Top Eats Across Canada: Favourite Dishes per Province.

Here in Canada, we are fortunate to be a melting pot with so many incredibly diverse cultures, languages, beliefs and (most importantly)… foods!

We have gone through and found the top dishes from each Province for you to try the next time you’re looking for something new and fun to make in the kitchen.

British Columbia – Nanaimo Bars

Over the years, this delicious treat has gone by many names. In fact, the first recipe actually originated in the 1952 edition of the Women’s Auxiliary Nanaimo Hospital Cookbook where it was simply named “chocolate square”. A similar recipe was later published in a 1953 edition of the Edith Adams’ Cookbook with the name “Nanaimo Bar”. In fact, the recipe clipping still hangs in the Nanaimo museum!

A no-bake dessert bar, this mouth-watering treat consistent of three main layers: graham wafer crumb and shredded coconut for the bottom, a custard-flavoured butter icing in the middle, and a chocolate ganache on top.

Ingredients:

• 1/2 cup unsalted butter
• 1/4 cup granulated sugar
• 3 Tbsp Dutch-processed cocoa powder sifted
• 1 large egg lightly beaten
• 1 tsp vanilla
• 2 cups graham cracker crumbs
• 1 cup fine coconut unsweetened
• 1/4 cup unsalted butter room temperature
• 2 cups powdered sugar
• 2 Tbsp custard powder
• 3 Tbsp milk room temperature
• 8 oz good quality dark or semi-sweet chocolate chopped
• 2 Tbsp unsalted butter

Directions:

1. Grease a 9 x 9″ pan and line with parchment.
2. Place 1/2 cup butter, 1/4 cup sugar, and 3 Tbsp cocoa powder into a large, heatproof bowl over a pot with simmering water. Whisk until combined.
3. Slowly pour in egg while whisking vigorously. Add vanilla. Continue whisking over simmering water until mixture has thickened and resembles a pudding.
4. Remove mixture from heat and stir in graham cracker crumbs and coconut.
5. Spread mixture evenly into the bottom of your 9×9 pan. Press down firmly to pack in. Chill in fridge while making custard.

For the Custard:

1. Cream together butter and powdered sugar, add in custard powder and milk and beat until smooth.
2. Spread evenly over base layer and return to fridge. Chill for 30mins.

For the Chocolate:

1. Place chopped chocolate and butter in to a microwave safe bowl. Microwave for 30 seconds, stir. Continue microwaving in 10 second intervals, stirring in between, until chocolate has melted.
2. Spread evenly over custard layer. Chill in fridge until set (about 1 hour).
3. Cut with a hot serrated knife.

Alberta – Grilled Steak

Alberta produces 44% of Canada’s cows and subsequent beef so it is no surprise that a favourite dish for this province would be a grilled steak!

Ingredients:

• 4 1 1/4-to-1 1/2-inch-thick boneless rib-eye or New York strip steaks (about 12 ounces each) or filets mignons (8 to 10 ounces each), trimmed
• 2 tablespoons canola or extra-virgin olive oil
• Kosher salt and freshly ground pepper (or your choice of steak spice)

Directions:

1. Remove the steaks from the refrigerator and allow to sit (covered) at room temperature for 20 minutes.
2. Heat your grill to high.
3. Brush the steaks on both sides with oil and season liberally with salt and pepper (or your choice of steak spice).
4. Place the steaks on the grill and cook until slightly charred – approx. 4 to 5 minutes.
5. Turn the steaks over and continue to grill 3 to 5 minutes for medium-rare, 5 to 7 minutes for medium or 8 to 10 minutes for medium-well steaks.
6. Transfer the steaks to a cutting board or platter, tent loosely with foil and let rest 5 minutes before slicing.

Saskatchewan – Saskatoon Berry Pie

Did you know? The berry is actually so important to Saskatchewan that they gave Saskatoon its name? The city of Saskatoon takes its name from the Cree word for berries! While you can find their berry jams and berry muffins delicious, nothing quite showcases the essence of summer like the Saskatoon berry pie.

