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Don’t get stuck on financial advice that doesn’t ring true Mar 26th
Finance tips and advice that worked decades ago aren’t always relevant in today’s day and age. Still, well-meaning friends and family often recycle the same information for younger generations—only for them to find out the hard way the advice might be inaccurate.
Financial experts say the.... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks + MORE Apr 3rd
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
How to fund accessible home renovations in Canada + MORE Jul 5th
My house, as I told my insurance broker recently, is the Canadian housing equivalent of ancient. Built in the 1910s in Saskatoon, this house has many foibles. To hang pictures, I have to use wood screws lest regular nails bounce off of the layers and layers of paint. My basement is a little more tha.... More »
Stock market news for investors: Cineplex, Roots and Delta report earnings + MORE Apr 9th
Here’s a round-up of news for Canadian investors this week.
Cineplex
Roots
Delta Air Lines
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% inte.... More »
A parents’ guide to home down payment gifts and loans + MORE Aug 20th
It used to be that parents budgeted for post-secondary education or contributing to the costs of a child’s wedding. But now, I am increasingly finding parents planning for home down payment gifts.
The statistics support this and show an increase in down payment help in recent years. A CIBC stud.... More »
Should retirees in their early 70s partly annuitize?
– moneysense.ca
If you’re nearing the age when you have to wind up your registered retirement savings plan (RRSP), it’s a natural time to consider annuitizing, at least partly, if you haven’t yet done so. Canadians are required to close their RRSPs at the end of the year they turn 71. Since cashing out and paying tax on the entire lot is not practical, closing the RRSP amounts to either annuitizing or converting to a registered retirement income fund (RRIF), or probably some combination of these two.
Historically, Canadians have tended to avoid annuities, especially all those years when interest rates were so low. But now that rates are closer to 5% than to zero, annuities are being talked about again, especially by those nearing the RRIFing age.
In our family’s case, this decision is still a year or two away (you can use your spouse’s age, which in my case means a one-year deferral of this decision). But, I did consult several experts as to whether they thought the case for annuities—or at least partial annuitization in parallel with setting up a RRIF—is stronger now…
