Give Me Back My Five Bucks a quest for financial independence

In my seemingly never-ending quest for the best way to carry “stuff” while I run, I’ve tried lots of different things over the years – from a lightweight Arc’teryx running vest, to one of those dorky looking hip belts, to those bulky iPod arm bands – nothing worked.

You see, I like keeping my iPhone on me at all times – not to make calls or text while I run – but to feel safe. If I run into trouble (twist my ankle, get beaten up, etc.), I have a way to communicate. I also like it because I don’t have to worry about carrying a bunch of gadgets around – it keeps me connected, plays music, and records my run through the Nike+ app.
Anyway, earlier this year, I came across something called the FlipBelt. It’s basically a stretchy band of material that fits snug around your waist, holding everything from your iPhone, to keys, to money/credit cards. And once I start doing longer runs, I might want to tuck a PowerGel in there as well. The FlipBelt looked minimalistic, and I liked that (because who wants to run with a fanny pack!?)… but I was skeptical. I kept telling myself that it was a gimmick, and wouldn’t really work. But I ordered one anyway …

… and I’ve been running with it ever since. I LOVE the FlipBelt. This is seriously the answer to all of my running problems. I can safely and comfortably tuck my iPhone into the band, without having to worry about whether it will get damaged if it’s raining out, or having my arm get tired of holding it for an hour. It doesn’t look dorky, it stays out of my way, and it stays in place. I don’t even know it’s there when I’m running.

Sizing: some people wear their FlipBelts around their natural waist – but I prefer to wear it snug on my lower hip. A small fits perfectly for me right now. It sits on my hip, doesn’t move at all, and I feel really secure that all of the stuff inside the FlipBelt is secured, and not moving around. If you’re feeling paranoid, you can also flip the belt inwardly to “lock” the items a bit better, but I’ve never felt the need to.

It’s also super easy to get stuff out of the belt while you’re running. Near the end of my run, I like to take my iPhone out so that I can use the Nike+ app, and I’ve never had to fumble or struggle, like I’ve done before with velcro, zippers, or armbands.

The FlipBelt comes in a variety of different sizes and colours, and I’m loving it so much that I’ll likely order another one – but maybe in a brighter colour. :) I think it’s perfect for someone who likes running, hiking, or walking, and is looking for a minimalistic approach to carrying a few things around while they’re out being active.

So now for the fun giveaway. You can win your very own FlipBelt! Just enter using the Rafflecopter widget below. Remember that if you don’t use the Rafflecopter widget, your entries won’t count!

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P.S. if you need to get your hands on a FlipBelt NOW, please feel free to use the coupon code GMBMFB10 for 10% off your order at FlipBelt.com.  :)

What’s your mortgage rate? Back in 2011 when I bought my townhouse, my mortgage rate of 3.74% (5-year fixed) was considered extremely good. Now? Not so much. I’ve run the numbers, and refinancing doesn’t work for me, but people looking to enter the housing market (like a few of my friends) can now get rates much lower than that.

In fact, KANETIX.ca is offering a Spring Mortgage Rate Special, offering customers a super low interest rate of 2.75% on a 5-year fixed! And to top it off, they’re offering homebuyers who secure a mortgage rate online a chance to win $5,000. Not only are KANETIX customers automatically entered to win the $5,000 prize, but they can also gain entries by connecting with KANETIX and sharing the contest via social media. If you’re the lucky one that wins, that’s a pretty significant chunk of change that you can dump onto your mortgage, or do a few renovations around the new home. :)

Until April 19th, customers in Ontario, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, PEI, and Newfoundland are eligible for a chance at the $5,000 prize. Sorry British Columbians. :) For more information on the Kanetix mortgage $5,000 giveaway, click here.

About KANETIX

KANETIX was one of Canada’s first online insurance marketplaces, and provides over a million quotes per year to customers looking to compare mortgages and and credit cards. Launched in the fall of 2012, the KANETIX online mortgage rates comparison service allows shoppers to secure rates online in minutes, without actually having to complete a full mortgage application – which I think is pretty cool. Customers will then have the option to complete the mortgage pre-approval process online, or through a licensed mortgage broker over the phone.

Note: this guest post and contest is sponsored by my friends over at H&R Block. I’ve been filing my taxes as a freelancer with H&R Block for the past few years, and I can say from first-hand experience, it’s been a really simple process.

It is becoming more common to hear Canadians say “I am freelancing.” It may not offer job security but it can deliver flexible hours, a chance to work on multiple projects and, more importantly, the opportunity to be your own boss.

But earning income as a freelancer does mean more paperwork at tax time, since no one will be sending you a T4 slip. And trying to piece together receipts a year later is not recommended. If you are getting ready to take the leap into freelancing, here are some tips to make your tax return easier:

• Every business receipt means less tax paid: Your business expenses are deducted from your business income. The more expenses you record, the less income on which you have to pay tax. Forgetting or losing receipts on a regular basis will impact your tax bill, so get receipts.

• Your home office expenses may not total as much as you think: If you have an exclusive-use area for your office in your house or apartment, you can claim a portion of expenses like rent or mortgage interest, insurance, utilities and property tax. So if you use 10 per cent of your home as an office, you claim 10 per cent of the costs. For example, if you pay $1,000 a month for your apartment, you can claim $100 a month as a business expense.

• Be reasonable: Claiming 90 per cent of your house as an office will most likely lead to a review of your return. You are allowed to claim reasonable expenses you incurred to earn your income.

• Single connections: If you only have one internet connection or phone line into your home, you cannot claim the whole cost as a business expense. The Canada Revenue Agency (CRA) expects you to have some personal use of a single connection, so you may claim the percentage used for business purposes. If you have an exclusive-use business phone line or internet connection, then you can claim the entire bill.

• No withheld tax, so expect to pay: How much you pay will depend on what other types of income and deductions you have. However, as a general rule of thumb, self-employed Canadians should save 30 to 40 per cent of their income for tax purposes. Do not expect your business expenses to eliminate your tax bill.

• CPP payments: If you earn more than $3,500 in the year, you will pay both the employer and employee portions of your CPP premiums.

• EI is an option: The government introduced an Employment Insurance (EI) program for self-employed Canadians but you have to register for it. And once you are in, you cannot opt out, so make sure you understand what you are getting yourself into.

• Record your mileage: Contrary to popular belief, there is no flat rate mileage amount for self-employed taxpayers. You need to a keep a logbook to track your business kilometres. Based on the percentage driven for work, you can claim a portion of your gas, insurance, maintenance and registration as a business expense. There is a simplified logbook option but you have to have kept a logbook for at least one year before you can use this option.

• Know how to calculate the GST/HST: If your total revenues from taxable supplies are more than $30,000, you will need to register, collect and remit GST.. You are allowed to claim the GST and HST you paid on your business expenses as Input Tax Credits (ITCs). These ITCs then reduce the amount you remit.

• Don’t wait to start bookkeeping: Freelancing can be a scary prospect so it can be tempting to think you will spend money on bookkeeping once you get a few more clients. Even if you just keep a simple spreadsheet, you need to have a system set-up from the day you start working for yourself. Trying to sort out 12 months of receipts as the tax deadline looms will increase your chances of making an error or omission.

You will report your business income and expenses as part of your personal tax return by using Form T2125, Statement of Business Activities. You do not need to attach your receipts to the form but you should keep your records for seven years in case the CRA reviews your return. Without proof of the expense, the CRA will disallow the deduction, so every piece of paper counts.

Here is your chance to win 1 of 3 copies of H&R Block’s Online Tax Software!

Rules:

• You MUST use Rafflecopter to record all of your entries.
• I am giving away three (3) codes to file your taxes online with H&R Block. Each person who enters is only eligible to win one (1) prize.
• Only open to Canadians.
• Contest closes March 21, 2013.

ENTER NOW WITH RAFFLECOPTER!

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