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Hello, my name is Jaiden and my padlet will be on how to increase finances. Finance is a study of how individuals, businesses, or organizations allocate their money over time. Finance is a broad term that relates to the management of money through many means and activities. Some of these activities consist of investing, borrowing, lending, budgeting, saving and forecasting. From these activities alone you can see that there are many ways for someone or a business to increase their finances in order to make money.

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On this website they go over the different types of investments that you can make in Canada. Whether it be a bond, a mutual fund, or even a stock this website provides all the different types of investments you can make which could help increase your finances. This website also displays some pros and cons of investing.

The reason why I chose this website in particular is because it provides and easy gateway to getting into investing to help increase your personal finance. Even businesses could use this if they're looking for more things to invest in. It also provides many things to invest in rather than just the more common things people would invest in which could help you gain more knowledge on investing and more diverse ways yo improve your finances as well.

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personal finance; investments; securities; stock markets; savings; bonds; fees; costs; taxes; banking

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Common types of investments, their risk levels, costs and fees. Understand common words used when investing.

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On this website they provide ways on how to avoid being in bad financial situations and how to handle them if you're already struggling financially or in a financial emergency. Some examples that they provide to avoid being in a bad financial situation is to avoid taking on more debt and creating budgets, etc. Examples for how to handle this would be to contact your financial institution or lower your credit card interest rate, etc.

One of the reasons why I chose this website is because it displays many ways on how to recover from situations where you aren't doing good financially which could possibly help you turn it around and increase your income without the burden of debts, etc. Another reason why I chose this website is because it promotes healthy ways to get out of financial difficulties.

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Getting through a financial emergency

Financial emergencies can happen to anyone and come at any time. They can be the result of family illness, job loss, urgent home repairs, or a natural disaster to name a few. Some events could even shut down your community for an extended period.

You may be worried about the impact of the current COVID-19 pandemic on your finances. Whatever the source, financial emergencies can be stressful and cause considerable hardships for you and your family.

See how the Government of Canada is taking action on COVID-19.

Emotional situations can lead to poor financial decisions. Be sure to get the help you need with financial decisions during an emergency. Take the time to get advice and information on what you would like to do.

The Financial Consumer Agency of Canada (FCAC) has many educational resources on budgeting, credit, savings, debt management and more. Interactive tools and calculators can also help you maintain good financial health during these challenging times.

Learn more about FCAC's online resources.

What is the Government of Canada doing to help

Taxable income

Federal emergency benefits amounts are taxable. Any amounts received must be reported on your tax return.

Learn more about changes to the Canada Revenue Agency (CRA) services due to the pandemic.

Receiving money from the Government

The fastest way to receive benefits from the Government is to create an account with CRA and sign up for direct deposit. Some financial institutions allow you to set up direct deposit through their online banking services and mobile application. Direct deposit is fast, convenient, secure and allows consumers to immediately access the full amount deposited.
Learn how to set up the CRA direct deposit.

Cashing a Government of Canada cheque

If you're receiving benefits by Government of Canada cheque, you may cash your cheque for free. You can cash a cheque that is $1,500 or less, at any bank even if you're not a customer. However, the Government has temporarily increased the limit to $2,000 for emergency benefits-related cheques to individuals. You must simply show acceptable identification to the teller such as a passport or driver's licence.
Learn more about cashing a Government of Canada cheque.

Depositing a cheque with your mobile device

You can also deposit your cheque in person at any bank branch, using an ATM or by mobile device. However, the bank will put a hold on the money. Depending on the amount, you may have to wait between 5 and 8 business days before accessing the money.
Learn more about depositing a cheque with your mobile device.

What to do if you're facing financial hardship

If the continued pandemic puts you in financial hardship, here are some steps you can take.

Your expenses

You may have trouble paying for your ongoing expenses or foresee challenges in keeping up with your regular payments. In that case, visit your financial institution's website. Be proactive and look at the options that your financial institution is proposing.

Banks in Canada are closely monitoring developments related to COVID-19. If you're facing short-term financial issues, your bank might be able to help. Contact your financial advisor or a representative at your financial institution to determine if measures are available to you. They look at situations on a case-by-case basis.
See the latest news on how banks in Canada are taking action.

Mortgage deferral

During the COVID-19 pandemic, many financial institutions allow payment deferral on credit products, including mortgages and credit cards. If you have problems making your mortgage payments due to COVID-19, you might be eligible for a mortgage deferral. Financial institutions approve payment deferrals on a case-by-case basis.

Find out more about mortgage deferrals.

Mortgage relief options

If you expect to continue to experience financial hardship once your mortgage deferral period ends, consider your options now.

