Opportunities & threats ahead

When a month draws to a close, I try to review my budget/cashflow spreadsheet and ensure that I have tracked all that needs tracking, that I review/adjust the next month’s obligations, and try to think about stuff that’s on the horizon that could advance/derail my goals.

Here’s a list of what’s on my mind:

  1. I have one potential tenant for the rental property. They have a rental application to complete and a credit check is pending. If this tenant turns out to be a good risk, they get keys for July 1. That’s good. The not so great part is that I’ll be without a rent cheque for June. This potential tenant is also looking at a short term rental, ending in December, January or February. Since I have no other options, I hope this one pans out. This is the first time I haven’t had potential tenants climbing over each other to get the rental.
  2. The CIBC hasn’t firmed up the deal on the mortgage switcheroo yet. They would like to see my Notice of Assessment (NoA) for my 2009 tax return. My tax return was filed about a week before the deadline. Although the CRA was very swift to cash the cheque I sent along with my return, they’ve been less than swift returning the NoA. I’ve given the CIBC every slip of paper they could ever want, but this one remains outstanding. I have six weeks left until the mortgage actually expires. My current lender’s offer has expired. What if I don’t get my NoA in time? Guess I’ll have to stay with my current lender, at whatever rate they dictate when I’m under the gun. I don’t like that scenario one little bit. Note to self, call the CRA today and inquire after some paperwork.
  3. Financial experts are now divided on whether or not Bank of Canada Governor, Mark Carney will hike the interest rates on June 1. A month or so ago it was practically considered “a done deal” that the rates would increase. Now, with the serious instability in Europe, and new reports that Canadians are carrying more debt than they were six months ago, it’s possible that Carney could hold the line a little longer. The great news is I could make more headway against my line of credit while the rates are still so low. Even another month or two would be a gift.
  4. Neither of the girls have a part-time job for summer. Neither of them have spent too much energy looking either.
  5. The employer for my part-time gig is changing the way they pay staff. This may mean a couple more bucks a month. (When I say a couple, I literally mean a couple). I’ve also been asked to give up one shift. This means I’ve adjusted my revenue projections for August and beyond downward slightly. That’s actually fine with me. Two nights a week and one Saturday morning is enough for me to handle.

That’s the look ahead at the opportunities and threats I see in my horizon. What’s on your radar in the months ahead?

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