Ingredients:

• ¾ cup white sugar
• 3 tablespoons all-purpose flour
• 4 cups fresh serviceberries
• ¼ cup water
• 2 tablespoons lemon juice
• 1 (14.1 ounce) package double-crust pie pastry, thawed
• 1 tablespoon unsalted butter, cut into pieces

Directions:

1. Preheat the oven to 425 degrees F (220 degrees C).
2. Combine sugar and flour in a bowl.
3. Simmer berries and water in a large saucepan for 10 minutes.
4. Stir in lemon juice and then stir in sugar mixture.
5. Press one pie pastry into the bottom of a 9-inch pie pan.
6. Pour berry mixture into the pan and dot with butter.
7. Place second pie pastry over top; seal and flute the edges.
8. Bake in the preheated oven for 15 minutes. Reduce the oven temperature to 350 degrees F (175 degrees C) and bake until crust is golden brown, 35 to 45 minutes more.

Manitoba – Perogies

Did you know? One of the most emblematic foods from Manitoba are perogies! I mean, who doesn’t love a pierogi!? Make them even more Canadian with a touch of bacon and onions!

Ingredients:

• 1/4 cup butter
• 3 cups all-purpose flour
• 1 teaspoon salt
• 1 egg
• 3/4 cups water (approx)
• 12 oz russet potatoes peeled and chopped
• 1/4 teaspoon pepper
• 1 pinch salt
• 3 bacon strips
• 2 onions finely

Directions:

1. Melt 2 tbsp of the butter.
2. Whisk flour with salt in a bowl and add in egg, water and melted butter
3. Stir into flour mixture, adding up to 2 tbsp more water if necessary to make dough soft but not sticky.
4. Turn onto lightly floured surface; knead until smooth.
5. Divide dough into 2 balls; cover with plastic wrap or damp towel and let rest for 20 minutes.
6. Meanwhile, cook potatoes until tender in a large saucepan with boiling water and salt for approx. 15 minutes. Drain and return to pan; mash well. Stir in pepper and salt.
7. Cook bacon, turning occasionally, in a skillet over medium-high heat until crisp, about 5 minutes. Transfer to paper towel–lined plate and blot dry.
8. Chop bacon finely; add to potato mixture.
9. Drain all but 1 tbsp fat from skillet; cook onions over medium heat, stirring occasionally, until deep golden and very soft, about 12 minutes.
10. Stir into potato mixture.
11. Working with 1 ball of dough at a time and keeping remainder covered, roll out on lightly floured surface to about 1/8-inch (3 mm) thickness.
12. Using 3-inch (8 cm) round cutter, cut into rounds.
13. Place 1 tsp filling on each round.
14. Lightly moisten half of edge of round with water; fold over filling, gently stretching as needed to fit. Pinch edges to seal.
15. Place perogies on flour-dusted cloth; cover with tea towel.
16. Repeat with remaining dough and filling, rerolling scraps, to make 36 perogies. (Make-ahead: Freeze in single layer on baking sheet. Transfer to airtight container and freeze for up to 1 month. Increase boiling time to 5 to 7 minutes.)
17. In large pot of boiling salted water, cook perogies until floating and tender, about 4 minutes.
18. With slotted spoon, transfer to colander to drain.
19. In skillet, melt remaining butter over medium heat
20. Cook perogies, in batches and turning once, until golden, about 5 minutes.

Ontario – Beaver Tails

Home to many things, Ontario is a bustling place home to Canada’s capital, Ottawa. In fact, a great many things were invented in Ontario including Hawaiian pizza to butter tarts! But one of the more famous treats is the Beaver Tail, named right after our emblem of Canada!

Ingredients:

• ½ cup warm water
• 5 tsp active dry yeast
• ¼ tsp sugar
• 1 cup milk
• ⅓ cup sugar
• 1 tsp salt
• 1 tsp vanilla
• 2 eggs
• ⅓ cup vegetable oil
• 5 cups all purpose flour
• oil for frying
• ½ cup sugar
• 1 tsp cinnamon for dusting

Directions:

1. Mix ½ cup sugar + 1 tsp cinnamon, for dusting and set aside in a large bowl.
2. Mix the yeast, warm water and ¼ teaspoon of sugar in a large bowl. Allow to stand a couple of minutes for yeast to swell and dissolve.
3. Add sugar, milk, vanilla, eggs, oil, salt, and more flour to the yeast mixture.
4. Knead for 5 to 8 minutes using a dough hook, adding flour as needed to form a firm smooth, elastic dough.
5. Place dough in a lightly greased bowl and cover.
6. Place in a warm spot and let rise for 1 hour.
7. Pinch off a golf ball sized piece of dough. Roll out onto a floured surface into an oval and let rest, covered with a tea towel, while you are preparing the remaining dough.
8. Heat the oil in a deep fryer to 375F (190C).
9. Add the dough pieces to the hot oil one at a time. Turn the beaver tail once to fry until both sides are deep brown.
10. Lift the beaver tails out with tongs and drain on paper towels.
11. While warm, toss the beaver tails in the sugar mixture, coating both sides and shake off the excess.

Quebec – Poutine

Fries, cheese AND gravy!? Does it get any better?! Poutine is a Quebec original that has become a classic Canadian favourite! It first came about in the late 1950s. While there are many explanations for the name, did you know? The word “poutine” is slang for mess in Quebec? A delicious mess that is!

Ingredients:

• 3 Tbsp cornstarch
• 2 Tbsp water
• 6 Tbsp unsalted butter
• 1/4 cup unbleached all-purpose flour
• 20 oz beef broth
• 10 oz chicken broth
• Pepper, to taste
• 2 lbs Russet potatoes, (3-4 medium potatoes)
• Peanut or other frying oil
• 1 – 1 1/2 cups white cheddar cheese curds, (Or torn chunks of mozzarella cheese would be the closest substitution)

Directions:

1. Prepare the gravy: In a small bowl, dissolve the cornstarch in the water and set aside.
2. In a large saucepan, melt the butter. Add the flour and cook, stirring regularly, for about 5 minutes, until the mixture turns golden brown.
3. Add the beef and chicken broth and bring to a boil, stirring with a whisk. Stir in about HALF the cornstarch mixture and simmer for a minute or so. If you’d like your gravy thicker, add a more of the cornstarch mixture, in small increments, as needed, to thicken. Season with pepper. Taste and add additional salt, if necessary, to taste. Make ahead and re-warm or keep warm until your fries are ready.

For the Fries:

1. Prepare your potatoes and cut into 1/2-inch-thick sticks. Place into a large bowl and cover completely with cold water. Allow to stand at least one hour or several hours. When ready to cook, heat your oil in your deep fryer or large, wide, heavy cooking pot to 300° F.
2. Remove the potatoes from the water and place onto a sheet of paper towel. Blot to remove as much excess moisture as possible.
3. Add your fries to the 300°F oil and cook for 5-8 minutes, just until potatoes are starting to cook but are not yet browned. Remove potatoes from oil and scatter on a wire rack. Increase oil temperature to 375°F Once oil is heated to that temperature, return the potatoes to the fryer and cook until potatoes are golden brown. Remove to a paper towel-lined bowl.

To Prepare Poutine:

1. Add your fried or baked fries to a large, clean bowl. Season lightly with salt while still warm. Add a ladle of hot poutine gravy to the bowl and using tongs, toss the fries in the gravy. Add more gravy, as needed to mostly coat the fries.
2. Add the cheese curds and toss with the hot fries and gravy. Serve with freshly ground pepper. Serve immediately.

Newfoundland – Toutons

Newfoundland feels very different from the rest of Canada, but their food is just as exquisite! A great way to ease yourself into Newfoundland cuisine is with one of their provincial favourites – toutons. For those who don’t know, a touton is essentially a cross between a pancake and a flatbread and can be served in a variety of ways with berry jam and butter or fried up in pork fat! You can even use them in place of an English muffin for your eggs benedict!

Ingredients:

• 4 Cups of white flower
• 1 Tbsp, fast rising or traditional yeast
• 1/2 Tsp sea salt
• 1 Tsp sugar
• 1 1/2 cups, or more, of warm water
• 1 tbsp, melted butter or margarine

Directions:

1. Combine 4 cups flour and 1/2 tsp sea salt in a large bowl and mix together
2. In another bowl, add 1 tbsp dry fast rising or traditional yeast with 1 1/2 cups warm water and 1 tsp sugar. Let rise for about 5 minutes.
3. In another bowl, melt butter or margarine.
4. In flour mixture make a hole in the middle to pour yeast and warm water and butter, mixing all ingredients together with a wooden spoon or kitchen aid until it thickens, then keep adding 1/2 cup of flour to work dough together.
5. Knead dough, add more flour (if necessary), until dough is smooth, no longer sticky and you can hear cracking of the dough when folding. Keep working dough into a ball.
6. Sprinkle some flour over the top of dough, then cover with a piece of parchment paper and a towel.
7. Let dough rise in a warm place until dough rises for 30 minutes.
8. Don’t deflate! Cut small or large pieces of dough about half the size as your hand and pull apart to make a flat dough.
9. Pre-heat your frying pan to medium heat and add 1 tbsp butter and 1 tbsp olive oil.
10. Place about 6 small pieces or 3 large pieces of flat dough in your pan and fry for 4 to 5 minutes on each side or until golden brown.

New Brunswick – Oysters

Famous for its beautiful Atlantic coastline, New Brunswick has an incredible assortment of seafood. Atlantic oysters (also known as “Caraquets”) in particular are harvested in the province and are the perfect dish for first-time oyster goers due to their more subtle, briny flavour. For those who prefer to grill them, check out the recipe below!

Ingredients:

• 12 fresh oysters
• 1 stick unsalted butter, room temperature
• 1 clove garlic, finely grated or minced
• 1 tablespoon dry white wine
• 1 tablespoon diced chives
• 1 teaspoon kosher salt
• 1/2 tablespoon finely diced parsley

Directions:

• Combine the unsalted butter, garlic, white wine, chives, salt and parsley in a small bowl and set aside.
• Preheat the grill for direct grilling with lump charcoal at 500 degrees F.
• Shuck the oysters if you did not buy pre-shucked
• Layer a pan with slightly crumpled aluminum foil.
• Place shucked oysters onto the pan and gently press down so they sit well.
• Place one heaping teaspoon of the compound butter into each oyster. Reserve some to top the oysters after they come off the grill.
• Place gently over direct heat and grill for 4 – 6 minutes. The butter will bubble and remove when you start to see the edges of the oyster flesh slightly brown.
• Remove with high heat gloves or tongs. Be careful not to spill what’s left of the liquid when removing the oysters.
• Top each oyster with a little of the remaining compound butter.
• Serve warm on the half shell

Nova Scotia – Lobster Roll Bites

Another seafood-centric province, Nova Scotia is particularly famous for its fresh Atlantic lobster! Did you know? Nova Scotia even has its own way of serving lobster rolls compared to New England-style! In Nova Scotia, we serve them cold with the bun buttered. YUM!

Ingredients:

• 1 pound (500 g) lobster meat
• 6 hot dog buns
• 3 oz soft butter
• 2 tbsp mayonnaise
• 1/4 cup diced celery
• Salt and pepper
• 3 oz spinach

Directions:

1. Crack the cooked lobster and extract lobster meat.
2. Roughly chop lobster meat into bite-sized pieces
3. Finely dice celery stalks
4. Butter hot dog buns on both sides and grill them on a frying pan.
5. Toast the outside of the hot dog buns until golden brown
6. Mix the lobster meat, mayonnaise and celery into a bowl and add salt and pepper to taste
7. Open the grilled bun and place 1/2 oz spinach per bun.
8. Spoon the lobster mixture onto the center of the hot dog bun. Squeeze lemon juice on if preferred.

Prince Edward Island – Potato and Leek Soup

Did you know? Prince Edward Island grows more potatoes than anywhere else in Canada?! In fact, they represent more than 1/5th of the country’s total acres of potato farms! So, naturally, our provincial favourite includes potatoes. While we’ve chosen just one to focus on, you can find even more on the PEI potato website, here (who knew!?).

Ingredients:

• 3 large potatoes
• 2 tbsp (30 ml) olive oil or butter
• 2 cups (500 ml) leeks, washed & chopped
• 2 garlic cloves, chopped
• 1 medium onion, chopped
• 1 tbsp (15 ml) summer savoury (herb) dried
• 1/4 cup (50 ml) all-purpose flower
• 5 cups (1250 ml) chicken or vegetable stock
• 1/2 tbsp (8 ml)  fresh thyme, removed from stems
• 1 cup (250 ml) milk
• Salt and pepper to taste

Directions:

1. Heat a large pot over medium-high heat; add oil, leeks, garlic, onion and summer savory.
2. Reduce heat and cook stirring occasionally until vegetables are softened; approximately 7-8 minutes.
3. Add flour; stir to coat, do not brown.
4. Add stock stirring constantly; add potatoes and thyme and bring to a boil.
5. Cover and reduce heat; simmer 15 minutes stirring occasionally.
6. Puree in a food processor or blender in small batches.
7. Return to pot, add milk and season with salt & pepper
8. Heat thoroughly and serve .

Northwest Territories – Bannack

The Northwest Territories are most well-known for its variety of traditional First Nations foods such as bison (or other game), fish and wild fruits. One of the more versatile dishes is Bannock, which is a traditional First Nations food that can even be cooked over a campfire!

Ingredients:

• 3 cups all-purpose flour
• 2 tablespoons baking powder
• 1 teaspoon salt
• 1 ½ cups water
• ¼ cup butter, melted

Directions:

1. Stir flour, baking powder, and salt in a large bowl.
2. Pour water and melted butter over flour mixture.
3. Stir with a fork to make a ball.
4. Turn dough out onto a lightly floured surface; knead gently about 10 times.
5. Pat into a flat circle, 3/4- to 1-inch thick.
6. Warm a greased frying pan over medium heat.
7. Place dough in the hot pan and cook until browned, about 15 minutes per side. Use two lifters for easy turning.

Published by DLC Marketing Team

Your credit rating affects all aspects of your financial activities when it comes to borrowing money. Your credit rating also has the ability to affect the job you get, the apartment you rent, and even the ability to open a bank account.

Your credit report itself is simply a listing of all of your mortgage and consumer debt. Here in Canada, the two main credit reporting agencies are Trans Union and Equifax. Both agencies have a credit history file on anyone who has ever borrowed money. Every time you borrow money, or make a payment on a loan or credit card, the lender then reports the information about the transaction to these two agencies. In addition to credit information, you will also find liens and judgments on your credit report as well as your address and possibly your work history. The accumulation of all of this information is called your credit report.

The information on your credit report varies based on your creditors and what they have reported about you. Potential lenders and others, such as employers, view your credit history as a reflection of your character. Whether we like it or not, our financial habits have a lot to say about the way in which we choose to live our lives.

The credit score, or beacon score, is a number which gives mortgage lenders an idea of your lending risk. Credit scores range from 300 to 900, the higher your credit score the better. The mortgage products and interest rate that you will qualify for are often determined by your credit score.

One thing that many people do not know is that you have the legal right to obtain a copy of your credit report. A mortgage professional can help you obtain a copy of this report and go through it with you to verify that all of the information is true and correct.

The good news is that your credit report is a working document. This means that you have the ability over time, to repair any damaged credit and increase your credit score.

5 Tips to Reduce Heating Costs.

When it comes to the winter season, it can be easy to go overboard when it comes to heating – but there is a better way! With a little awareness – and the right preparation – heating your home this winter won’t have to cost you a fortune. To help you save, we have put together a few helpful tips to reduce heating costs:

1. Inspect Your Heat Sources – Regardless of whether you rely on a fireplace, gas or baseboard heating, it is always a good idea to have all heat sources inspected for efficiency.

2. Check Your Fireplace – It is recommended to keep your fireplace damper closed, unless there is a fire burning. Otherwise, it is the same as having your window wide-open during the winter! For those of you with a fireplace you never use, now might be a good time to plug and seal the chimney to keep warm air from escaping.

3. Manage Your Thermostat – As tempting as it is to turn your heat all the way up in the winter, proper thermostat management will help you save costs in the long run. A thermostat with a timer is a great option to help you save this winter. Turn it on earlier so the room heats up in time for use, instead of cranking the heat when you need to get warm quickly and have it turn off 30 minutes before bed or before leaving the home. If you find you are chilly at night, a safely positioned space heater and closed door is a far more inexpensive choice.

4. Close The Door – To keep your heating system from working too hard, close doors when rooms are not in use. This prevents heat transfer in and out of vacant rooms, and will ensure the space you’re currently using remains warm and cozy.

