FinKey Solutions

May your life be filled with love and joy, just like Lord Krishna’s flute melody. 🎶🦚

Happy Civic Holiday! 🌟

Whether you're exploring the great outdoors, enjoying a BBQ with friends and family, or just relaxing at home, take a moment to appreciate the wonderful community we live in. 🏙️❤️

Here's to making the most of this beautiful day and celebrating the vibrant spirit of our city! 🎉

The Bank of Canada has decreased its policy interest rate for the second consecutive time and signalled more cuts are coming if inflation continues to ease.

This decision brings much-needed relief to many mortgage holders.
Homeowners with variable-rate mortgages, as well as Canadians with other kinds of debt tied to the central bank’s policy rate, will immediately see their interest rates drop by 25 basis points.

🎉 This decision can have a significant impact on your mortgage payments and overall financial planning.
Here’s what you need to know:
🔹 Homebuyers: Lower interest rates mean more affordable monthly mortgage payments, making it a great time to consider purchasing a home.
🔹 Homeowners with Variable Rates: Expect to see a decrease in your mortgage payments, providing some relief and potential savings.
Understanding these changes can help you make informed decisions about buying, refinancing, or managing your current mortgage.
Stay informed! Economists predict another rate reduction in coming months as well💡🏡

The next rate decision is on Sept. 4.

The annual inflation rate unexpectedly rose to 2.9 per cent in May, compared with 2.7 per cent in April, reducing odds of July rate cut

Tuesday’s data broke a four-month string of easing price pressures.

Tuesday’s inflation release is the first of two such reports before the next Bank of Canada rate decision on July 24.

What do you think BOC will do on July 24th?

Good vibes and sunshine with the best team ever!
Sun, fun, and team spirit shining bright at our annual father's day summer picnic!
🌞🍉🌿

📈 Important Update: Changes in Capital Gains Tax is passed 📉

As of June 25th,2024, there will be significant changes in the tax rates for capital gains, impacting how much you might owe when selling investments like stocks or property.
Whether you're an investor or planning to dive into the world of investing, understanding the implications of these changes is key.
Feel free to reach out if you have any questions or need further clarification.
Let's navigate these changes together! 💼💡

Great news! The Bank of Canada has just reduced the key interest rate by 0.25% — the first cut in over four years. This decision brings much-needed relief to many mortgage holders.

Homeowners with variable-rate mortgages, as well as Canadians with other kinds of debt tied to the central bank’s policy rate, will immediately see their interest rates drop by 25 basis points.

🎉 This decision can have a significant impact on your mortgage payments and overall financial planning. Here’s what you need to know:

🔹 Homebuyers: Lower interest rates mean more affordable monthly mortgage payments, making it a great time to consider purchasing a home.

🔹 Homeowners with Variable Rates: Expect to see a decrease in your mortgage payments, providing some relief and potential savings.

Understanding these changes can help you make informed decisions about buying, refinancing, or managing your current mortgage.

Stay informed! Economists predict another rate reduction in coming months as well💡🏡

Financial Literacy is not an option it’s Necessity..
I think this is first step in right direction

📣Exciting news🎉

Ontario is aiming to boost financial literacy in teens by integrating it into the math curriculum, starting September 2025.

Soon, passing a financial literacy assessment will be a graduation requirement 📚💰

Get a head start with our resources: www.canada.ca/money

Canada CPI inflation declined to 2.7% on a yearly basis in April from 2.9% in March

Statistics Canada said that the deceleration was driven by slower growth in prices for food, services and durable goods.

Tuesday's report is among the last major data to be released before the Bank of Canada's next rate announcement on June 5

Do comment what do you think BOC will do on June 5th ?

As we come together to celebrate Victoria Day, let us take a moment to appreciate the rich history and heritage that this day represents.
Whether you’re enjoying a parade, watching fireworks, or simply relaxing with loved ones, I hope your day is filled with joy, laughter, and memorable moments.
Let’s also remember to take a moment to reflect on the values of resilience, unity, and progress that continue to shape our country.

Wishing you a wonderful and safe Victoria Day!

Budgeting isn't just about saving money; it's about creating a roadmap to your financial future. Empower yourself by taking control of your finances today! 💪💰

Today and every day, celebrating the queen of our hearts, the one who makes every moment brighter.
Happy Mother's Day to all the incredible moms out there! 💐✨

Happy Mother's Day! 💖

Today had another successful Bootcamp event in our Brampton Financial Center

Millennials co-signing with parents is a scenario where a millennial, typically someone in their 20s or 30s, seeks financial assistance from their parents in the form of co-signing for a loan.

This arrangement is quite common due to various reasons:

Limited Credit History:
Many millennials might not have a long credit history or might have a lower credit score, making it difficult for them to qualify for loans or leases on their own. Co-signing with a parent who has a better credit history can increase their chances of approval.

Financial Support:
Rising living costs, student loan debt, and stagnant wages have made it challenging for millennials to achieve financial independence.
Co-signing with parents can provide them with the necessary financial support to secure housing, buy a car, or pursue other endeavors.

Family Assistance:
Many parents are willing to co-sign for their children to help them establish themselves financially and achieve their goals.
It's a way for parents to support their children's independence while still providing guidance and assistance.

However, co-signing comes with risks for both parties. If the primary borrower fails to make payments on time, it can negatively impact the credit score of both the borrower and the co-signer. Additionally, if the borrower defaults on the loan, the co-signer is legally responsible for repaying the debt.

Before entering into a co-signing arrangement, it's essential for both parties to thoroughly understand the terms of the agreement and the potential consequences. Open communication and trust are key to making this arrangement work effectively.

Reminder: Your 2023 personal income tax return has to be filed on or before April 30, 2024, and payment is due April 30, 2024.
File your return early or before the due date to avoid being charged interest and penalties and to prevent a disruption to your benefit and credit payments.

Reminder: Your 2023 personal income tax return has to be filed on or before April 30, 2024, and payment is due April 30, 2024.

File your return early or before the due date to avoid being charged interest and penalties and to prevent a disruption to your benefit and credit payments.

The terms "rich" and "wealthy" are often used interchangeably, but they carry nuanced differences:

Richness:
Immediate Wealth: Being "rich" typically implies having a high income or possessing a significant amount of money or assets.
It often refers to having abundant financial resources in the present moment.
Temporary Status: One can become rich quickly through windfalls, such as winning the lottery or inheriting a large sum of money, without necessarily having long-term financial stability.

Wealth:
Long-Term Prosperity:
Wealth is more about having sustainable financial security and assets that generate income or appreciate over time.
It's often associated with a broader portfolio of investments, property ownership, and diversified income streams.

Generational Impact: Wealth can be passed down through generations, creating a legacy and providing opportunities for future family members.

In essence, being rich is more about immediate financial abundance, while wealth encompasses a more enduring and diversified accumulation of assets and resources.

Getting comfortable saying "NO" when it comes to money can be particularly challenging, especially if you're worried about offending someone or feeling guilty.

Remember, saying "NO" to financial requests doesn't make you selfish—it's about taking care of your own financial well-being and staying true to your goals.

Here are some tailored tips to help you navigate these situations:

Establish Financial Boundaries: Understand your financial goals and limitations. Knowing where you stand financially will make it easier to say "no" when necessary.

Budget Wisely: Having a budget in place can give you a clear understanding of what you can and cannot afford. Use it as a reference when making financial decisions.

Prioritize Your Needs: Focus on fulfilling your needs and financial responsibilities first before considering any requests for financial assistance or contributions.

Be Honest and Direct: When saying "no" to financial requests, be honest about your financial situation. You don't need to justify or apologize for your decision.

Offer Alternative Support: If you genuinely want to help but can't provide financial assistance, offer other forms of support, such as offering your time, skills, or resources.

Practice Assertiveness: Practice saying "no" assertively but respectfully. You can use phrases like, "I'm sorry, but I can't afford to help right now," or "I need to prioritize my own financial goals at the moment."

Avoid Guilt: Remember that it's okay to prioritize your financial well-being. Feeling guilty about saying "no" can lead to financial strain and resentment.

Unlock the door to financial freedom starts with a solid plan. 💼💡 Whether it's building wealth, reaching your goals, or securing your future, a financial plan is your roadmap to success.

Reduce your financial stress with advice
Unlock your financial potential with expert guidance!
Working with a financial advisor can help you navigate complex markets, diversify your portfolio, and stay disciplined through market ups and downs.
Let's build your strong financial future together! 💼💰

May the blessings of Lord Hanuman fill your life with strength, courage, and devotion.

Happy Hanuman Jayanti! 🙏🐒

📈 Important Update: Changes in Capital Gains Tax 📉
Hey everyone,
I wanted to give you a heads up about some recent changes in capital gains tax that might affect your investments.
As of June 25th,2024, there will be significant changes in the tax rates for capital gains, impacting how much you might owe when selling investments like stocks or property.

It's essential to stay informed about these changes to make well-informed decisions about your financial future.
Whether you're an investor or planning to dive into the world of investing, understanding the implications of these changes is key.

Feel free to reach out if you have any questions or need further clarification. Let's navigate these changes together! 💼💡

Empowering minds, transforming futures!
Another sucessful event in Stouffville yesterday and promoted financial literacy 💡💰

On the auspicious occasion of Ram Navami, may the blessings of Lord Rama bring joy, prosperity, and harmony into your life. Let us draw inspiration from Lord Rama's righteousness, courage, and compassion to lead a life filled with truth, virtue, and love.

Happy Ram Navami!

Is that really the CRA contacting you?

As the 2024 tax deadline approaches, fraudsters are getting more active – and more clever.

Are you getting phone calls and texts asking for identifying information?
Are they trying to create a sense of urgency?
Is there something that just doesn’t feel right?

By understanding some of the dos and don’ts of the CRA, we can help keep your money and information protected from scams, while giving you more time to focus on filing your taxes.

Guard your peace like a treasure, staying vigilant against scams 💡

**Attention First time Home Buyers**
As of April 16,2024, first time homebuyers would be able to withdarw as much as $60,000, up from the previous limit of $35,000, from their RRSP towards a home purchase.

Also now Canadians have five years before they have to start paying back that amount, up from two years. The extension applies to anyone who makes or has made a withdrawal from the Home Buyers’ Plan between 2022 and 2025.