Read your mortgage contract and speak to your financial institution about the options available to you. You may be eligible for one, or a combination of the options offered by your financial institution. Keep in mind that if you make changes to your mortgage contract, you may have to pay fees.
Find out more about mortgage relief options.

Impact of payment deferrals on your credit report and score

Deferring payments on a mortgage, credit card or any other credit product should not negatively affect your credit. Canada's 2 credit bureaus, Equifax and TransUnion confirmed that payment deferrals won't affect your credit rating.

Review your credit reports. Make sure the deferrals approved by your financial institution have been properly reported to the credit bureaus. It could take up to one month for information to appear on your credit reports.

You can order your credit report with Equifax and TransUnion, free of charge at any time.

Learn how to order your credit report and score.

When you review your Equifax credit report, look for one of the following indicators next to your deferred payments:

deferred payment plan

affected by a natural or declared disaster

The payment status should be "Paid as agreed and up to date". You should see the amount of $0 or "n/a" in the "Payment Amount and Delay" field.

For TransUnion, look for the letter "D" in the "Terms" field related to the deferred payment.

For more information, visit the credit bureaus' COVID-19-related web pages:
Learn how to fix an error on your credit report.

Getting money from your home equity line of credit (HELOC)

A HELOC may be another way to access emergency savings, under certain circumstances.
Find out more about HELOCs.

Lowering your credit card interest rates

If you are experiencing financial hardship as a result of COVID-19, your bank may be able to temporarily reduce the interest rate of your credit card.

Terms and interest rates may vary depending on the financial institution. Contact your financial institution by using its online portal, telephone banking service or by booking an appointment to determine if you are eligible. Otherwise, your monthly payments and interest rates will remain the same.

Bank charges, debit and credit transactions and monthly fees

While Canadians still use cash for purchases, its use has decreased significantly due to COVID-19. If you're using your debit card more frequently to avoid cash transactions, review your monthly transaction plan. If you go over the number of transactions in your monthly plan, you may have to pay fees.

Several payment card network operators have increased their per-transaction limits for contactless credit transactions during the pandemic. Contact your credit card issuer to find out if your limit has changed.

Debit and credit card transactions can be done using the:

magnetic swipe and your pin

chip and your pin

secured TAP payment

If the pandemic affected you and you need assistance, you may get a refund on certain bank charges.

These can include fees for:

insufficient funds (NSF)

stop payments

Interac e-transfers

monthly transaction plans

Contact your financial institution for more details.
Use the Account Comparison Tool to find the account that best suits your needs.

Managing debt

During this uncertain period, consider all your options before borrowing additional money. Research shows those who often use credit to pay for daily expenses have lower levels of financial well-being.

If you must borrow money, make sure you understand the cost of credit products before you make a decision. You should also only borrow the amount you need.

Certain credit products are more expensive than others due to their high interest rates and fees. For example, a payday loan should be your absolute last resort, as they often carry very high fees.

Make sure you compare all borrowing options and their fees, interest rates and repayment terms before choosing a credit product. Otherwise, contracting new expensive credit now could create more financial problems for you in the future.
Learn about what to consider before borrowing money.

Budgeting in times of uncertainty

Having a budget is key, especially when an emergency occurs. To manage your budget, you must identify your income and expenses. It's also important to identify your needs versus your wants during a specific period.

The Budget Planner is an interactive tool that helps you determine if you have the funds to meet your ongoing financial commitments. It provides tips, suggestions, guidelines and alerts. It can also help you find out where you could cut expenses.
Use the Budget Planner to create and manage your budget.

Having and maintaining an emergency fund

An emergency fund is money you set aside to pay for unexpected expenses. In general, it's recommended that you save the equivalent of 3 to 6 months of your regular expenses.

If you don't have an emergency fund, try putting some money aside right now if you can afford it. Depending on how the situation evolves, you may need to rely on an emergency fund sooner than expected.

Learn how to set up and manage an emergency fund.

If you're facing financial hardship and can't afford an emergency fund, contact your financial institution. They could recommend specific products or services to help you get through these difficult times. These can include a HELOC, a debt management plan or accessing funds in your registered retirement savings plan (RRSP).

Where to ask questions or voice concerns

You may have questions or concerns about the impact of these difficult times on your financial products. Whether it's about your accounts, savings or credit products, contact your financial institution to discuss.

FCAC welcomes your inquiries. You can contact us by email, mail or telephone. You can also contact us if you have a complaint about a federally regulated financial institution.

What to do if your branch closes

Your financial institution might have to close branches temporarily. Online, mobile, ATM or telephone banking may become necessary for making financial transactions. Make sure you have your login information and passwords or your financial institution's phone number handy.
Learn more about online banking.
If you usually go in branch to pay your bills, consider setting up pre-authorized debits instead. Pre-authorized debits are automatic and convenient when you want to make payments from your account on a regular basis.
Learn how to set up pre-authorized debits.

