Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Reverse mortgages are booming amid Canada’s turbulent rate environment + MORE Jan 31st
High rates haven't stopped Canadians from tapping their home equity by way of reverse mortgages..... More »
What’s the best mortgage for the first-time home buyer? + MORE Mar 28th
Image courtesy of ddpavumba / FreeDigitalPhotos.net
Q: I’m buying my first home—a starter home—that I plan to live in for the next five to seven years. How do I know which mortgage is right for me?
— Housing Newbie, Toronto
Answer from Robert McLister, mortgage planner with Ratesp.... More »
Manulife’s Natasha Duric: A 30-year mortgage career built on leadership and innovation Oct 13th
Natasha Duric describes her entry into the mortgage industry as “a fluke.”.... More »
What happens when your landlord misses mortgage payments? + MORE Jun 11th
You held up your end of the bargain and paid your rent on time—only to learn your landlord failed to keep up with mortgage payments and the home may need to be sold. Panic sets in, as you don’t know if you can continue to call this place your home. Experts say there are a number of ways thi.... More »
CIBC sees “no areas of concern” as 100,000 mortgage clients renewed at higher rates so far this year + MORE Sep 14th
CIBC reports that its mortgage clients are so far managing to absorb the payment shocks as their mortgages come up for renewal at higher rates..... More »
Juggling personal and workplace RRSPs
– moneysense.ca
This family finds themselves juggling personal and workplace RRSPs (Photograph by Matt Ramage)Q: My husband and I participate in workplace RRSP top-up programs, and we have an RRSP loan to maximize my husband’s RRSP contribution. We’re not sure if this is a good plan, especially considering we’re nowhere near maxing out our annual mortgage contributions or TFSAs.”—Vanessa McCubbing Saskatoon, Sask.
A: Group retirement plans tend to have matching contributions from employers. Investment options are usually good, primarily due to fees being lower than what you’d pay on retail investments. So this is where your primary focus should likely be.
I wouldn’t be worried about your TFSAs if you have RRSP room. RRSPs are likely a better choice than TFSAs for most people, unless you’re in a low tax bracket, close to retirement or may need some of your savings in the short term.
I’m on the fence about the TFSA versus mortgage debate. Studies have shown that the vast majority of TFSA investments in Canada are in savings accounts and GICs…
