How to go about securing the best return for your investment in Canada.
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What’s the best way to pay down debt? + MORE Sep 2nd
As a Certified Financial Planner (CFP), a common question I hear from Canadians is how to better understand their debt. Questions like: How did I get here? What is the best approach to paying my debt off?
Many Canadians have debt of different amounts and for many different reasons. Common types .... More »
Bullish on Best Buy + MORE Dec 30th
A technical look at the stock
.... More »
“A Second Life”: What a retirement plan looks like today + MORE Oct 26th
Author, public speaker and former financial services professional Mike Drak wants you to know that while retiring may seem easy; what comes after can be the hard part. In this excerpt from his new book, Longevity Lifestyle by Design, Drak explains why you should craft a retirement vision that goes .... More »
Calendar: What investors need to know for the week ahead + MORE Sep 1st
A daily rundown of the economic reports and corporate earnings that will be grabbing the market's attention in the week ahead
.... More »
Canada’s best balance transfer credit cards 2021 + MORE Dec 31st
Are you working on a plan to become debt-free but are paying a lot of interest on purchases made on your existing high interest card? A balance-transfer credit card, which allows you to move the balance from your current cards over to a new card with a lower interest rate (some as low as 0%) can be .... More »
An aversion to risk was evident in financial markets Friday after the attacks in Spain. Stock markets around the world were under pressure while traditional safe haven assets, such as gold, were in demand.
At the open: TSX slides as riskier assets shunned
– theglobeandmail.com
Wall Street starts flat
Using RRSP money for a renovation
– moneysense.ca
Q: My daughter and my husband bought a $400,000 property three years ago near Midland, Ont. My husband earns $59,000 annually and my daughter $16,000 (self-employed). They want to renovate the kitchen and eventually sell the home to make a profit on it. The mortgage is $319,000. My daughter wants to get a $30,000 loan from the bank but I don’t think they’ll give it to her. Right now, she has an RRSP with $39,000 in it. Should they use the RRSP money to renovate? When they sell the house they’ll likely realize a $70,000 profit, so is it worth it?
—Janet P.
A: Based on the home value and the mortgage balance, a loan or line of credit might not be approved at this point because the equity in the property is not yet high enough. (You are at 80% equity now). The lenders will also take both your daughter and husbands’ incomes into consideration—and not just the amount of income, but the source of the income as well.
Since your daughter is self-employed she will need to show the lender her past two years of tax returns to establish if she can afford the repayment of a loan…