Protect yourself from financial fraud

You should always protect yourself from financial fraud, especially during a period of uncertainty. Unfortunately, fraudsters will prey on consumers' fears and misinformation over the COVID-19 pandemic. You may get phone calls, emails and texts regarding the COVID-19. Be very cautious when receiving them.

Tips to protect yourself from financial fraud

never click on links or attachments in unsolicited or suspicious emails

never give out your personal or financial information by email or text

note that financial institutions will never ask you to provide personal, login or account information by text or email

when banking online, enter your financial institution's website address in your browser yourself

beware of questionable offers related to cures, if it seems too good to be true, it probably is

if you have concerns about your insurance coverage, contact your insurance company directly

if you need information on COVID-19, refer to a trusted source such as the Government of Canada's COVID-19 page

Find out how to protect yourself from malware.

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covid-19; coronavirus; corona; 2019 novel coronavirus; pandemic; financial emergency; financial hardship; budget; emergency fund; branch closures; protect; financial fraud; financial decisions; 2019 income taxes; ei benefits; quarantine; self-isolate; borrowing money; job loss; banking online; where to ask questions; financial well-being; heloc

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COVID-19: Managing financial health in challenging times

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Financial emergencies can happen to anyone and come at any time. They can be the result of family illness, job loss, urgent home repairs, or a natural disaster to name a few. Some events could even shut down your community for an extended period.

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In this video he provides examples on how you can increase your finance over time. The examples he provides are to pay off credit card debt, reduce spending, having an emergency fund, and investing.

What I like about this video is how he immediately states that increasing your finances will not be an overnight process and that there is no way of getting rich overnight. This gives a realistic mindset to the watcher as soon as they open the video which would also help them not get discouraged if they do end up not seeing results as quickly. Another thing I liked about the video is how thoroughly he explained his steps on how to increase your finances. He goes really in-depth with his explanations and they aren't shallow which allows the watcher to further understand what he means.

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How to BUILD WEALTH in CANADA // 4 Steps to Wealth / Long Term Strategy / Millennial Investing Guide

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This website goes over 7 ways to ease in to help you increase your finances. It tries to get the reader to actually take action in increasing their finances instead of waiting and saying "I'll do it another time" or making other excuses. It also provides some knowledge on what you should do when you're looking to increase finances.

One of the reasons why I chose this website is because it actually tries to get the reader to get up and start finding a way to increase finances. Another thing I liked about this article is how it tries to make the person self-aware of their own situation while reading with one of the key points being "Be realistic" meaning that you shouldn't expect to see great results immediately but you should still create good habits.

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Conexus - 7 simple ways to improve your finances

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Improving your financial situation won’t happen overnight and requires behavioural changes, patience and time. Here are seven ways you can improve your finances.

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In this video we go over how Amberly generated and still generates passive income to be financially independent. She goes over the things that she has invested in such as stocks and renting out homes. Amberly goes over many ways that she's able to generate passive income to help her and her family even if she were to retire early.

The reason why I chose this video is because you can actually see what she's doing in order to be in a position where she can retire early by increasing her finances. This video provides the experience of what it's like when you're making good decisions and sticking to them resulting in you generating a good amount of income as time passes passively.

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How I Earn $6,500/Month In Passive Income | Fired Up

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This website goes over plans that are in motion to help the City of Langley budget for resources, revenues, and expenditures to help their community. They have estimations of what they need to budget in order to make the changes they're trying to make.

The reason why I chose this article is because it shows the planning that's needed in order to make the changes to help benefit the city in the long run. From this article you can see ways they manage their finances in order to make these big purchases and how much is supposed to go into something for it to work.

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Langley City Council heard from residents during the election campaign about a number of on-going concerns in the community. To that end, City Council has assembled the 2023 Financial Plan to make a significant effort in four key areas:

Preparing for SkyTrain - The City will again look ahead at new opportunities the SkyTrain will bring, as outlined in the Langley City: Nexus of Community Plan which was temporarily paused during the COVID-19 pandemic. Subject to the approval of electors, the City intends to borrow $15 million to purchase strategic property and fund SkyTrain-related improvements to maximize this once-in-a-generation opportunity for residents and businesses.

Investing in the Basics - Additional property taxation and utility fees will help fund much needed replacement of worn roads and end-of-life water mains and sewer lines. For example, $1.4 million is needed to repave 202 Street south of 48 Avenue; $1.4 million is budgeted to repair sanitary and storm sewers; $1.6 million is allocated for upgrading the 200 Street culvert at Brydon Crescent; and, $1.1 million is set aside for replacing asbestos cement water mains.

