Will my credit be damaged if I max out a card but pay it off in full at the end of the month?
Answers: It shouldn't BUT..
I've heard that some companies - I think I heard Capital One - reports the highest amount you've ever used. So when another company looks for what you have outstanding, they might not have a clear picture of your outstnading debt.
(I am not sure of all the implications.)
It will be damaged, but only until after you pay it off, and then they report back to the credit bureaus that it is paid off.
Once it's paid off, your credit rating will go back to its previously undamaged state.
My parents wants to gift me some money is it taxable in Canada, what is the form of payment and limit?
Answers: Hard to find a definitive answer from the Canada Revenue Agency to support my belief that gifts are non-taxable (any income derived from the gift, is of course entirely taxable).
Best I could find was at the link below that shows that most gifts and inheritances are not taxed.
I wouldn't be depositing Millions into my chequing account based on this, but a few grand or so should be no problem.
Not taxable in Canada. There is no limit, and the form of payment can be whatever you'd like.
The only caveat could be that the feds could question where the money came from. So you should perhaps document the gift, just so you can show them should they ask where you suddenly got the money.
I cancelled my credit card?
i cancelled my credit card and was wondering how long i enjoy to pay my match off?Answers: Your sketch is just closed to unsullied transactions. You can not charge any more with that card. The statement will remain open until you enjoy finished paying the balance past its sell-by date. Depending on the card company they may raise your minimum allowance since they know you will not be using the card any longer.
The only passageway to know for sure is to read the terms and agreements for your card. You could beckon the card company and ask them what your minimum payment will be in a minute that the card is inactive and if they own a deadline of when the account have to be paid surrounded by full.
Make sure to stay current on your payments or they can raise your interest rate through the roof. Now that the card is canceled you don't enjoy any bargaining power to own them lower your interest rate.
You could probably keep paying the minimum pay each month, but you would still be paying interest. I would recommend to retribution it off a soon as possible. Best bet is to send for your card company and ask them what their requirements are.