeling insecure about their financial health, and precarious employment was one of the top 3 reasons they feel this way. Contract and temporary positions have become a big part of the evolving career landscape in Canada. It’s common to hear about people moving from contract to contract, often without a benefits package or a pension plan.
In Erikson’s case, anxiety about her contract’s undefined end date is negatively affecting her overall financial health. The unpredictable nature of her employment situation is keeping her from planning for the future and she can only focus on whether she can make ends meet if her contract ends tomorrow.
But job uncertainty doesn’t need to mean financial uncertainty. According to Sara Zollo,1 a Sun Life Financial advisor based in Richmond Hill, Ontario , here’s what you can do if you find yourself in similar circumstances:
1. Cover yourself
Typically, contract positions don’t come with a benefits package. You want to be covered if the unexpected happens. It’s as simple as finding a good individual benefits package for a monthly fee until you have a full-time position with coverage from your employer.
2. Give yourself a buffer
Having an emergency fund with enough savings to cover 3 to 6 months’ worth of your critical expenses can help ease any stress you have about paying your bills.
3. Think twice before you splurge
If you’re on a contract or in an unpredictable employment situation, it forces you to be a little more conservative with your money. Use any bonuses, tax refunds or salary increases to bump up your emergency fund and pay down debt instead of that online shopping spree.
4. Start your own retirement savings account
Right now, while you’re trying to make ends meet, saving for retirement could be the last thing on your mind. But it’s important to set a small amount aside every month, in an RRSP or TFSA, to start saving for retirement so that you don’t find yourself struggling when that time comes.
5. There’s help when you need it
You don’t have to deal with financial stress alone. An advisor can help review your finances and develop a plan that works with your current situation.
RADIATION ALERT!
It is incredulous when you hear about radiation all around you, especially when it occurs in your own home. I have two videos I would like to share with you, comparing two of my own microwaves (one of which is roughly 30 years old).
As a baby boomer, owning a microwave, raising a family, keeping them safe and trying to be healthy, I would have never imagined, the potential danger lurking in my own home.
If you own a microwave this can be you!
Did you know, Microwave doors are to be inspected every two years for tight seals?
I am not impressed with the company, DACOR, or its recommended service technicians (Home Appliance aka HarGTA).
HarGTA aka Home Appliance, misdiagnosed my problem, billed and took payment upfront. Then they also charged me for my parts and delivery. They said they repaired my microwave only to return my microwave back to me a week later and say it was a door adjustment that was required. It still was troublesome and then returned to add it was a switch which costs about $1-$2 or so. This all started November 2018. Now I have radiation leakage for a misaligned door that doesn`t seal properly. I did some research and purchased a Microwave Leakage Detector.
You are not going to believe what I found…
Check out the video’s below!
I advise everyone to purchase Microwave Leakage Detector and inspect your microwave once it has been in for repairs or on an annual basis. It is fairly inexpensive considering the necessity and safety of your family. It can be an eye opener. They range from $20 and up. Mine was about $35.
Dacor Microwave (Newer model) ~$1365-$1600 + tax
Moffat Microwave (older model – approx. 30 years old):
I never have had any issues with my Moffat microwave and it never needed any repairs.
I have moved and reinstalled my Moffat microwave under different cabinets many times only to see that it is still safe for me and my family.
It continues to work well unlike my DACOR microwave.
Claiming Medical Deductions from your pay cheque (Ontarians)
Did you know you know if you are working for a company and have healthcare deductions taking from your pay cheque, you are able to claim the deductions on your income tax reducing your income and lowering your tax bracket. This is in addition to when you go to the pharmacy, or eye specialist or dentist and you pay the difference out of pocket. This is also a write off and can be claimed. Check out the CRA site or ask your accountant.
Note: if you haven’t done so, did you know you can go back 10 years?
For those who are asking, in the United States, people that are self employed (even if it is one of the spouses/partner in the relationship) you are able to claim Disability Insurance on your personal taxes if you pay out of pocket (Schedule A Form 1040) Canadians do not have this option, from what I am reading. I will keep you informed as I continue to dig in and find out if we do have this as well. In the CRA site it does state that we may be able to claim Disability Insurance that we pay into personally but not Health Insurance. More to follow.
Missed TAX deductions
Did you know if you forgot to claim any TAX deductions or other taxable benefit, you can go back 10 years and claim it! Amazing. Lowering your income for a larger tax year return.
- Definitions
Testamentary trust, trust, settler, trustee, and beneficiary. - Circumstances that may warrant acceptance of your request
Missed tax deductions or credits, salary tax deduction overpayments, no affect to the tax return of another individual. - Instances when your request will or may be denied
Provincial benefit or credit time limitations, permissive deductions, and more… - Limitation period on exercising discretion and the deadline for requesting relief
Limitation period, the 10-year deadline.
10 Myths And Facts You Need to Know About…Diabetes
Diabetes is a disease that affects 30.3 million people, with numbers steadily rising. Yet, although awareness of this dangerous condition is increasing, as many as 7.2 million Americans with diabetes remain undiagnosed. These figures are worrying and bring into question what do we really know about this life altering disease?
Knowing how to correctly manage being a diabetic can have a huge impact of your health and well being. Yet with so much information out there, it can be hard to separate Myth from Fact.
Unreliable and conflicting information can be very dangerous to your health, which why I have set out to give you the Facts and vanquish the Myths.
Myth #1-People With Diabetes Should Restrict Their Diet
Fact- As with anything, what you put into your body will ultimately have an impact on your health. However, just because you are diabetic doesn’t necessarily mean you should have a restrictive diet. A healthy and nutritious diet, yes. But it does not have to be so painfully restrictive that you start drooling about forbidden foods!
