https://padlet.com/shubhamparashar/gbco9koajxxfjs77 Shubham Parashar en-us 2021-11-29 21:16:18 UTC 2025-11-19 20:44:44 UTC hello@padlet.com shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919003759 Loans and interest rates can affect ]]> 2021-11-29 21:18:43 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919003759 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919005264 https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-payments/understanding-interest.html]]> 2021-11-29 21:19:58 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919005264 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919023228 2021-11-29 21:33:48 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919023228 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919024282 2021-11-29 21:34:38 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919024282 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919024467 2021-11-29 21:34:47 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919024467 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919027046 https://www.bdo.ca/en-ca/insights/tax/tax-alerts/using-prescribed-rate-loans-to-lower-family-income-tax-bill/]]> 2021-11-29 21:36:49 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919027046 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919027441 https://www.hoyes.com/blog/does-owing-taxes-affect-your-credit-score-in-canada/]]> 2021-11-29 21:37:08 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919027441 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919028087 https://financialpost.com/personal-finance/debt/consumer-rates-headed-lower-but-experts-split-on-housing-market-impact]]> 2021-11-29 21:37:42 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919028087 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919033161 The government of Canada says if you make late or insufficient payments, they will charge interest. Depending upon the loan, the interest is referred to as installment interest or arrears interest. Up to the day an overpayment is refunded, repaid, or applied, we pay relevant refund interest. The interest rate is calculated every three months by using the prescribed daily compound interest rate. From the due date of balance to the date of payment, they assess installment interest on any outstanding debt.
Overpayments have lower interest rates than underpayments. The interest on an overpayment is compounded daily up to and including the day the overpayment is refunded, returned, or applied. If the amount of the current year's credit is altered due to the carryback, we will not adjust installment interest.

The reason I chose this website is that it is from the official website of CRA and all the information provided there is genuine and true. ]]> 2021-11-29 21:41:42 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919033161 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919033917 During difficult economic times, a tax preparation approach might be very beneficial. You may efficiently transfer money from high-income earners to lower-income family members by setting up a specified rate loan with family members. In the current situation, when interest rates are low and a stock market bounce is expected, this tax planning method is extremely appealing. the prescribed rate is established quarterly by CRA. The loan's interest rate changes. 1 percent of lower interest rate is mandated when applied for a loan agreement in the third quarter when the decrease takes effect. 
The reason for choosing this website is that it provided me with information regarding tax preparation and interest rates.]]> 2021-11-29 21:42:15 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919033917 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919034234 Estimated uncollected taxes in Canada are worth $50 billion. CRA maintains your personal and financial information private and doesn't share it with credit bureaus in Canada. If required, CRA can officially certify, or register your debt with the Federal Court or get a judgment from a provincial court verifying the amount owing to prosecute you for unpaid taxes. This court decision becomes a public record and my show on your credit report in the legal section. When you pay your bills and how you pay them off are both parts of your credit history. Example- You've held a credit card for several years and made all the payments on time each month, your credit score will be higher than someone who gets a new credit card with no payment history on it. Tax debt, like other types of debt, has a far greater impact on your finances than you may realize.]]> 2021-11-29 21:42:32 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919034234 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919034463 Toronto- Dominion Bank was the first to lower their prime lending rate, which was reduced by 10 basis points to 2.75%. Following suit, RBC(Royal Bank of Canada) and BOM(Bank of Montreal) made their cutbacks on interest rates. At the end of 2014, the average household debt-to-disposable income ratio in Canada reached a new height of 163.6 %. The reductions will keep the property market in Vancouver and Toronto booming. Only users with a variable rate related to prime, which accounts for around 25-30% of the market, are affected by the prime rate. "people have to assume we're at the bottom now" says Will Dunning, chief economist.]]> 2021-11-29 21:42:45 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919034463 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919120972 https://youtu.be/6-d8EBoxf18]]> 2021-11-29 23:00:03 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919120972 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919122564 https://youtu.be/zWxd3ttqDow]]> 2021-11-29 23:01:46 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919122564 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919122694 https://youtu.be/ArP2eG5urks]]> 2021-11-29 23:01:55 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919122694 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919122820 https://youtu.be/QHbM6j57g24]]> 2021-11-29 23:02:03 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919122820 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919131080 https://www.google.com/url?sa=i&url=https%3A%2F%2Fbetterdwelling.com%2Ftransunion-warns-a-severe-scenario-likely-in-canada-mortgage-defaults-to-jump%2F&psig=AOvVaw3gNs1oQn2o7FIUFGcwQXi_&ust=1638318905072000&source=images&cd=vfe&ved=0CAsQjRxqFwoTCIjz--HrvvQCFQAAAAAdAAAAABAD]]> 