5. Be Mindful of Drafts – Checking for drafts is another important way to reduce heating costs. If you notice any issues, using a weatherstrip or caulking to seal doors and windows is a relatively inexpensive fix that can have a huge savings impact on your heating bill.

 

Published by DLC Marketing Team

Last month, I went over some helpful tips to establishing your credit, as a new person to the game. This month, I would like to go over how to continue increasing your credit score. If you did not read the previous entry, you can find it here. 

To briefly go over what was discussed before, if you are new to establishing credit, a good way to go about it, is to start by getting yourself a credit card!  Once you have your card, start using it for your mundane purchases. Such as, grocery shopping and things like that. Ideally, you want to be spending money from your credit card, that you already have access to in your own personal banking account. Then pay off that balance right away with the funds from your bank account. This, in turn will eventually strengthen your credit score. This is because you should be receiving high points, for the biggest hitting categories. Those categories are payment history and utilization. These two categories take up 65% of your overall credit score! 

Now that we are all caught up, how can we continue to strengthen our score, in regards to applying for a car loan, or a mortgage, for example?  To start, you will want to be working at the same job for at least a few years. The years you have working at your current employment does not so much effect your credit score, but it does play a factor in the decision-making process of if a lender is willing to lend.

Now that you’ve had some practice in using your one credit card to build your score, it’s now time to tweak your strategy a little bit.  It is time to get yourself another credit card! When your credit is being pulled, to see if you qualify for products, it is important to have at least two trade lines, with one of them being a major player. For example, two major credit cards should do the trick. Like Visa, and Mastercard. 

Now that you have two credit cards, you want to apply the same principal you did with the first card, to both. However, here is where the tweak will come in. Instead of paying off the cards right away, after using them to make a purchase. What you will do first is run up at least 30% of each card. Sounds fun right! You’ve earned it at this point, time to go spending!  So, for example, if your card has a balance of $500, then you will not want to go passed the available balance of $350. You only want to spend $150 of that $500 balance, this is 30%. Once both cards are at 30% of the balance, just continue to maintain good payment history. Be sure to make your minimum payment every month, and on time! This is key, to building good credit. This cannot be stressed enough. Be sure to make your monthly payments and make them on time! Other than that, just make sure your cards do not go over 30% of the balance, and you are sitting pretty!

This, in combination with your working history, will help you secure that car loan, or mortgage in the future!  Again, I hope that this can serve as a great tip for young adults trying to establish credit.

“But Kris, I’m not a young adult trying to establish credit. I am wanting to re-establish my credit!”. I hear you! Have you endured some rough times, which is putting your credit score lower than what you would like? Unable to get approved by the banks? This happens more often than you think. Which is why I am originally posting these blogs targeting young adults. So that they would have an easier time navigating credit, than we did. But do not worry, hope is not lost for us either! If you are trying to repair your credit, try getting yourself a Capital One credit card. Capital One can in most cases offer credit cards for those who are primarily looking to re-establish their credit. Once you have your Capital One card, just apply the same principals mentioned above. Keep your balance at around 30%, and make sure to pay your monthly payments. This should help with re-establishing your credit. 

Capital One Credit Cards for Establishing and Repairing Credit 

 

Published by Kristopher Reaves 

Life Hacks for Good Credit?

This month, I would like to talk about the importance of credit, especially when it comes to getting approval for a mortgage.  If you are new to the credit game, then I hope these tips will help you get a head start to financial stability!

Typically, a lender will look at three factors when deciding to offer you a commitment letter.  The better things look, the better chance you have that they will lend you the funds for a mortgage.  If you guessed that credit is one of these factors, then you are absolutely correct!  The three factors are the following:

• Credit – Your Beacon Score/Credit Score
• Collateral – The property being financed
• Capacity – Your ability to afford the mortgage payments

The reason we are covering credit, is because it can be the easiest to establish for a young adult, and also can be the primary indicator for if a lender is willing to lend.

Generally, around the time you hit the age of 18, you may start seeing some credit card applications in your mail box.  Or, you may have sought out your own credit card, through your bank.  In either case, this is the start of your credit journey!  Keep in mind that a credit card is different from a debit card through your bank.  You can only build credit with credit.  Once you have your shiny new credit card, it’s time to go out and be a big spender right!?  Not exactly.  This is one of the main mistakes young adults make when establishing credit.  Believe me, I know.  I just had a talk with my kids about this exact subject.

