Ilona Biro

Ilona Biro is a writer who's excited to be diving into personal finance (for personal reasons). Debt, I've had a few!

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The Pros and Cons of a Corner House

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The Pros and Cons of a Corner House

May 6th 2013

Filed under: House & Home, Investing, Real Estate, Your Home

When it comes to corner houses, people are divided. Those who live in them love them for their surplus of natural light and plus-sized gardens. Others complain about traffic noises, trespassers, and lots more yard work. Who's right? The answer depends on who you talk to.

Statistically speaking, corner houses are burglarized more often than houses that have neighbours on each side. But common sense would suggest that because they're more visible, would-be thieves should be more visible as well.

We thought we'd pull together the pros and cons of corner houses, so you can decide for yourself. Click on the image below to launch a gallery of reasons for and against buying a corner house.

SLIDESHOW: PROS AND CONS OF BUYING A CORNER HOUSE

the pros and cons of buying a corner house

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The 10 Biggest Things Your Income Taxes Pay For

Apr 25th 2013

Filed under: Budgeting & Planning, Taxes

With tax season almost over, you might be wondering where all your hard-earned dollars are going. The latest reported figures show that during the fiscal year 2011-12, the federal government had expenses totaling $271.4 billion.

Payments that go directly to persons, to provincial and territorial governments, and to other organizations are called "transfers." Transfers are the largest category of government spending. They made up about 59 cents of each tax dollar spent ($159.7 billion).

After transfers, the bulk of federal tax dollars went to cover the operating costs of the more than 130 government departments, agencies, Crown corporations and other federal bodies that provide programs and services for Canadians.

Government operating expenses such as salaries and benefits, facilities and equipment, and supplies and travel made up 30 cents of each tax dollar spent ($80.7 billion). Close to half of this spending-just under 15 cents of each tax dollar-went to just three organizations: National Defence, Public Safety Canada and the Canada Revenue Agency.

Finally, the last 11 cents of each tax dollar is spent on interest payments on the national debt.

Currently, 75% of this debt is owed to Canadians, including citizens and domestic institutions holding federal bonds, Treasury bills and other forms of the debt.

Here are the 10 areas where the greatest percentage of income tax revenues gets spent:

SLIDESHOW: The 10 Biggest Things Your Income Taxes Pay For

Pop Quiz: Test Your Knowledge of Tim Hortons and Roll Up the Rim!

Feb 12th 2013

Filed under: Entrepreneurship, Food & Drink, Weird & Wonderful

There's no question that Canadians love Tim Hortons. The chain's ties to hockey have endeared it to both urban and rural folk, and in an annual survey of Canada's strongest brands it ranks a solid sixth between Scotiabank and LuluLemon.

And the love affair intensifies whenever a new edition of its Roll Up the Rim contest is rolled out.

The latest Roll Up the Rim starts up again on February 18, so we thought it was time to ask: how much do you really know about this iconic coffee-and-doughnuts chain and its ridiculously popular contest? Test your knowledge by taking our pop quiz. Highest scorer buys the Timbits (kidding!)

POP QUIZ: 20 Things You Didn't Know About Tim Hortons

1. When and where was the first Tim Hortons location opened?

2. Other than hockey, what other sport is Tim Hortons a major sponsor of?s Tim Horton sponsor?

3. What's the name of the tool you can buy to unroll the rim of a Tim Hortons cup?

Top 10 Car Maintenance Mistakes Mechanics Say Do Most Damage

Jan 25th 2013

Filed under: Budgeting & Planning, Economizer, Technology

When it comes to today's high tech cars and trucks, most drivers understand that following a scheduled maintenance program almost always costs less than paying for expensive repair surprises down the road. But which mistakes, bad decisions and missed maintenance items do the most damage to your vehicles? CarMD.com surveyed its team of Automotive Service Excellence (ASE)-certified Master Technicians to reveal the following top 10 maintenance mistakes car owners make when caring (or not caring) for their vehicles.

