Common questions regarding the Registered Education Savings Plan. The RESP is a savings/investing tool that can be used to aid a child/beneficiary enrolled in a qualified post-secondary education program. This account can be opened by the beneficiary’s parent or other people such as grand parents. The plan is also government subsidized through the Canadian Education Savings Grant (CESG) for additional incentive. See below for the FAQs

Looking to reduce the impact of your future renewed mortgage payment? Look no further! This article will go in the different options on how you can be proactive to reduce your mortgage installments in the upcoming years

The most common questions we received over the past year are from people with fixed mortgages that are coming to term. They are wondering the following 3 questions:

1) What will my mortgage payment be upon renewal?

2) What can I do to reduce the impact on new mortgage payment/interest rate?

3) Should I go fixed or variable and for how long?

Since every individuals retirement needs are specific, Construct Your Finances has provided solutions to different retirement ages, lifestyle spending needs within retirement and life expectancy. This article has three (3) tables based on retirement age (55, 60 and 65) along with the associated amount required for retirement.

In April 2023 we took a poll on our Instagram Account requesting what topic our followers would like us to cover. Poll results saw followers looking to confirm what is better: accelerating mortgage payments or investing in a registered account like an RRSP or TFSA

In Canada, chequing accounts are the foundation of one’s personal finances. A chequing account is primarily used within banking institutions for day-to-day transactions. Typically, this account can accept direct deposits from your employer, deposit cheques/e-transfers and used to withdrawal cash at ATMs. It can also allow for easy distribution of funds for bill payments, e-transfers, money orders and wire transfers.

At Construct Your Finances (CYF) we believe budgeting is the foundation of personal finance. Herein, CYF describes what a budget is and why it should be taken seriously for personal and financial purposes. We share how to create a budget from scratch and how to manage it regularly.