Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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How to invest in cryptocurrency (without losing your shirt) Jan 29th
I have until now not written about the ongoing cryptocurrency boom—but, given the spectacular rise of bitcoin in the last few months, and last week’s subsequent correction, decided it was time.
Upfront, I should disclose I personally started to dabble in this asset class for the first time in th.... More »
What to consider if you still have RRSP contribution room Jan 25th
Registered retirement savings plans (RRSPs) have been around since 1957, and each February is commonly referred to as “RRSP season.” The banks and financial media used to make a bigger deal about RRSPs in the new year, but ever since Tax-Free Savings Accounts (TFSAs) were introduced in 2009, RRS.... More »
Is probate an inevitable cost for a surviving spouse? Feb 12th
Q. My husband and I have lived in our principal residence for 40 years. The house is held solely in his name, and I am the beneficiary of his will. Would the house have to be included in probate of his estate, should he predecease me?
–Sandra
A. Your seemingly simple question has a historic twist.... More »
How do mortgage brokers get paid? Feb 18th
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obt.... More »
Recovering from GIC sticker shock
– moneysense.ca
If you’re a retiree or near-retiree relying on GICs for your fixed-income investments, no doubt you’re facing GIC sticker shock as previously invested GICs are reaching maturity. If before you were getting 2% to 3% on 2-, 3-, 4- or 5-year GICs, you may be shocked to discover you’ll be lucky to get 1%—and only then if, instead of taking the GIC your brokerage suggests, you fight for a better offer. Committing to a 5-year term may gain you only 0.5% or so, depending on the provider.
Nor will matters improve any time soon. The Federal Reserve, Bank of Canada and other central banks have suggested interest rates will stay “lower for longer.” The Fed, in particular, has indicated rates are unlikely to rise for at least three years.
This is classic “financial repression” and unfair to seniors who saved all their lives and don’t wish to take on the full risks of stock investments at this time in their lives. Adrian Mastracci, portfolio manager for Vancouver-based Lycos Asset Management Inc…
Nor will matters improve any time soon. The Federal Reserve, Bank of Canada and other central banks have suggested interest rates will stay “lower for longer.” The Fed, in particular, has indicated rates are unlikely to rise for at least three years.
This is classic “financial repression” and unfair to seniors who saved all their lives and don’t wish to take on the full risks of stock investments at this time in their lives. Adrian Mastracci, portfolio manager for Vancouver-based Lycos Asset Management Inc…