The best thing you can do, is to use your credit card when you know you have funds to pay off the balance.  For example, let’s say you have $50 in your bank account, and you want to order a pizza.  No problem, go ahead and order that pizza!  However, use your credit card to pay for that pizza.  Then immediately pay off your credit card with the funds from your bank.  This way, you are only spending money you actually have access to.  Grocery shopping is another great trick for this.  Most people budget for grocery shopping.  So, typically you know how much you have to spend.  When you go grocery shopping, spend that budgeted amount using your credit card, then pay it off immediately from your bank account.

“But Kris, why would I do that, instead of just paying for everything out of my bank account?  That is a few extra steps just to get to the same results!”, I hear you saying!  Well, not quite.  The important difference is that you’re building your credit.  The way that your credit score is calculated is dependent on a few different categories.  I am not going to go into detail about each category, but suffice it to say, that Payment History, and Utilization, takes up over 60% of your credit score!

The payment history indicates how well you are at making your payments, in regards to credit.  You never want to make a late payment.  Always pay before the due date.  The utilization indicates how much available credit you have access to.  For example, if your credit card allows you a balance of $500, and you currently spent $400, then your utilization for that card will be high, because you’re using the majority of that $500 credit limit.

So what you are essentially doing by using this trick, is keeping your payment history in good standings, while also keeping your utilization down.  This in turn will start to increase your credit score over time.  With a really good credit score, you should have an easier time securing a mortgage, a car loan, anything that requires someone to pull up your credit report.  It’s that easy!  Get your credit card, try to stick with just one card to start.  Use that card to purchase items that you already have money in your bank account to purchase.  Then pay that card off immediately from the funds in your banking account.  Also keep in mind to make your monthly payments that your particular card has, and make those payments before the due date.

I hope that this can serve as a great tip for young adults trying to establish credit.

 

Published by Kristopher Reaves

4 Methods to Melt Your Financial Stress

If you lost your job tomorrow, would there be a list in your head right away of things you could do to hang on or would you just be at a complete loss?

Financial knowledge will allow you to better assess your options and create a plan without getting overwhelmed. However, even with the best laid plans and all the financial literacy in the world, it’s impossible to completely eliminate financial stress — so how do you cope?

1. Have a clear picture of your financial situation.
Do you know your average monthly spend? Do you know how much you owe, the interest rate on your debts, and how much you pay each month in interest charges? Have you ever tracked and categorized your expenses to identify areas (car? dining out? home improvement?) where you could cut back if required?

Avoiding these questions is understandable because the answers may lead to some hard lifestyle choices but turning a blind eye to your real situation will only lead to never-ending financial stress. You need to clarify your situation, collect and analyze your data, and then start creating a plan of attack.

2. Accept your mistakes.
Move on from any emotional reaction and learn to live with any poor financial decisions from your past. Regret and anger won’t make that beach vacation you took on your credit card disappear! That beach vacation is long gone, just focus on your plan to channel more money towards paying for it!

If you need to pass on a night out with the gang because you want to put that $75 towards your card, then just come out and tell them. More than 50% of Canadians live paycheque-to-paycheque, so you won’t be surprising anybody!

3. Set small, achievable financials goals to bolster confidence and measure progress.
If you have credit card debt, try adding $100 to your monthly minimum credit card payment. If you have no credit card debt, open a TFSA and contribute a $100 a month. A hundred bucks might seem like a modest amount, but it is a realistic goal that will get you started and will help a lot more than you think.

Did you know that a $100 monthly deposit into your TFSA ($1200 year) from age 18 to 65 with will grow to almost $400K based on historical stock market returns?

Adding $100 monthly to the minimum 3% payment on a $5K credit card debt will cut the time required to pay off the balance from 251 months down to 38 months and save you $4500 in interest charges!

4. Get inspired and stay motivated.
Follow a personal finance YouTuber or blogger that you really connect with, hang a goal chart or progress tracker on the wall, talk with a friend or relative who has the same issues and work together — there are lots of methods and resources available to help you, even with a limited budget.  It’s critical to maintain a positive attitude and don’t beat yourself up — there are plenty of others in the same boat!

The ultimate goal is to completely eliminate financial stress by building passive income, so you don’t have to go to work everyday to pay the bills. Achieving this goal will take time and there is bound to be some stress along the way. Learn to cope and stay focused on your goals.

For powerful personal finance education and training with immediate results, check out the complimentary livestreams each week from Enriched Academy. View the schedule and sign up for upcoming sessions on their events page.

 

Published by DLC Marketing Team

Top Vacation Locations in Canada

Thinking about taking a holiday this year but not sure where to go? How about checking out our own backyard! Canada has some incredible vacation locations and parks that are worth checking out:

Sunshine Coast, British Columbia: Considered a local paradise, the Sunshine Coast is a gorgeous and laidback area northwest of Vancouver with dozens of beaches. Home to several resorts and hotels, the Sunshine Coast is the perfect getaway spot! Learn more at sunshinecoastcanada.com

Whistler, British Columbia: It is not surprising Whistler would be on our list. As Canada’s most famous ski resort and a great destination, it’s a popular location! Perfect for outdoor and nature lovers, bikers and hikers and general vacationers, this is the perfect spot to adventure or relax. With dozens of hotel options, you can stay right in Whistler Village and close to the action! Learn more at www.whistler.com

The Canadian Rockies World Heritage Site: Of course, Canada is well-known for our Canadian Rocky Mountain Parks. Complete with Kootenay and Yoho National Parks, the World Heritage Site is an incredible destination. Stay in Banff, Golden, Canmore and explore the world around you! Learn more at www.worldheritagesite.org/list/Canadian+Rocky+Mountain+Parks

Banff and Lake Louise, Alberta: As some of Canada’s most awe-inspiring mountain destinations, Banff National Park and Lake Louise were sure to make their way onto our list! Enjoy electric blue glacial lakes, wildlife, waterfalls and more during your trip. With several hotels and resorts in Banff, you’re sure to find a great spot to hang your coat after your day of adventures! Learn more at www.banfflakelouise.com

Drumheller And The Alberta Badlands: If you haven’t been before, Drumheller and The Alberta Badlands are worth a visit to experience unearthly landscapes and dinosaurs!? Home of The Royal Tyrrel Museum of Paleontology, Drumheller is like stepping into the past. Stay in Drumheller and experience the incredible landscapes that the badlands have to offer! Learn more at https://traveldrumheller.com/hiking-in-the-badlands

Niagara Falls, Ontario: A jewel of Canada, Niagara Falls are very well-known and should be on every traveler’s list! With various attractions including water cruises, wineries, casinos, and more, there is always something fun to do in Niagara Falls. From entertainment and romance, this is a sure win for any traveller! Learn more at niagarafalls.ca

The Muskoka Lakes, Ontario: The Muskoka Lakes were once given the title of “Best Trips” by National Geographic and continue to remain a top destination for anyone wanting to get away! With some newly added accommodations, this once closed in location has been opened up for anyone to enjoy! From basking and boating on the lake to shopping and eating in the various villages around the area, this is sure to make for a great vacation! Learn more at www.muskokalakes.ca/en/index.aspx

Quebec City, Quebec: A beautiful location filled with our heritage, Quebec City is marked by French-Canadian character and European sophistication with incredible architecture and rich history. Famous for their delish poutine and iconic Chateau Frontenac, Quebec City is a world-famous destination for anyone wanting to soak in some culture. Learn more at www.quebec-cite.com/en

Fundy National Park, New Brunswick: We couldn’t have a top vacation locations list without including the beautiful Fundy National Park. Nestled in the beautiful Canadian Atlantic of New Brunswick, this park offers incredible outdoor opportunities from kayaking to camping. With several additional historic sites dotted around the park, there is tons to see! Stay in the Village of Alma or along the coast to maximize your experience. Learn more at www.bayoffundy.com

Cavendish Beach, Prince Edward Island: Backed by dunes and rolling hills, Cavendish Beach is the last stop on our list. With beautiful beaches and the historic Green Gables Heritage Place, Cavendish Beach is one of the best places to visit in Canada. Linger by the water and explore the town of Cavendish! Learn more at cavendishbeachpei.com

Now that you know of some of the most beautiful locations in Canada, it’s time to pack your bags and get travelling! Enjoy!

 

Published by DLC Marketing Team