Enhancing Public Safety - A Citizens' Assembly on Community Safety Reform will be established which will engage representatives of the public to collaborate with experts from community organizations and emergency services across the region to put forward solutions to rebuild trust and confidence in the safety of our community. The City will hire firefighters and public safety personnel to keep pace with the growth of the community.

Addressing Poverty, Health & Homelessness - Social issues relating to mental health, addictions, and homelessness are top of mind in the community. The City will host a series of collaborative dialogues that focus on these critical community issues synthesizing local initiatives that are currently underway and implementing best practices to address social issues and build community resiliency and well-being. We have added staff to help carry out this ongoing advocacy to ensure meaningful action occurs.

The City will also invest in urban forest maintenance, recreational programming for children and aquatics, other service level increments, and additional funds to maintain current service levels while keeping up with inflation.
The 2023 Financial Plan currently has a gap of $3,863,160 between total revenues and planned expenditures which equates to an 11.56% increase in property taxes to balance the budget.
In 2023, the five year financial plan includes $65 million in on-going operating expenditures and a further $47 million in one time capital expenditures. Approximately 75% of the operating expenditures are funded through property taxes and utility charges billed at the end of May each year.

The Province only allows municipalities to have one tax rate for all residential class properties. The assessed value of single family homes increased 16% whereas multi-family homes have increased more at 19%. When the overall tax rate increase of 11.56% is applied, it has a bigger impact on multi-family homes.

The average business property will see an increase of 11.92% if their property tax assessment increased 17.77%. The average light industrial property will increase 11.98% if their property tax assessment increased 35.40%. For properties that have assessment changes higher or lower than the average, the property tax increase will also change. This rate maintains a competitive ratio between residential and business class properties, ensuring that Langley City remains an attractive municipality to locate a business. The Financial Plan will position the City to capture the positive momentum the SkyTrain will bring to ensure Langley City continues as the Place to Be!
View the 2023-2027 Financial Plan
View the 2023-2027 Financial Plan Infographic
View the 2023 - 2027 Financial Plan Open House Ad - January 26 edition
View the 2023 - 2027 Financial Plan Statutory including Open House Ad - February 2 and February 9 editions
View the Financial Open House
Property Tax Deferment Program:
The Province has a Property Tax Deferment Program allowing residential taxpayers over 55 years old with 25% equity in their homes, or families with children having 15% equity in their home, to enroll in the program. This may assist some taxpayers during times when the assessed values of their homes have increased so dramatically. For more information visit www.gov.bc.ca/propertytaxdeferment.

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The Community Charter requires Council to adopt a 5-Year Financial Plan bylaw each year prior to the adoption of the Property Tax Bylaw. The purpose of the 5-Year Financial Plan is to provide a budgetary framework for the City to plan the management of its resources, revenues, and expenditures in order to best serve the community.

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In this video Charlee goes over ways to help improve your financial literacy which in the long run would help you increase your finances. He goes over many ways to help you make better decisions so that you could be stable financially as time passes.

What I liked about this video is how he provided sources and things that can help you improve your financial literacy which would be helping you make better financial decision thus helping you earn and keep more whilst having good finances. Another thing that I liked about this video is how he recommends that you actually pay attention to finance news which would help you know what's going on around the world financially, which as time passes, gives you more knowledge on the topic.

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How To Improve Your Financial Literacy In Canada | Complete Beginner's Guide

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In this video, he goes over ways to generate enough finances and keep them while retiring. He goes over financial goals that you should set when looking to retire as well as building on what you already have.

What I liked about this video was how he goes over the goals you should set when planning on retiring which goes in hand with trying to generate financial income as you will need to set goals to become successful with both things. In this video, he also tells the viewers to be aware of how much they're spending and saving to get a good grasp of what they do and don't have. This also ties into trying to build finances because in order to build on them you need to make sure there's something there to begin with.

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How To Create a Solid Retirement Plan // Canadian Finance

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1. The thing that surprised me most was the amount of ways you could increase your finances other than only having a job.

2. This topic is interesting to me because I've wondered about other ways you could increase your finances other than just having a job.

3. If I were to pass on the knowledge that I've gained from this topic to a family member or friend that's trying to increase finances I would recommend what was mentioned on the third website. The reason for this is because it helps them set realistic expectations for themselves when they're starting to increase their finances. It also helps motivate the person reading it thus making them feel more compelled to try different methods of increasing their finances.

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What I got from this photo is that it takes time to build finances and the more effort you put into building your finances the higher the rewards as time passes.

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What I got from this photo was that it can be stressful to try and build finances without seeing much progress but as time passes, if you're being smart and doing it correctly you will see the progress you're hoping for.