Trusted Tips and Resources

Trusted Tips & Resources

Trusted Saskatoon Mortgage Brokers Tip About Your Phone and Low Mortgage Rates

Buying a home is one of the most important and exciting steps in your life.... now that pesky financing! Deal with people who can offer you and your family the best options for you. 

So How Does Your Phone Affect Your Mortgage Rates

What many people aren’t aware of is that your cell phone payment history DOES affect your credit score.
 
Cell phone accounts work differently than a credit card or a line of credit. A cell phone is an open or “O” account, which means the balance has to be paid in full at the end of each month.
 
There is no such thing as a minimum payment with an “O” account like there is with credit cards and lines of credit. You can’t just pay a portion of your bill. The amount that you see on your statement has to be paid in full otherwise your credit score will suffer.
 
Unfortunately, many Canadians don’t view paying their cell phone bill in full or on time as being as important as other payments. Lenders disagree. The bank underwriters (the people who review your application) are thinking, “If you can’t make or keep track of a cell phone payment, what are the chances that you are going to be responsible with your mortgage payment?”

Costly Missed Payments

Let’s take a look at one borrower, John, who was declined for best-rate mortgage financing on the purchase of a new house because he had three late payments on his cell phone bill during the last two years. His argument wasn’t unique. “I called (the phone company) before the payment was due and asked if I could pay half of the bill this month and the remainder of the outstanding balance the following month,” he said. “The customer service rep told me that it was okay to take a couple of months to get caught up.”
 
Susan and Frank found themselves in a similar situation. They were approved for mortgage financing but were then declined at the last minute due to a recent late payment showing up on their report in the same week they were supposed to be moving.
 
Arranging a mortgage and preparing for a move is stressful enough without having a financing issue in the eleventh hour. In the end they were able to find a resolution, but it resulted in a delayed closing. They had to get approved by a different lender at a higher rate. In addition to all the stress and time, this small mistake ended up costing them $3,459.28.
 
Despite what they tell you, late payments will continue to be recorded until your account is caught up. Underwriters will look at an applicant with an outstanding balance as someone who is not in control of their finances. It will drop your score and hurt your chances of being approved for the best rates and terms.

A Matter of Principle

It’s common for consumers to not make a payment because they were unfairly charged or they found a mistake on their bill. On principle, I understand that you might not want to make the payment, however, even if you are disputing the charge, it will not stop the negative item from showing up on your credit report.
 
And keep in mind that one late payment can be enough to negatively impact your best rates and terms for future financing. Your cell phone company will start the collection process if an overdue balance is not paid within 60 to 90 days.
 
As you can guess, a collection appearing on your report does not help your credit score. Many of my clients echo my caution, and in hindsight wished they had simply paid the bill in the first place. If you find yourself in this situation, my suggestion is to clear the amount owing first and then dispute the charges. That way it doesn’t lower your score or cause you to get charged higher rates just because of one account. 

Warning…Warning

If you have paid out or closed your cell phone account, make sure you get something in writing to confirm that there is no outstanding balance owing.
 
The same goes for an outstanding amount or settled collection. Don’t take anyone’s word for it or assume that it will be updated on your credit report. Are you starting to see a trend? Whatever you do, get a confirmation in writing! If you don’t, it will make trying to correct the error even more difficult.
 
The only way to avoid having your cell phone report on both Equifax and TransUnion is to go with a pay-as-you-go contract. If you are on any other type of plan, keep your fingers crossed. You don’t want to be one of the unlucky ones to have a cell phone error or problem tarnishing your credit. To improve your chances of avoiding any issues, ensure you pay the full amount owing each month and keep good records.

Trusted Saskatoon Plumbers Share Issues To Look Out For



HIDDEN PLUMBING ISSUES THAT COULD LEAD TO COSTLY REPAIRS FOR HOME BUYERS

Shopping for a new house? Whether it’s your first time buying a home or your fifth, knowing what you’re getting into before you sign on the dotted line is always a smart financial move. All too often, people purchase properties only to find out later that they require a great deal of costly residential plumbing and heating work. While many Saskatoon plumbers will assess the plumbing and heating setup in a house for a fee, there are some simple ways to identify common plumbing issues that could cost you a significant amount in repairs, down the road.


What Water Pressure Can Tell You

Whenever you go to look at a house, it’s always a good idea to run the water in the sinks or a shower to see the strength of the water pressure. If the pressure is weak, you can typically conclude that the residential plumbing is old, and that the galvanized steel or cast iron pipes that were commonplace in houses plumbed before the 1960’s have started to corrode.

