With the new mortgage rules coming into effect across Canada, you might be wondering what that means for you—and whether you can still enter the market. One of the new rules applies a stress test to borrowers, which means you need to qualify at a higher rate when you have less than 20% as a down payment. Before these new rules, mortgage borrowers who took a 5-year fixed-rate mortgage only had to qualify for the mortgage payment based on the interest rate they were getting. Now with the new rules, you’d have to qualify for a rate at the Bank of Canada’s 5-year fixed posted rate, which is currently 4.64%. The new rules aim to make sure that if interest rates ever go up and are much higher than they are today, homeowners will still be able to make their payments. But the result is also an approximately 20% decrease in the amount of mortgage money available to borrowers.  One factor that you can focus on that is within your control to maximize your affordability: your credit score. A higher credit score could result in a higher

Let me tell you a tale… quite possibly a familiar one in your own life. So, Topshop has their annual sale on, which of course I have to hit up. I spot the highly coveted Olivia Palermo bomber jacket which of course just happens to be the last one left and is in my size. I head to the register, bomber in hand, ready to take home my fashion find. As I reach for my wallet, the salesperson tells me I’ll get 15% off if I sign up for the store credit card and use it today. I’m all like, sweet I’ll take it. I charge the $141.33 to my new store credit card, and head off into the sunset.  The next day (being the responsible adult that I am) I transfer $140.00 from my bank account onto the store credit card. I’ve got it covered right? A few weeks later, I get a statement in the mail from the store, which I immediately throw in the trash without even opening it. In my mind, I’ve taken care of it. Next month, the same thing happens.

This week on #AskAnAdult over at the Kastor & Pollux blog, Meghan Yuri Young asks:  “As a freelancer, would it be in my best interest to hire an accountant or a financial advisor? Are they different?” Hey gurl, way to go for being a hustler! One of the biggest mistakes that self-employed people make is that they think they can do ALL the jobs and wear ALL the hats. Not always a kewt look. If you are not great at bookkeeping or finance in general, it may make sense to bring in someone to help you. Experts will cost money but they often save you money overall.  Image by Olivia Genovese And yes, accountants and financial advisors are different! A financial advisor is usually someone who sells insurance or investments. On your personal financial portfolio, it may make sense for you to talk to a financial advisor if you’re interested in purchasing life and critical illness insurance to protect you in case anything happens. Unfortunately as a freelancer, we don’t have an employer offering us this benefit but we do have the