90 days – 2.00% + MORE Nov 19th

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The idea of “rich” older Canadians tapping into the Guaranteed Income Supplement (GIS) was floated in an intriguing article in the Financial Post last week by Morneau Shepell chief actuary Fred Vettese. Considering that GIS is sometimes described as “Senior’s Welfare,” it’s little wonder the article drew more than 70 reader comments.
Some argued about the morality of the gambit, but when I interviewed Vettese this week, he said most of his emails were from readers wanting to know more about how to take advantage of it for themselves. As he observes, there’s nothing illegal about it. It’s just another way to navigate a complex system of tax rules and investment vehicles in order to maximize income.
The key is to take advantage of the Tax Free Savings Account (TFSA) while deferring taking CPP benefits until 70; you also have to delay withdrawing money from RRSPs and not convert them to a Registered Retirement Income Fund (RRIF) until age 71. In order to get GIS, you have to be receiving OAS: fortunately, while most other sources of income result in GIS benefits being clawed back, OAS income does not have that effect…

This GIC rate is offered by Oaken Financial and was updated on 2014-10-06. Click on the link above to get more details or apply online.

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We get a lot of reader questions when it comes to home owner and real estate issues. Up until now I’ve answered these questions informally on a person-by-person basis. But it turns out more than a few of us would like to read the answers to these specific questions. Call it curiosity, or maybe it’s a desire to know that we’re not the only ones with a question, but reading the answers to other people’s questions helps me make better decisions when it comes to my finances, real estate and housing.
As such, I will now answer your real estate questions through my blog. Don’t worry: I won’t need to include your name or specifics. It’s the question that counts. So, if you have a question, please email me directly (at romana.king@moneysense.rogers.com), post a comment below or on my Facebook page. I look forward to hearing from you.
Q: I plan on gutting and remodelling my current second-floor bathroom next summer. This renovation would mean knocking down a wall and taking over a small bedroom so that we could have a larger family bathroom…

WASHINGTON – U.S. stock exchanges will have to keep a closer eye on their electronic trading systems under rules adopted by federal regulators.
The Securities and Exchange Commission voted 5-0 Wednesday to require routine testing of exchanges’ trading systems. The exchanges also will be required to notify the SEC about problems, including any systems that are compromised by hacking. Any problems must be quickly corrected.
The SEC action follows a series of technical disruptions in recent years — notably the “flash crash” of May 2010 — that regulators say shook investors’ confidence in the markets.
The rules take effect in mid-January. They will replace a 20-year-old voluntary program for U.S. exchanges, which include the New York Stock Exchange, Nasdaq and a host of competing electronic marketplaces.
They are intended to reduce the chances of technology problems occurring and to put exchanges in a strong position to deal with them if they occur. As markets have become faster and more technologically advanced, they also are prone to more technical failures…

This GIC rate is offered by DUCA Financial Services and was updated on 2014-10-20. Click on the link above to get more details or apply online.