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Culture

What Can You Do To Pay The Doctor After You Break Your Leg?

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Breaking a leg is never an easy experience, and even though Canada has free healthcare, there can be other medical bills that come with it and they can be overwhelming. And what happens if you were traveling and had an injury outside of the country- what then? In addition to the physical pain and recovery process, you may also have to worry about how to pay for these other medical expenses. In this article, we’ll explore some of the steps you can take to pay for your doctor’s bills after breaking your leg.

Image: castnews.org this site profiles girls with casts in bikinis. Not. Even. Joking.

Check Your Insurance Coverage

The first step to take when facing medical bills is to check your insurance coverage. If you have health insurance as an extra, you may be covered for some or all of the expenses associated with your leg injury. Check with your insurance provider to understand the limits and deductibles of your policy. Understand any out-of-pocket expenses, such as co-payments or coinsurance.

Consider Financing Options

Is the payment plan not working for you? No worries! You can find an emergency loan in Canada that can be a viable option to help you pay your bill on time. Many financial institutions and online lenders offer emergency loans for unforeseen expenses, including medical bills. These loans can provide quick access to funds to cover your medical costs, allowing you to focus on recovery.

Before choosing an emergency loan, it’s essential to research your options and compare interest rates and fees to ensure you select the option that works best for your financial situation. Ensure you understand the loan agreement’s terms and conditions before signing up.

Negotiate the Medical Bills

When you receive a bill for medical services related to your leg injury, ask for an itemized bill. This will allow you to see exactly what you’re being charged for such as an ambulance fee and identify any errors or discrepancies. Once you have an itemized bill, you can try negotiating with your healthcare provider or hospital. Explain your situation and ask if they can reduce the bill or set up a payment plan that works for you. If you’re uncomfortable negotiating independently, you can seek assistance from a medical billing advocate or attorney.

Set up a Payment Plan

If you cannot pay your medical bills fully, you can work with your healthcare provider to set up a payment plan. Many providers are willing to work with patients to develop a payment plan that fits their budget. When setting up a payment plan, make sure you understand the terms and conditions. You should know how much you’ll be expected to pay each month, when payments are due, and whether there are any penalties for late payments. Sticking to the payment schedule is vital to avoid accruing late fees or other penalties.

Look for Assistance Programs

Another option you can look for is financial assistance programs from non-profit organizations or government agencies. These programs help individuals who cannot pay for medical services on their own. Research the available options and apply for assistance if you meet the eligibility criteria.

Paying medical bills after you have an injury can be daunting. However, several financing options are available to help you cover your medical expenses. The key is to research your options carefully, compare interest rates and fees, and understand the terms and conditions of any financing agreement before signing up. By doing so, you can effectively manage your medical expenses and focus on your recovery without undue financial stress.

Finance

7 Serious Tips for Better Bookkeeping in Canada

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Bookkeeping is tedious for most business owners unless you are a seasoned accountant or a fan of working with numbers. That is because businesses have a lot of financial details that need to be recorded, for instance, which supplier should be paid, outstanding customers, equipment to buy, significant purchases to make, and more. Without an accounting and bookkeeping system, you may lose essential business data, miss important goals, or make uninformed decisions that may affect your company’s finances.

Proper money-handling strategies are integral in any business as it helps you keep track of your long-term goals, improve your profits, and streamline seasonal cash flow changes. In addition, it will help your business stay out of trouble with the Internal Revenue Service or IRS.

By adopting good bookkeeping habits, you can avoid costly errors when it comes to record keeping. You can opt to have an in-house team to handle all your bookkeeping services, but this can be un-economical for small business owners. To save on cost, you can work with a bookkeeping agency, which often offers professional online and virtual services in Canada at very fair rates.

Here are seven tips for better bookkeeping for businesses in Canada.

Separate Your Business and Personal Finances

If you are a sole business owner, you should learn to separate your personal and business accounts. This will help you maintain records of every business and personal spending and help you keep the boundary to alleviate eating into the business growth finances.

For limited liability companies, the business is a separate entity from you, and your finances should be kept separate. That means you need to know which assets belong to the business and which are yours. By eliminating all personal transactions from the business accounts, you will lower the number of transactions the bookkeeper needs to categorize and reconcile. Additionally, your tax preparation and filing process will be seamless. You can find a bookkeeper in Canada to help you separate your accounts and provide outsourced business and personal bookkeeping services.

Control Your Business Credit

One of the common signs of an insolvent business is the inability to make payments promptly. The company may need better credit scores, lack of funding, or challenges in fulfilling its working capital needs.

