Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Mortgage renewal calculator Sep 26th
When it’s time to renew your mortgage, you can either stay with your current lender or shop around for a new one that offers a lower interest rate or different terms. Using a mortgage renewal calculator can help you compare mortgage offers and pick the best one available at the time of renewa.... More »
MIC Trade Show Goes Virtual Jan 16th
Despite a nearly 50-year history in Canada, Mortgage Investment Corporations—or MICS—still remain relatively unknown among many brokers and borrowers alike. But for the past several years, Mortgage Professionals Canada and the Ontario Mortgage Investment Companies Association (ONMICA) have partn.... More »
How to prepare for a 2023 recession + MORE Nov 19th
The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and em.... More »
New mortgage rules take effect today; more may be coming on Monday, economist says + MORE Dec 15th
Two sweeping mortgage reforms take effect today, December 15, targeting housing affordability and easing financial pressures—changes that may be followed by more announcements this week..... More »
The best 5-year fixed mortgage rates in Canada May 24th
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Winding down self-employment and planning for retirement
– moneysense.ca
Q. I am a 60-year-old female, working full-time employed/self employed on a 100% commission basis and averaging between $107,000 and $140,000 gross annual income.
I own my home, with a $70,000 balance left on my mortgage. My mortgage payment (not including property taxes) is $457 biweekly. The current market value of my home is about $325,000.
In terms of investments, I have $39,000 in two RRSPs (current employer plan and a small amount from a prior employer), plus about $250,000 in RRSPs with my bank.
I have no TFSA.
I would like to retire at 63, or at least reduce my work hours, and I have no idea if either is possible. I can work as long as I like, even past 65 if I choose. I recently started taking Fridays off but keeping my production the same, with no decrease in earnings. I am considering reducing to three days this fall, and continuing with that schedule until I retire.
While I’ve considered downsizing, I’m not really ready to sell my home: I love outdoor space and my pool, and I’ve redone the entire house over the last 17 years…
I own my home, with a $70,000 balance left on my mortgage. My mortgage payment (not including property taxes) is $457 biweekly. The current market value of my home is about $325,000.
In terms of investments, I have $39,000 in two RRSPs (current employer plan and a small amount from a prior employer), plus about $250,000 in RRSPs with my bank.
I have no TFSA.
I would like to retire at 63, or at least reduce my work hours, and I have no idea if either is possible. I can work as long as I like, even past 65 if I choose. I recently started taking Fridays off but keeping my production the same, with no decrease in earnings. I am considering reducing to three days this fall, and continuing with that schedule until I retire.
While I’ve considered downsizing, I’m not really ready to sell my home: I love outdoor space and my pool, and I’ve redone the entire house over the last 17 years…
