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Jim Slobodzian e-Money Guide

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The Power of eLoans and Mortgages

If you will be needing a loan or mortgage, there is no greater way to shop and compare prices than online. One of great benefits of internet is letting average consumer (like you and me) share information like we've never been able to before! We can shop and more importantly, compare, prices and services of all kinds of financial services in detail.

There are many good providers of "eloans" online. So who are major online players in loans and mortgages? Research firm Media Metrix recently listed top financial information sites based on "impressions". At top of that list was MoneyNest.com which operates an online financial marketplace that enables consumers to shop online for a variety of financial products. Moneynest.com sums up one key thing about online loans and mortgages - it places power in your hands. You no longer have to feel insecure about not having enough excellent information at your fingertips or about trusting "your" bank and wondering if you got best deal possible. The internet places all this power at your fingertips. To sum up key benefits of shopping online for loans and mortgages, you can:

* Get free quotes - from as many companies as you need or want * Customized quotes - more than just comparing rates, you can compare quotes for specific service you need (type of home, amount of loan, amortization, etc) * Larger pool of suppliers - more businesses are competing for your business, which means a better deal for you * Comfort - what is better than reviewing information with a cup of coffee at your convenience in friendly surrounding of your home rather than in some "suit's" office? Nothing beats getting rid of sales pressure better than by removing yourself from sales persons turf! A level-headed decision with no pressure means a better decision for you!

These "eloan" sites (listed below) are jam-packed with great calculator tools and information. As an example, eloan.com site alone has following calculators; http://www.eloan.com/s/show/calculators?linksrc=purchcalc&sid=yP841ZZJ9LTge9B79_8dLAFLPbE * mortgage rate calculator * rent vs. own calculator * amortization calculator * payment calculator * affordability calculator, * and if you are really a laid-back type, a rate watch tool that will automatically track interest rates and notify you when your desired interest rate is available!

1. Are You Splitting Your Business Income?

You may pay reasonable salaries to spouse or children through your incorporated or unincorporated business. If you are not doing so, you may be missing out on some real tax savings.

In Canadian Federal Budget of February 16, 1999, measures were introduced to discourage income splitting with minor children through family trusts. However, these measures do not apply to paying reasonable wages to family members. Thus, this may be one of last ways of legally splitting income left for small business person with minor children. Obviously, amounts paid must bear some relationship to work performed. Of course, all required payroll taxes should be remitted and proper records need to be maintained.

Why not rearrange your affairs so that family members with little or no income can perform duties for and be paid by your business? Then, they can contribute out of their own income towards operation of household. In this way, little or no tax will be paid by your dependants and you will have successfully shifted taxable income out of your hands.

2. Should You Register For The Goods And Services Tax?

Even if your business grosses less than $30,000.00 per year in taxable sales, you may still benefit by registering your business to collect Goods and Services Tax (G.S.T.). If you are not doing so, you may be missing out on some real tax savings.

For example, you will be paying G.S.T. on many of your business expenses. If not registered for G.S.T., you must absorb this cost. If registered, you may deduct G.S.T. paid on such business expenses (input tax credits) from tax collected. Many business persons expect to pay G.S.T. and it doesn't really cost them anything since they deduct such amounts as input tax credits from G.S.T. they collect from their customers.