2021-11-29 23:11:29 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919131080 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919131357 https://www.google.com/url?sa=i&url=https%3A%2F%2Fdavidandpartners.sg%2Fblog%2F&psig=AOvVaw3gNs1oQn2o7FIUFGcwQXi_&ust=1638318905072000&source=images&cd=vfe&ved=0CAsQjRxqFwoTCIjz--HrvvQCFQAAAAAdAAAAABAK]]> 2021-11-29 23:11:48 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919131357 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919132398 Many Canadians are hammering away in Debts as they are relying so much on credit cards, and they are really having a tough time. Mortgage debts are taking place too as people are buying homes to extend themselves as the rates are at a very low level. Consumer Debt is taking place as the interest rates are very low because of Covid. and when the rates rise it's going to be an issue for people who have bought houses. It is going to affect a lot of people as most of the people have credit card debt and the interest rates are between 15-30% for all of them. They talked about Consumer Proposal and Bankruptcy and both of them have a similarity which is a significant impact on credit score and financial health for a long period of time, and the difference is about what assets you will lose in a bankruptcy filing versus which you will lose in a consumer proposal. And once this period of low-interest rates is over there will be problems for a lot of people who are not able to pay back for their loans, etc. ]]> 2021-11-29 23:12:58 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919132398 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919132778 A consumer proposal is a program filed with a licensed insolvency trustee to settle your debts for a percentage of what owe and pay that settlement period over time, you can often reduce your debt up to 70% if you enter a repayment plan which appears in 2 different sections in a credit report, under legal section and accounts section. Credit reports also contain trade sections which contain all debts reported by creditors and monthly transactions. Transunion says they will remove all this information from accounts in your trade section 3 years from the date of completion or six years from default whichever comes first. You can even get a secured and unsecured credit card during your proposal which means you can start the process of rebuilding a better credit history that will be free from your old debt.]]> 2021-11-29 23:13:24 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919132778 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919133015 Interest rates will go up in the coming time before the pandemic started the lending rate was 1.75% and the current lending rate is at 0.25% which is a huge drop. If you like investing in real estate you should go to your broker or your bank and lock in a rate right now as the interest rates are going to go up next year.]]> 2021-11-29 23:13:39 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919133015 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919133236 The Shareholder loan is the money that you've lent to the business of the corporation, and the company owes you that money back, which will be recorded as due to your shareholder loan. Things get complicated when you have borrowed money from a company or withdrawn from a company and their balance gets whittled down in that case you actually owe the company some money. How it will get impacted is when you've injected some funds at the start of the company which the company owes you back, it is a liability for the company to pay you back.]]> 2021-11-29 23:13:53 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919133236 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919229826 This Image provides us with different scenarios which influence consumer credit dynamics and the impacts on the banking industry. There are three scenarios in major which are Mild scenario, Medium Scenario, Severe Scenario, and then there is Base-Case(Pre-Covid 19). 

I chose this picture as this picture tells us about the different scenarios about how there is increased demand for credit increases and short term liquidity etc.]]> 2021-11-30 00:41:23 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919229826 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919230869 This Image tells us about lowest interest rate seen in Canada and telling us conditions about the world economy during the pandemic, and their current conditions. Global economy faced a downturn as all the countries were trying to contain the virus. Interest rates were seen at 0.25%, but now the global conditions are improving in financial market, Australian economy faced their biggest contraction since 1930s. etc. ]]> 2021-11-30 00:42:11 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919230869 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919247485 2021-11-30 00:53:55 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919247485 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919249310 I learned a lot of things like how the interest rates actually work, how loans can affect your credit score how you can get secured and unsecured credit cards to rebuild your credit score while paying your current debts. etc.]]> 2021-11-30 00:55:21 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919249310 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919251162 I have seen people who are in debt, who got government benefits, who have been trying their best to payback their credit card bills, but it's not easy to pay all that back because you will have those things building up whenever you try to make a payment, you need a secure job, a better pay, need to control your expenses figuring out what your needs are and what your wants are to pay back those loans.]]> 2021-11-30 00:56:45 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919251162 shubhamparashar https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919252941 If I could pass something on to someone, it would be the fact that there are are secured and unsecured credit cards which help you out in building your credit score and there are people out there trying to help you out in getting out of debt, you just have to be willing to step up and stop using your credit cards and your loans for a luxury life, instead work hard for a luxury life.]]> 2021-11-30 00:58:03 UTC https://padlet.com/shubhamparashar/gbco9koajxxfjs77/wish/1919252941