Slow Drainage is a Concern

Like water pressure, the rate at which water drains in a house will give you an idea of whether or not there could be a larger plumbing issue. Slow drainage could be caused by much more than just a blocked pipe. In some cases, it’s a sign that the house has old drainage pipes that need to be replaced. This is something you could confirm with the help of Saskatoon plumbers, but especially in older homes, replacing a main drainage pipe can be costly because they’re often difficult to access. If the drainage pipe is in the floor or behind a wall, you’ll have to hire other trades people to get to it.

Water Stains are Signs of Larger Residential Plumbing Problems

When you walk through a house, be on the lookout for water stains on ceilings, walls and baseboards, in kitchen and bathroom cupboards, around the shower and any other place where there’s plumbing. If there’s blistered paint on any of the walls in the home, that too is a sign that there’s been a leak in plumbing. In addition to water stains, check the floor around the base of the toilets and bathtubs or showers. If the floor springs back when you apply pressure, it’s a good indication that water has been leaking from the fixtures. These types of issues will not only require you to hire a plumber, but also a trades person to repair the rotten flooring, all of which can add up quickly.

Beyond the visible signs, make note of a mildew smell. A musty smell is a guarantee that there is or has been some type of moisture issue in the past, and whether it was caused by leaky plumbing, flooding or anything else, it’s never a good sign.

Check the Furnace Filter

A clogged furnace filter can put a lot of strain on a furnace. Take a moment to remove the furnace filter (hopefully there is one installed) and see how dirty it is. It’s a simple test that will give you some insight on how well the previous owners took care of important plumbing and heating systems in the home.

If you find a house that you really like but you’ve identified one or more of the plumbing and heating warning signs I’ve mentioned here, you can always hire Saskatoon plumbers to confirm your suspicions. They can also give you an idea of what it will cost to repair or replace the plumbing.

Check out their listing here in the Plumbing Category on THE Saskatoon Directory of excellence. 

Trusted Saskatoon Plumbers at Perfection Plumbing Tip on Preventing Drain Blockages

Perfection Plumbing & Drain Cleaning Ltd. is a premier provider of quality drain cleaning and plumbing services in Saskatoon, SK. They are the company of choice to handle all of your plumbing concerns, including drain cleaning service, water heater installation, plumbing repair, and more.  Perfection Plumbing is a Trusted Saskatoon Plumbers on the Saskatoon Directory. In their latest tip, they share helpful info on preventing blocked drains. 


Prevent Drain Blockages With Common Sense and Saskatoon Drain Cleaners

Saskatoon drain cleaners very often have a hard job; the majority of any drain cleaning job is reactive, in that it’s clearing away the result of months, even years of buildup in drain and guttering systems, when the problem could easily have been alleviated, or even prevented, in the first place. But it is still surprising how many people do not know how to proactively keep their drain systems clean, and there are many reasons why this should be a priority. But just how can someone be mindful during their day-to-day tasks?

Avoid Pouring Fat Away

An alarming number of commercial premises that serve food, and just as many residential customers, require Saskatoon drain cleaning services, as fat build-up has clogged their drains. It may seem like the easy option to pour boiling liquid into a plug hole, but it won’t stay hot forever. When it cools down, it congeals and effectively creates a plug in the draining system. Before long, anything that goes down the drain in the same building, and very often with neighbouring buildings who share the same pipes, will come right back up, delivering old waste and a foul smell to boot. For commercial premises, this can mean closing down while the ‘health hazard’ has to be remedied. The easiest option is to avoid pouring away fat altogether.

Claw Back on Lumpy Food in The Sink!

It’s easy when the cooking is done to throw pots and pans into the sink and forget about the lumpy, off-cut pieces of food that lay in the bottom of the bowl. But again, over time, these will not go away. When they eventually get soft enough to go down the drain, they’ll rot and start to produce a rotting smell. A quick clear away before throwing the pots and pans in the sink will mitigate this problem.

Avoid Blocking the Gutter

Many gutter drain cleaning jobs can be avoided by simply not letting the gutter clog up. Over time, waste in the guttering needs to go somewhere, and when the rain and wind hammer down, it’ll push what waste is in the guttering down the downspout, causing a blockage. Regular cleaning of the gutter is a must.

For plumbing problems in your home, don’t hesitate to contact Perfection Plumbing for help.




Find Perfection Plumbing online here check out their listing


 

Trusted Saskatoon Plumbers Perfection Plumbing Share the Benefits of Energy Saving Water Heaters

Perfection Plumbing & Drain Cleaning Ltd. is a premier provider of quality drain cleaning and plumbing services in Saskatoon, SK. They are the company of choice to handle all of your plumbing concerns including drain cleaning service, water heater installation, plumbing repair, and more.  Perfection Plumbing are Trusted Saskatoon Plumbers on the Saskatoon Directory. In their latest article, they share the many benefits of energy-saving water heaters.

Benefits of Energy Saving Water Heaters

Are you beginning to dread the winter months? Energy bills for hot water, and heating and lighting the home seem to creep forever upward. In many Canadian provinces, the government and/or energy companies provide assistance in the form of grants and loans, to persuade both homeowners and businesses to switch to using to energy-savin appliances.

faucet-water-drip

According to Natural Resources Canada, the average family uses around 75 litres of hot water every day, accounting for nearly 20% of a household’s energy bill. There’s no doubt that the older your water heater, no matter what the type and unless regularly serviced, will be costing you more in bills than it should.

Taking the Leap, Making the Switch

Before making a decision, contact a reliable, reputable Saskatoon plumbing company that specializes in hot water tanks in Saskatoon. For a start, natural gas is far cheaper than electricity. If you can change, it’s well worth the added expense.

As would be expected, Energy Star hot water tanks in Saskatoon are far more expensive than old style tanks. All that new technology has to be paid for. But does greater expense equate to greater savings on your bills? The short answer is yes, but it’s the time taken to recoup the extra outlay which could do with some discussion.

Determining Options

Talking to a reputable company that regularly fits and services water heaters in Saskatoon is the best way to ascertain the type, size, and energy rating you will need to begin reducing your energy consumption while recouping the additional outlay in a reasonable time frame.

A reputable plumbing company that puts their customer’s needs first, such as Perfection Plumbing & Drain Cleaning Ltd., will ask a lot of questions. How many in the family? How many bathrooms? Do you live in a sprawling single storey home, or is it more compact with upstairs and downstairs? All these things and more will have a relevance to which type of Energy Star rated water heater your plumber recommends.

While discussing the best Energy Star rated hot water tanks in Saskatoon for your needs, it is well worth considering a few smaller things which will help cut down running costs.


Hounjet Tastad Harpham Trusted Saskatoon accountant answer questions about the new Climate Action Incentive in Saskatchewan

 

Hounjet Tastad Harpham has decades of accounting experience working with clients across Saskatchewan. Their expert accounting advice is valued by clients ranging from individuals to businesses small and large. Hounjet Tastad Harpham are Trusted Saskatoon Accountants and in their latest accounting tip, they answer a client question about how the new Climate Action Incentive ( CAI) (commonly referred to as the carbon tax rebate) program works. 



Climate Action Incentive (CAI) 

Recently a client emailed us to ask a few questions before they dropped off their 2019 personal tax information. This particular client has been in a common law relationship for 7 years and has 3 children from a previous relationship.  


The CAI Question: 


Greetings Roseline, I'm going to drop off my information tomorrow, but I just wanted to ask about the new Federal ECO/Carbon Tax rebate program/ incentive - how is it decided , how is it calculated and who receives it? 

The Answer 


Individuals in Saskatchewan will receive a tax-free Climate Action Incentive payment after filing their 2018 tax return starting in 2019. Climate Action Incentive payments in Saskatchewan will be calculated as follows for 2019:

The carbon tax rebate can be claimed by either spouse, so it’s up to you to decide which one.  
You can’t split it – it has to go to one or the other.  In this case, we suggested that the client put it on her return because it includes the children.  The rebate gives $305 for the individual, $152 for the spouse, and $76 per child, for a total of $685.00.  

Depending on financial arrangements,  the client who receives the rebate may then split half of the adult CAI  (305 +152= ) and give their partner/spouse $228.50, keeping the 3 children's rebate for their expenses. 

What About Other Family Circumstances? 



The amount for a single parent's qualified dependant:


To claim the CAI payment for a single parent’s qualified dependant, on December 31, 2018, you must:

  • not be married or in a common-law partnership, and
  • have a child (or dependant) who meets all the conditions of a qualified dependant.

Shared custody

Only one claim for a CAI payment can be made per child. The payment cannot be split between parents.


Supplement for residents of small and rural communities

To claim the supplement for residents of small and rural communities, you must have resided outside of a census metropolitan area (CMA) on December 31, 2018.


Find out if you qualify for the 10% supplement for residents of small and rural communities. 

 

ProvinceBasic AmountSpouse or common-law
partner amount
Qualified dependant
amount
Single parent's 
qualified dependant
amount
Saskatchewan$305$152$76$152

Claim the CAI payment

To claim the CAI payment, you must:

  1. complete your 2018 income tax and benefit return
  2. complete Schedule 14 included with your return
  3. send (file) your return to the Canada Revenue Agency

The CAI payment will be automatically applied to your balance owing for the year, if applicable, or may increase the amount of any refund you may be entitled to.


Contact Hounjet Tastad Harpham today if you have any further questions related to CAI. 




Hounjet Tastad Harpham Services:

If you are looking for a Saskatoon chartered professional accountant for your personal taxes or business accounting needs, contact the team at Hounjet Tastad Harpham today.

Hounjet Tastad Harpham are Trusted Saskatoon Accountants



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