Saving Money, Financial Traps, Solutions
Monday, March 2, 2015
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Last week there was an event in Toronto (details) that was designed to help low-income people avoid, or bail themselves out of, financial pitfalls. Lots of discussion took place and lots of good information was shared. The report, "Welcome to Financial Mainstream" can be found on the Open Policy website.
It also became apparent that resources were not always easy to find. I therefore took notes based on the questions that were asked and wrote up this Blog.
There are useful links related to banking, collection agencies, saving money, consumer rights, and a whole host of other things.
Volunteer Allowance
This exists in Toronto. It can be obtained through the Ontario Works office. There are specific criteria for getting this, even if you're on ODSP. The volunteer job must be related to a planned work activity, the number of volunteer hours can be no more than 70 hours per month, and it typically lasts for no more than 6 months, although exceptions can be made. To read more, visit this link.
Disability tax credit
To apply for the Disability Tax Credit, visit here.
To learn more about what benefits you can get if you're deemed eligible for the tax credit, visit here.
Collection Agencies
Collection agencies must first contact you by mail to notify you of their intent to collect, who you owe, how much you owe, and identify the name of the collection agency. There are rules about the frequency they can call, how they can approach you, when they can call, etc. To learn more about your legal rights, visit both the Office of Consumer Affairs, Canada and Consumer Protection Ontario .
Credit Report
To get a free credit report on your status visit this link with Equifax.
Hydro, Equal Billing and Assistance Paying
If you have some months that are especially costly due to, for example, electric heat, applying for equal billing will help to spread the heavy costs out over the year. To apply for Equal Billing in Toronto visit Toronto Hydro. The web site states you must agree to making Pre-Authorized payments. This is not actually true.
To learn more about your rights in regards to equal billing, visit LEAP, Help for Low-Income Energy Consumers. LEAP also offers help to pay a hydro bill under certain terms so if you get behind, be aware that you can contact them. They may be able to help.
TTC Metro Discount Plan
The Metro Discount Plan is a cheaper way to buy a bus pass if you go out a lot. Visit the MDP website to learn more and then, if you're interested, apply. They tend to ask for permission to set up auto debit, but on reading this page, it looks like other payment options exist as well. By committing to the MDP, it works out to basically one free month of unlimited transit per year.
Front Door Security
If you're on ODSP and your apartment building requires you to have a phone line or cable so you can open and/or monitor the front door, ODSP will pay for it. The requirement must be written in your lease or you must get a letter from your landlord confirming the need to have the phone or cable service. Read Directive 6.2 to learn more.
Rent check
This service appears to be a one-stop location for landlords to check up on a potential tenant's past credit history, criminal history, and other facts they deem to be relevant. Here is the link to the Rent Check site.
Credit Counselling
Credit counselling can often help to renegotiate debt repayments. If you feel truly stuck and feel like there's no way to get ahead, try contacting them. By doing a Google search I was able to find this link to Toronto Non-Profit, Credit and Debt Counselling Services. I'm sure there are others as well.
Consumer Rights, Cooling-Off Period
If you, like many people, got caught up in with a particularly good marketer and bought something, and then later realized it was a big mistake, there are legal protections so you don't stay trapped. To learn more read about the legal Credit Cooling-Off Period.
Cell Phone Charges
Your Rights When Signing a Wireless Service Contract will tell you the legal end of things.
A simplified version of the Wireless Code is also worth reading.
Cell phone charges can add up quickly and often without warning. It's hard to find a one stop answer on how to best keep the costs down, so here are some links to a few articles. An article by Global News entitled, "What's the best, cheapest Canadian Cellphone Plan out there" appears to contain some useful information.
Tips
Marketplace contains lots of useful information as well. Check out Easy Loans: Uneasy Money, which aired on February 27, 2015. Other links can be found on this page which leads us to even more tips. There's also Money Tips: Stash Your Cash.
Finally, here's a good one published in the Financial Post, no less. It's called "How Price-Matching Between Rival Stores Can Lead to Super Savings."
Some useful information regarding money exist on CBC's Project Money series. Be sure to open each link up to read more what it's about. Some of these podcasts contain some very useful information.
My hope is that these tips will prove to be useful and help you to save money. I'm also hoping to add to this post so, if you see a tip I haven't mentioned here, please let me know. You can write a comment. I'll review it and then, if it's useful, post it.
Please read my other Blogs
Transportation: http://wheelchairdemon-transit.blogspot.com
Barrier Removal: http://wheelchairdemon-fixit.blogspot.com
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