"When consumers fail to properly maintain their vehicles, the resulting repair costs dwarf the money that could have been budgeted to maintain their car," said Art Jacobsen, vice president, CarMD.com Corporation. "As a result, CarMD reached out to our ASE-certified Master Tech committee to confirm the top 10 most damaging mistakes drivers make. We believe this information will help consumers save money in the long run and plan better as they care for what is often their second largest purchase."

SLIDESHOW: Top 10 Car Maintenance Mistakes

1. Putting off recommended or scheduled maintenance

3. Not changing the oil, or not having it changed on time

5. Neglecting coolant, brake, transmission and other fluid services

6. Continuing to drive when the vehicle is overheating

8. Having unqualified shops service your vehicle

Infamous CEO Sex Scandals

Dec 10th 2012

Filed under: Celebs & Money, Sex Sells

Garden variety affairs of the type going on all around us never make the headlines. But when a newsworthy individual, a CEO for example, decides to cheat, it's a lapse in judgement that lets an entire company down, and on occasion sends the share value down as well).

Here is a collection of some of the most egregious scandals to emerge in recent years. Few Canadian CEOs made our list, but we'd wager there are some that just haven't emerged yet.

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CEO Sex Scandals

In 2002, the man known as "Neutron Jack" fell in love with Suzy Wetlaufer, editor of the Harvard Business Review. The problem was that Welch was married to his wife Jane. His romance with Wetlaufer started when they collaborated on an article together.
It wasn't love at first sight. "When I first met Jack, I was terrified of him," Suzy Welch told 60 Minutes. Wetlaufer was forced to resign from the prestigious publication when word of her dalliance with Welch came out. She asked her bosses to spike her article when her relationship with Welch compromised her journalistic objectivity.
Jane Welch wound up getting her revenge. "When divorce negotiations stretched out, Jane Welch disclosed that Jack was getting sizable retirement perks from GE, including an apartment and the use of a GE jet. Welch agreed to pay $2 million a year for their use," according to USA Today.
The SEC later launched and then closed an investigation into the matter. Jack and Suzy Welch are living happily ever after, writing several books together, including Winning, and they co-host the Web-TV reality show It's Everybody's Business on Microsoft's (MSFT) MSN network.

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CEO Sex Scandals

Dov Charney, a Canadian immigrant who dropped out of college in 1990, is living the American dream. Too bad it's turning into a nightmare for some of his employees.
Charney is a world-class weirdo. Among the proclivities he's fessed up to are walking around his office in his underwear. He's also the gift that keeps on giving to employment lawyers. The CEO has confessed to having numerous affairs with female subordinates and has been repeatedly sued for sexual harassment.
Two women claimed in lawsuits that Charney exposed himself to them and masturbated in front of them. In 2005, three American Apparel employees filed suit against Charney for allegedly sexually harassing them at work.
His inability to learn what behavior is acceptable in the workplace and what isn't is breathtaking. For instance, Charney seemed not to understand that women may find the term "slut" offensive, explaining in a court deposition (via Dateline NBC): "You know, there are some of us that love sluts. You know, it's not necessarily - it could be also be an endearing term."

HR World named the lawsuit among the top 20 sexual harassment claims of all time. The Bill Clinton-Monica Lewinsky case was No. 1.

CEO Sex Scandals

Exactly what Mark Hurd did to lose his job running HP was never fully disclosed. Suffice it to say he crossed a line.
Hurd resigned on August 6th amid allegations that he sexually harassed Jodie Fisher, a former actress and reality-TV personality who worked for HP as a marketing consultant. That claim was settled, and Fisher has denied having a sexual relationship with the married Hurd.
To make matters even more confusing, an HP investigation found Hurd didn't violate the company's sexual harassment policies, although he did submit inaccurate expense reports to cover up his relationship with Fisher. Then why would Hurd bother to cheat his employer if he wasn't doing anything wrong?
"Hurd submitted receipts for expenses ranging from $1,000 to $20,000 over two years, including meals and travel, that should have been labeled as personal and not related to business, said a person familiar with the situation," according to Bloomberg News. What was included in the wining and dining was not immediately clear.
Oracle (ORCL) CEO Larry Elison rushed to Hurd's defense and hired him as co-president. "The HP board just made the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago," the tart-tongued billionaire is quoted as saying.

CEO Sex Scandals

When Harry Stonecipher came out of retirement to head Boeing in 2003, he vowed to employees of the scandal-plagued aerospace company that its new code of conduct would apply to everyone, all 150,000 employees. In March 2005, Stonecipher was forced to resign after he admitted having an affair with a female Boeing executive later identified as Debra Peabody. In fact, Stonecipher and Peabody reportedly met when he signed the pledge. Joan Stonecipher, his wife of 50 years, filed for divorce after her husband's affair became public.
The timing couldn't have been worse. Fifteen months earlier, CEO Phil Condit was forced to resign after two Boeing executives were convicted in a military procurement scandal.

CEO Sex Scandals

In 2007, the UK construction company was rocked by an affair between married CEO John Dodds and Deena Mattar, the company's finance director. The reaction to the scandal was nothing like what would have happened in the US. For one thing, Dodds didn't lose his job, even though the media reaction was scathing after it was revealed that Mattar used Kier Group resources to remodel her home, The Daily Telegraph said.
Dodds retired this year at the age of 64, four years past the company's retirement age. He married Mattar and told the Telegraph he had no regrets. "Not one. It's all turned out exceedingly well," he is quoted as saying.

CEO Sex Scandals

Australia's David Jones is what's called an upmarket retailer - think of Down Under version of Bloomingdale's. At the helm for seven years was CEO Mark McInnes, until a sexual harassment complaint was brought against him by a 25-year-old female employee named Kristy Fraser-Kirk.
McInnes, the complaint said, allegedly made unwanted sexual advances toward her. The executive quickly resigned and fessed up to behavior that "was unbecoming of the high standard expected of a chief executive officer to a female staff member." It was the first time that an Australian CEO resigned because of sexual harassment allegations.
In August, Fraser-Kirk filed a A$37 million sexual harassment lawsuit alleging that the board of David Jones knew that McInnes was a serial harasser and did nothing to stop him. Unflattering stories appeared in the press after the suit, Australia's largest sexual harassment case, was filed. Fraser-Kirk even offered to donate any punitive damage awards she received to charity. The case settled in October for A$850,000 with Fraser-Kirk declaring that she would be unable to keep her earlier promise.

CEO Sex Scandals

Hell hath no fury like a woman scorned. Add to that wealth and computer savvy, and whomever is the object of the jilted woman's rage is in real trouble. Just ask Oracle Co-President Charles Phillips.
In January, YaVaughnie Wilkins decided not to get mad at Phillips after he broke off their eight-and-a-half-year-long relationship to patch things up with his wife. She got even.
Wilkins bought billboard ads in New York, Atlanta and San Francisco with pictures of her and Phillips snuggling, and her proclamation that the tech executive was her "soul mate." She even set up a website (no longer in operation) featuring pictures of her and Phillips.
But the media frenzy died down, and Phillips remains on the job.

CEO Sex Scandals

Lord John Browne was one of the world's most admired businessmen who few knew was a closet homosexual. The head of BP was horrified to learn in 2007 that former lover Jeff Chevalier was trying to sell his story to a tabloid newspaper. He failed to block publication but said in court papers that the two met while exercising, even though the true story was that they met through a gay escort service named Suited and Booted.
Authorities decided not to pursue perjury charges, but Brown was forced to end his 40-year career. In his book Beyond Business, Browne admitted that he was wrong to lie about his relationship with Chevalier. No longer hiding his sexual orientation, Browne is now a senior partner with US private equity firm Riverstone.

CEO Sex Scandals

In 2007, Starwood Hotels and Resorts Worldwide (HOT) and CEO Steven J. Heyer parted ways after it was uncovered that he sent "inappropriate and suggestive e-mails and text messages to a female employee," according to ABC News. He also had an "inappropriate physical encounter" with a woman outside a restaurant restroom. Heyer, who reportedly denied everything, was ratted out by an anonymous letter sent to the board of directors.
Still, Heyer was able to rebound. He's currently chairman and CEO of Harry & David Holdings. He's also lead director of Lazard Ltd. and is on the board of Omnicare (OCR).

CEO Sex Scandals

Tipping Pointers: When to Tip and How Much to Leave?