When your business depends on bank financing to fund everyday operations, you will need help to pay back your high-interest debt. Therefore, you need to do due diligence before taking external funding.

You should set strict deadlines for your clients to pay what they owe and consider blocklisting repeat offenders that are taking advantage of you. Eliminate any late payments, as it is just like an interest-free loan. Your business may quickly become a cash-flow crisis if you lack rigorous credit control.

Track Business Expenses

Business expenses may be claimed against tax; therefore, tracking them is crucial if you want to cut overhead and maintain a healthy cash flow. You should always use a business credit card and keep records of expenses based on business activity.

Categorizing your expenses can be crucial, especially when your business is undergoing an CRA audit. The numbers on tax returns are often estimates, and these records help offer supporting evidence. Always remember that even trivial expenses will add up, and having records of everything can be helpful in the long run.

Overspending negatively affects any business; hence, keeping track of your expenses will ensure you track all your expenditures. Always remember that every dollar that you spend takes the business one step away from making a profit. Therefore, when running a business, keep a close watch on all your expenses, understand the benefit you gain from each expense, and document everything carefully. With outsourced online bookkeeping services, you can keep track of all your business expenses and maintain good records.

Schedule Routine Bookkeeping Times

As a business owner, you are handling many things at once, which can eat into the time you can use to monitor your financial record books.

The best way to keep your accounts is by consistently scheduling times to balance your books or working with a bookkeeping company in Canada. You can set aside time when your credit card statement is due and check through your monthly transactions to ensure everything is accurate. Although this task will take about one or two hours, it will simplify your life during the tax season by making tax preparation and filing much more effortless.

Create Budgets For Your Expenses And Set Financial Goals

Planning for business expenses, especially significant purchases, can help you best utilize your business resources and credit while giving you the peace of mind you need. Setting up and reviewing business budgets is directly related to the success of your business.

According to research, small businesses that regularly review their budgets on a weekly, monthly, and annual basis have success rates of 95%, 75%, and 25%, respectively. Therefore, if you want your business to succeed, you must have relatively high unused credit balances. In addition, you should also ensure your budget is monitored regularly, understand the benefits of using credit for your company, and be able to earmark the right amount of business payroll expenses.

Automate Manual Processes

One of the best accounting tips for growing businesses and start-ups is automating routine bookkeeping. Most accounting and bookkeeping activities are repetitive, and automating them will make your work easier and seamless.

Some repetitive bookkeeping processes you can automate include paying employees’ salaries monthly, following up on late invoices, and tracking invoices you send to customers. In addition, you can also automate the calculation of mileage payments for employee reimbursements and document utility bills in a central database.

Business owners can make life much easier by utilizing unified accounting project management solutions to help track expenses, automatically send invoices, and generate customized reports.

Consider Hiring a Tax Accountant

Investing in a seasoned tax accountant near me can be valuable for your business, even if the professional commits just a few hours every week or month to work on your small business bookkeeping and accounting needs.

A certified bookkeeper will record income and expenses and categorize them for a specified period. Conversely, a chartered accountant will help file your business taxes and set up your business’s accounting backbone. A reputable bookkeeping company will have certified tax consultants near me ready to assist you.

With an expert bookkeeper or chartered accountant handling all financial tasks, business owners can focus entirely on their business to attract customers and satisfy existing clients. They can also develop new products and services and grow their business.

Final Thoughts

Bookkeeping is a necessary evil that businesses cannot escape because almost everything depends on it. With an accurate and robust accounting system, you will get information about the business’s cash flow, performance, and financial condition, and it will help you make informed financial decisions. With the tips mentioned above in mind, you can ensure your small business bookkeeping records are available and can make better decisions for your business. You can also eliminate the headache of bookkeeping by outsourcing this function to a certified bookkeeper to help you out. Having a safe pair of skilled hands providing bookkeeping services for small businesses will give you, as the business owner, the confidence and freedom to lead from the front by focusing more on growing your business.

Finance

Should You Take Out a Second Mortgage?

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With housing prices cooling off a bit but still generally soaring in cities across Canada, many homeowners are asking themselves how they can cash in on the market without actually having to sell their property. For many, a second mortgage will be the ideal way to do so.  

Second mortgages are one of the perfect mortgage solutions for homeowners who want to tap into their home equity to get lump-sum cash payments at low rates of interest. If you want to know if a second mortgage is right for you, here are three questions you should ask yourself. 

1. How Much Home Equity Do I Have? 

Before you start approaching mortgage brokers about a second mortgage, it’s a good idea to do some calculations around home equity, as the amount of money available to you through a second mortgage is determined by how much home equity you have.  

Fortunately, home equity is easy to calculate: simply subtract your existing mortgage from the current market value of your property. The difference is your home equity — the amount of your home value that you own outright.  

If you don’t know how much your home is worth, you can use a free calculator like this one to get a general estimate based on the going rate for properties in your neighbourhood. 

2. Should I Get a Home Equity Loan or Refinance? 

Generally speaking, there are two ways a homeowner can cash out a percentage of their equity: through refinancing or through a second mortgage. Both can be good ways to unlock capital, but which option you go for will depend in part on your financial situation. 

  • Refinancing: When you refinance your home, you replace an existing mortgage loan with a new mortgage loan. This new loan can be negotiated to include a cash payout based on your home equity, and while cashing out will likely extend the time it takes to pay off your mortgage, you will still only be dealing with a single mortgage loan.  
  • Second Mortgage: A second mortgage is an additional mortgage loan taken on against your home equity. Because it is an additional loan, it will usually come at a higher interest rate. 

In Canada, most mortgages are refinanced every five years, but they can also be refinanced more frequently. But if you already have a low interest rate on your existing mortgage and rates are increasing, a second mortgage may be the cheapest way to turn equity into cash. 

3. Will this Loan Save Me Money? 

A second mortgage can be a powerful financial tool, but it isn’t free money: you will still need to pay it back with interest, so you should be careful about how you use it.  

Taking out a second mortgage to consolidate debt, or to build an addition on your house, are smart investments because they put your money to work by reducing your interest payments or enhancing the value of your property. This puts you in a better financial position than you would have been if you didn’t borrow the money.  

Doing a cost/benefit analysis and working out how much money borrowing against home equity will save you is the key to making a strategic decision. 

Given how much real estate values have gone up over the past few years, figuring out how you can use your newfound wealth to improve your financial situation is essential for good money management. If you want to know more about whether a second mortgage is right for you, get in touch with a local mortgage broker to explore interest rates and options.  

Feautured image: Precondo CA Via Unsplash/ Silo Content Production

Finance

How to Use Your Home Equity to Deal with Unexpected Housing Costs

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If you don’t have any available savings, your home equity can provide an immediate source of funds. 

Even the most responsible homeowners can find themselves faced with an unexpected home emergency repair or maintenance issue without the cash on hand to deal with it. If this is you, you are not alone. There are solutions available that can help you tap into your home equity to fund those projects without having to take out an expensive loan with the bank. 

Consider a Home Equity Line of Credit (HELOC) 

A Home Equity Line of Credit enables homeowners to access up to 85% of the value of their home for what they need. If you have owned your home for a number of years, then you have built up equity that can be used as collateral.  

A Home Equity Line of Credit is designed specifically to help homeowners cover these unexpected costs without worrying about their level of savings or credit score. Taking out a HELOC is a fast and convenient borrowing option because you can access the funds you need, pay it off and borrow again if needed. 

To calculate your home equity, simply follow this equation: 

The value of your property – the balance remaining on your mortgage = your home equity 

In many cases, you will pay less to borrow against your home equity than if you were to get an unsecured loan or line of credit. When you choose to work with a mortgage broker instead of the bank, you can get access to more lending options and at a lower interest rate.  

Take Out a Second Mortgage 

Many homeowners are aware of HELOCs but haven’t considered that second mortgages are also an available option. Essentially, a second mortgage functions as an additional mortgage loan. Both mortgages will need to eventually be paid off but because they normally come with much lower interest rates than unsecured loans, they can be an appealing option to borrow much needed funds. 

With the value of Ontario homes increasing due to the booming real estate market, many homeowners are using this opportunity to access the value of their home.  

You can use your second mortgage for anything as long as you continue to make your repayments. So, if you have a home maintenance or renovation project in mind, then it’s a good idea to consider a second mortgage now instead of waiting until it becomes an emergency situation. 

Work with a Trusted Mortgage Broker 

A mortgage broker acts as the intermediary between the financial institution offering the loan and the individual seeking the loan to buy real estate. The mortgage broker works with both parties to ensure the loan gets approved. The main benefit of working with an experienced mortgage broker is that he or she can work with a wide variety of lenders to find the best terms and rates. 

For those who are self-employed or don’t have stellar credit, working with a mortgage broker is advantageous because they are experienced at working with complex situations. This is especially critical for anyone who requires fast funding and has been turned down for a loan by the bank. 

A mortgage broker like Burke Financial specializes in handing challenging applications and works with people who have varying needs and circumstances.  

Regardless of whatever life problem you are facing, a mortgage broker can help you explore your options and find a solution to your problem so you can get back to other life tasks. For the Silo by our friends at Burke Financial.