It is recommended for diabetics to eat starchy foods such as whole grain bread, wholewheat pasta and brown or wild rice. These types of starchy foods contain more fibre, which helps to slow down the absorption of sugar in the colon. Protein is also an important aspect in helping to balance blood sugar levels and can help to reduce cravings. Good sources of protein consist of beans, nuts and seeds. In relation yo weight loss, smaller portion sizes will be required, as losing excess body fat is critical for controlling blood sugar levels.
Myth #2-Diabetes Is Caused By Overloading On Sugar
Fact- In reality it’s not as clear cut as that, so don’t start panicking about your chocolate cravings just yet!
There are two types of diabetes:
Type 1: is a serious condition whereby your body is unable to make insulin because your blood glucose levels are too high. It is an autoimmune condition, meaning that your immune system thinks that the cells in your pancreas are harmful and so attacks them. This damages them and as a result stops them from producing insulin. It is thought that Type 1 diabetes is caused by genetics. If you have a close relative – such as a parent, brother or sister – with type 1 diabetes, you have about a 6% chance of also developing the condition.
Type 2: occurs when our cells in our body become resistant to the action of insulin and the pancreas cannot product enough insulin to bring blood sugar levels back to normal. As a result, the glucose in the body is not used up for energy but stays in the blood. This type of diabetes is associated with lifestyle and factors such as obesity levels.
Myth #3-Chocolates And Sweets Are A Big No Go
Fact- Many people diagnosed with diabetes may be thinking their days in indulging in a sweet treat are over. Well this might not be true. If consumed as part of a healthy diet and combined with physical activity, a treat now and then isn’t off limits. The key to this, especially when you are diabetic is to indulge in small portions and save them for special occasions. Chocolate will cause your blood levels to rise, which is why it should be eaten in moderation. Dark chocolate is usually a better option as it is higher in cocoa solids and has less sugar.
Myth #4-Artificial Sugar Is A Healthier Option
Fact- The fact that artificial sweeteners and sugars are portrayed as a healthy alternative to sugar makes them even more dangerous. The health conscious may think they are making a good decision swapping their spoonful of sugar for splenda, but in reality this could be far from the truth. Here’s one example; Sucralose (sold as Splenda) is 600 times sweeter than sugar. Shocking right? So for those who are diabetic, be aware of artificial sugar and do not use it as a substitute. Natural sweeteners such as stevia and monk fruit are a healthier alternative.
Myth #5-People With Diabetes Shouldn’t Play Sport
Fact- As with any person, exercising contributes to your overall health and boats a range of benefits. This is especially relevant for people with diabetes. Exercise is a great way of controlling blood sugar, weight and blood pressure. It can also reduce the risk of developing common diabetes complications such as heart disease. That being said, it should be noted that exercise can sometimes lower blood sugar, which can cause hypoglycemia. To prevent this occurring, stay hydrated, don’t exercise on an empty stomach and have a snack ready in case you start to feel weak and shaky. Talk to your doctor about checking your blood sugar before and after exercise as a precaution, but other than that, enjoy and partake in exercise.
Myth #6-People With Diabetes Are Dangerous Drivers
Fact- Yes one of the conditions that people with diabetes can suffer is blurred vision. This is as a result of Hypoglycemia, also known as low blood sugar. Low blood sugar can result in a number of symptoms such as hunger, fatigue and shakiness. However, this does not mean people with diabetes are dangerous drivers. Low blood sugar is preventable and the majority of people with diabetes at risk of hypoglycemia exercise extreme care to avoid this condition when driving. Statistics show that diabetics are no less safe on the road than anyone else, with significant accidents being attributed to hypoglycemia affecting less 0.2% of drivers treated with insulin.
Myth #7-Diabetes Is Easy To Diagnose
Fact- Even if you know the symptoms of diabetes, it does not necessarily mean that you will be able to diagnose it. Many people have diabetes and do not even realise it. As many as 7.2 million Americans with diabetes remain undiagnosed. Type 2 diabetes can be particularly hard to diagnose as the symptoms develop gradually and can be so mild that they go unnoticed. Some symptoms include urinating often , feeling hungry and thirsty, blurry vision, fatigue and cuts and bruises that heal slowly.
Myth #8-People With Diabetes Should Avoid Fruit
Fact: People with diabetes are often told that they should avoid fruit. However, this is not strictly true. Fruit and vegetables are excellent sources of vitamins, minerals and fibre. Yes they do contain natural sugar, which makes blood sugar levels rise. Yet, most fruits have low to medium glycaemic index, so they do not lead to a sharp rise in your blood glucose levels compared to other carbohydrate containing foods like white or wholemeal bread. That being said, it is best to avoid fruit juices and smoothies, which have fewer nutritional benefits and are higher in sugar.
Myth #9-People With Diabetes Are More Likely To Get Sick
Fact: It is commonly believed that people with diabetes are more prone to colds and flu’s. However, people with diabetes are no more likely to get ill than anyone else. The issue with contracting an illness is that it can make managing blood sugar levels more difficult than normal and increase the severity of the illness.
Myth #10-Type 2 Diabetes Is Irreversible
Fact: It is widely believed that Type 2 diabetes cannot be reversed. This is a Myth, The Big Pharma companies make a $245 billion a year profit from the disease. As such, they do not want the disease defeated. Studies are showing that Type 2 diabetes is in fact reversible, and I myself know this to be true. How do I know this you might ask? Well, the truth is that I had Type 2 diabetes and managed to overcome it. I had Doctors trying to get me to use dangerous drugs with harmful side effects, but I refused them. Instead I found a natural solution. Click on the button below to find out how to how you can beat diabetes naturally without harmful drugs or side effects within 90 days.
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