How I Paid Off My OSAP Loan Fast

A STUDENT LOAN IS A BIG DEAL   I never dreamed that I’d have such a large OSAP (Ontario Students Assistance Program) loan when I finished my education. Sure I would sign off twice a year to receive the money but when you are only accepting a couple of thousand at a time it is hard to picture the total amount of money that I had been given. If I only knew then what I know now than I may have made different choices when it came to my personal finances. I hope that all the parents and students who read my story can take away some valuable tips to use along their path towards financial freedom. My OSAP loan story   My name is Carla and I grew up in a second generation Italian home in a nice neighbourhood with my parents and two siblings in the Greater Toronto Area. As kids we never went without, our parents put us in many activities, sports, etc. We did not go on fancy trips but we still had a great lifestyle. My parents never involved us in finances nor explained budgets or bills, everything was always paid for and that was just what was expected. My parents saved for some […]

Surviving A Lower Income On Maternity Leave In Canada

  Most parents-to-be struggle with the thought of living on a lowered income or some put off having a baby altogether for fear they can’t afford a child. I survived two pregnancies and two maternity leaves and made it through the after baby financial changes to our net income. I also have to mention that my marriage survived as well. You are laughing?? Just imagine, in a matter of seconds, you have more expenses and a lower-income. I am not going to lie, this is probably going to be the hardest thing you have done in your life. Lack of sleep, no time to eat or take a shower, not to mention the financial worries but I am proud to add, an enormous sense of accomplishment. I like to think that the worst is now behind me. There are so many things I wish I knew before I had kids but here I am now and I will share with you some of my precious findings. Here are some tips on how to enjoy parenthood instead of worrying about your finances and your sanity. What are EI parental benefits? EI parental benefits are offered to parents who are caring for […]

Maternity and Parental Leave Part 1 – The Basics

Even if you have the easiest baby in the world, maternity or parental leave won’t be the blissful paradise you imagined if you’re constantly stressed about your reduction in income. In this two-part series I’ll outline how the benefits work, and how you can make them work for your budget. Maternity and Parental Leave Benefits in Canada Unless you work for a company that offers an income top up programs or paid maternity leave most parents on leave will only receive basic maternity benefits, which fall under Canada’s Employment Insurance program. While many people refer to the year a mother takes off after the birth or adoption of a child a maternity leave, it’s actually a combination of two leaves. The first leave is called maternity leave, and is only available to birth mothers and surrogate mothers for up to 15 weeks. After the 15 weeks, the leave is now called parental leave. This cheque can be collected by either the biological or adoptive parents for up to a maximum of 35 weeks.These benefits can be claimed by one parent or shared between the two partners, but cannot exceed a combined maximum of 35 weeks.   Parental leave benefits must be […]

%d bloggers like this: