Since the new “stress test” rules were introduced in January, many Canadians who fail to qualify for a bank mortgage are turning to alternative lenders. While these alternative lenders can help Canadians without other financing options, it’s important to read the fine print. These contracts will generally have terms with higher interest rates and a 1 percent lender’s fee for closing, which means a higher closing cost. You should ask a broker how tolerant a lender would be if you are late with one of your payments, and look for sale-only clauses, which can be a red flag. If you already have financial problems and you go to a lender who is not flexible, you might make the situation worse.

Read more: What to know about mortgages from alternative lenders

TFSAs and RRSPs are similar products and excellent investment choices for Canadians. Depending on your income level, savings goals, and long-term plans, one may be better than the other. Both are designed for savings, but the RRSP is more a long term concept. For instance, if you tend to make withdraws for short-term needs, then a TFSA (or Tax Free Savings Account) would be the better option. Withdrawing from an RRSP will add to your income for that year and is subject to a 10 to 20 percent withholding tax. Provided it’s not the same year you put the money in, a TFSA has a nominal tax, doesn’t count towards your income and comes without penalty.

Read more: TFSAs Vs. RRSPs 2018: How To Know Which Is Right For You

A bank draft is a secure form of payment. Think of it as a guaranteed cheque by the bank. The problem is with any form of payment, if someone never gets it, or if the wrong person cashes it, then it’s done. Even though the bank secures it, once it leaves their hands then it isn’t as secure as you may think. Depending on why you require a bank draft, an Electronic Fund Transfer will probably prove to be better in the long run. They’re person-to-person and like a bank draft, and secure. They’re also rising in popularity as services like Paypal and Venmo gain traction.

Read more: Why old-fashioned bank drafts could leave you on the hook for big bucks

If you’re renewing your mortgage this year, then it’s important to start working on it sooner than later. With the recent interest rate increases, if you’re renewing for the same amoritization period but at a higher rate, then your mortgage payment will increase. Many Canadians will stay with the same lender, but shopping around for a rate 30, 40, 50 basis points lower will save you thousands of dollars over your next five-year term. If you switch, then there may be fees that offset these savings. Starting 6 months prior to your renewal date will give you time to explore all your options and find the one that’s right for you.

Read more: Start early and do your research when renewing your mortgage

A recent study showed that millennial freelancers in Canada earn 27 percent of their income from international sources. Those getting paid internationally need to consider some obstacles to working with international companies. For instance, exchange rates aren’t always factored into payments and mark ups. Working for foreign companies can also be challenging because some companies ask for things that a freelancer doesn’t have like a U.S. bank account, and they often won’t see the delays or fees associated with international wire transfers. After everything freelancers may end up with less than they expected, so it’s important to know what your final payment amount will be and try to hammer out the details ahead of time.

Read more: What Canadians need to know about getting paid internationally

When people don’t pay their credit card bills or mortgage payments, it can lead to long term negative consequences. This does not however, translate into the business world. Start up companies are forced to close when invoices go unpaid, finding it costly to pursue the debts. Businesses in Canada are given unique identification numbers which gives the government an opportunity to create a business credit bureau that delinquencies can be reported to. It’s something businesses need to push for.

Read more: Unpaid invoices are causing costly problems for businesses

New data from OECD shows that in 2017 the net tax rate on a family with two kids in Canada is 12 times cheaper than a family in the United States. The net tax rate is the personal tax rate plus social security contributes minus family benefits as a percentage of gross income. In Canada, an average married worker with two children had their employee net average tax rate reduced to 1.2 per cent. The same family in the U.S. would pay 14.2 per cent in taxes. It varies greatly depending on income, but once the child benefit is factored in, an average one-income household with two children now keeps 98.8 percent of their gross income.

Read more: Canadians Now Paying Lower Income Taxes Than Americans, OECD Data Shows

Of the 47 percent of Canadians renewing their mortgages this year, those who take the easy option of renewing with their current lender, could cost them thousands of dollars over the next few years due to higher interest rates. It’s recommended that you do your homework. Recent interest rate increases mean that your mortgage payments will likely increase if you stay where you are. If you change lenders, you may be subject to the new stress test and fees, but you might save on your rate. You need to start looking at your available options, and if you find a good deal, lock it in now and don’t wait. If you are confused about what is the best option for you, speak to an advisor, but do it sooner than later.

Read more: Renewing your mortgage? Doing your homework could save you thousands of dollars

If you own foreign property whose total costs exceeds over $100,000 at any point in the year, then the T1135 Foreign Income Verification Statement is a form you don’t want to file late. When it comes to getting late-filing penalties, the CRA is persistent, and you risk a $25/day fine, up to a maximum $2,500 per tax year. Even if no taxes are owed, the T1135 is a separate obligation that still must be filed. The form must be filed to report the ownership of most foreign property. It is also required for foreign stocks held in a Canadian, non-registered brokerage account.

Read more: Getting shipwrecked on T1135 island an unpleasant fate for taxpayers

There are plenty of options for your savings and choosing the right one for your situation will help you make the most of it. One of the first places to consider investing in is a retirement savings plan (RSP). An RSP is an investment account designed to help you to grow your retirement savings, and your contributions reduce your taxable income. You can hold equities, bonds and most mutual funds in an RSP. Another good choice is a tax-free savings account (TSFA). Inside a TSFA gains and investment income are not taxed, and unlike an RSP, your money is not taxed when withdrawn. Non-registered options will have different tax implications. Depending on what your situation, an RESP or paying down your mortgage may be good uses for your extra cash.

Read more: Stashing your cash