Dec 7th 2012

Filed under: Food & Drink, Travel, Your Home

Tipping is a complicated, and often stressful matter. What should you give a barber, a manicurist, or a sommelier? Should you tip a hotel maid at the end of your stay? And what about the doorman who hails you a cab?

Since the rules aren't always clear and tipping standards change over time, we created a primer to help you out. Click on the photo below to find out what to pay whom, and when.

SLIDESHOW: CLICK FOR TIPPING POINTERS

The 50-30-20 Budget is the Only One You'll Ever Need

Dec 7th 2012

Filed under: Budgeting & Planning, Economizer, Family Finances, Saving, Book Reviews

If conventional wisdom says that to be financially responsible one should have a budget, why do so few of us operate without one?

The answer is easy: budgets are hard to draft, and hard to live up to. Which is why so few of us can come up with a workable model that can keep our spending in line.

So it was a joy to discover that someone had actually simplified things to create a one-size-fits-all budget that anyone, regardless of net worth or anything else, can use.

The 50-30-20 budget was created by the eminently practical Elizabeth Warren. You might've heard of her. She was a Harvard bankruptcy professor recently elected to the US Senate. In 2011, Warren and her daughter Amelia Warren Tyagi wrote a terrific book called "All Your Worth: The Ultimate Lifetime Money Plan," a book that should be required reading for every high school student in Canada. They've come up with a fool-proof way to create a budget that anyone can live with.

Continue reading The 50-30-20 Budget is the Only One You'll Ever Need

How to Regift the Right Way

Dec 5th 2012

Filed under: Economizer, Shopping, Going Green, Holidays

Some taboos are meant to be broken, and being budget-minded, we think regifting should be one of them. So if you've recycled a gift at some point in your life, do not despair. Many people are coming around to the practice, and don't consider it cheap or inconsiderate. According to a survey by Money Management International, 58 percent of respondents said they have regifted or would consider doing so. And a study in Psychological Science suggests that the act of regifting doesn't offend the original givers as much as we think it would. Heck, there's even a day that's been designated as National Regifting Day, when co-workers are encouraged to turn their office gift exchanges into regifting extravaganzas.

And the benefits outweigh the risks. Not only does regifting save money, it reduces landfill waste, and can actually ensure that a gift ends up with the perfect person who will actually use and enjoy it. That's a win-win-win.

Ultimately though, no one wants to risk offending a loved one. So just make sure they never know, by following our regifting tips so you know how to do it right:

SLIDESHOW: The Rules of Regifting

Avoid mistakes by tracking your inventory

If you can't regift something, consider the alternatives

Stockpiling Airline Points? Redeem Them for One-of-a-Kind Christmas Gifts

Dec 2nd 2012

Filed under: Budgeting & Planning, Economizer, Shopping, Holidays

Want an excellent way to buy holiday gifts, while using up air mile points at the same time? Head to the Aeroplan site to explore their wide range of one-off gifts and experiences.

There are plenty of categories to choose from - travel gear; gift cards for Birks, Holt Renfrew and others; fashion and jewelry; and our personal favourite: Money Can't Buy.

To illustrate just how broad the selection is, we put together a gift gallery drawing from some of the coolest categories on the site.

SLIDESHOW: Air Mile Rewards Make Great Holiday Gifts

Pair of Sennheiser headphones, signed by Drake

Michael Bublé Autographed Eyewear and CD/DVD Set

Toronto Maple Leafs Captains Signed Print

Essence perfume workshop for four people

What Kids Really Want for Christmas (If They Could Tell You Themselves)

Dec 2nd 2012

Filed under: Family Finances, Shopping, Holidays

It's never easy knowing where to start when it comes to buying gifts for kids. Should you go with the tried and true, and give them LEGO, Barbies and other traditional favourites? Or is it wiser to go the easy route these days, and just add to their collection of video games?

In the midst of my holiday shopping, I was both surprised and relieved to find that Marshalls had 'hired' a bunch of little elves whose job it is to suggest their favourite toys to help harried parents with their shopping. Click through the slideshow to see what they recommend you buy this holiday season: