Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic? + MORE Jan 25th

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Not sure what to put in your RRSP and TFSA? Make contributions anyway Feb 1st

If your financial goals include putting more money into your registered retirement savings plan (RRSP) and tax-free savings account (TFSA), here’s a strategy that can help: making year-round contributions to high-interest registered savings accounts. Whether you’re a saver or a stock picker, .... More »

RRIF and LIF withdrawal rates: Everything you need to know Mar 7th

At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw t.... More »

When are TFSAs and RRSPs actually taxable? + MORE Feb 29th

Ask MoneySense I saw your blog online; thank you so much for the wonderful job that you are doing—it was very informative! That motivated me to start investing too, but now I have a couple of questions. I understand that there is tax on U.S. dividends in TFSA. Do we pay tax as well when we sell: .... More »

The best RRSPs in Canada for 2024 May 23rd

RRSPs The best RRSPs in Canada We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts. Compare now Tap the button for more details. .... More »

How to make sure you have enough money to fund your RRIF withdrawals + MORE Apr 18th

After decades of using registered retirement savings plans (RRSPs) to reduce taxable income, it can come as a shock to discover the shoe will one day be on the other foot. At the end of the year you turn 71, you have to either cash out your RRSP (not recommended), annuitize it or convert it into a R.... More »

Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic?

– thestar.com

Financial adviser Jason Heath says Piper needs to get her debt and expenses under control before even thinking about home ownership and retirement

Continue Reading On thestar.com »

Where should you invest an extra $50,000 in your 60s?

– moneysense.ca

I’m 62. Where would you advise that I invest $50,000 for retirement and savings?—Ty

Where to invest a large sum of money when you’re in or nearing retirement

Congratulations on having $50,000 available to invest, Ty. You do not say how you came into that money or describe your current financial situation. For some, it could be considered quite a windfall. Let’s consider a few different situations first and then move on to possible recommendations.

Do you have debts?

Investing a lump sum of $50,000 sounds great. However, receiving an investment return of 5% is not going to do much for you if you are carrying a balance on a credit card that is charging you 20% interest. Paying off high-interest debt will provide you with a greater net return than you are likely to receive from any long-term investment.

What about mortgage debt? A year or two ago, with some mortgage rates available below 2%, I might have advised that you invest rather than aggressively pay down any amounts owing, but with advertised rates at greater than 5%, if your mortgage is up for renewal this year, you would do well to consider reducing the amount you owe…

Continue Reading On moneysense.ca »

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