Not sure how to make a savings plan? Read on…
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My three kids chose different educational paths. How do I withdraw RESP funds in a way that’s fair to them and avoids unnecessary taxes? Jul 25th
Q. I have a Registered Education Savings Plan (RESP) for my three children, the youngest of whom is starting university this fall. We have made some withdrawals for the older two kids but the plan is still well-funded. Our middle child has decided to pursue a co-op university program, which is esse.... More »
What happens to your spouse’s TFSA if they die + MORE Jan 11th
Q: My brother recently died and my sister-in-law is his beneficiary. We are unclear what happens with his TFSA, i.e. how can it be turned over ‘in kind’ to her if her TFSA is already maximized?
Wouldn’t it have to be cashed out for her to invest as she wishes, she just wouldn’t have to cla.... More »
Canadian second-hand economy spending up $1B + MORE Mar 15th
Around 82% of Canadians took part in the second-hand economy last year spending $29 billion in second-hand transactions; this according to the Kijiji Second-Hand Economy (SHE) Index – 2017 Report.
That’s an increase of $1 billion from the previous year!
Are you surprised to see such big numbers.... More »
China criticizes US steel anti-dumping measures + MORE May 18th
BEIJING, China – China has criticized Washington for imposing anti-dumping duties of more than 500 per cent on Chinese steel amid mounting tension over complaints Beijing is exporting at improperly low prices to clear a backlog at home.
The Commerce Ministry complained Wednesday that U.S. regu.... More »
Invest or pay off debt? + MORE Oct 12th
Q: I may be coming into an inheritance and I want to know if it would be better to pay off all the debt I have or invest the money? I have the following debt:
Mortgage: $60,000, at 2.5%, variable rate
Line of credit: $20,000 at 5.7%, variable rate
Car loan: $24,000 at 3.75%
I am 62 years old and .... More »
College Too Expensive? That's a Myth
– online.wsj.com
Pell grants, state aid, modest loans and scholarships put a
four-year public institution within the reach of most.
Should You Renew Your Mortgage Early?
– ratesupermarket.ca
Do you have a mortgage up for renewal in a few months? You may have received a letter from your bank offering you a chance to “renew early and save” or some similar wording. With the extremely low rates on offer, it could be a good idea to renew your mortgage early and take advantage of the savings – but make sure you investigate all your options before signing on the dotted line.
How You Save By Signing Early
The idea with renewing early is that you can lock into today’s current low rates before they go up. And, if you renew with the same financial institution that currently holds your mortgage, you can essentially break the old one without any penalty and start making payments at the lower rate. (If you do break your mortgage early and switch to another bank, you’ll have to pay a penalty, typically three-months’ worth of interest on the outstanding balance or the interest rate differential, whichever is higher.)
Thinking of breaking your mortgage? Use our Penalty Calculator to see how much you can expect to pay…
