The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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With the national average home price up a record 18.5% in August 2020 compared to the same time last year, more Canadians than ever have a significant portion of their wealth tied up in their homes.
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Beyond bullion: Smarter ways for Canadians to invest in gold Oct 20th
Gold prices are flying. As of October 17, the spot price of gold is trading at $5,928 per ounce in Canadian dollars, or roughly $4,227 in U.S. dollars. The surge comes on the back of what Wall Street has dubbed “the debasement trade.” In simple terms, this refers to investors reacting to long-t.... More »
Should I use money from my TFSA to contribute to my RRSP? It depends … Feb 6th
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Save for your child’s education or you might live to regret it Jul 5th
An RESP provides for tax-deferred investment growth and is a fantastic tool that allows a parent, grandparent, friend or legal guardian to save money for a child’s post-secondary education..... More »
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To come up with the ranking, MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing.... More »
Winding down self-employment and planning for retirement
– moneysense.ca
Q. I am a 60-year-old female, working full-time employed/self employed on a 100% commission basis and averaging between $107,000 and $140,000 gross annual income.
I own my home, with a $70,000 balance left on my mortgage. My mortgage payment (not including property taxes) is $457 biweekly. The current market value of my home is about $325,000.
In terms of investments, I have $39,000 in two RRSPs (current employer plan and a small amount from a prior employer), plus about $250,000 in RRSPs with my bank.
I have no TFSA.
I would like to retire at 63, or at least reduce my work hours, and I have no idea if either is possible. I can work as long as I like, even past 65 if I choose. I recently started taking Fridays off but keeping my production the same, with no decrease in earnings. I am considering reducing to three days this fall, and continuing with that schedule until I retire.
While I’ve considered downsizing, I’m not really ready to sell my home: I love outdoor space and my pool, and I’ve redone the entire house over the last 17 years…
I own my home, with a $70,000 balance left on my mortgage. My mortgage payment (not including property taxes) is $457 biweekly. The current market value of my home is about $325,000.
In terms of investments, I have $39,000 in two RRSPs (current employer plan and a small amount from a prior employer), plus about $250,000 in RRSPs with my bank.
I have no TFSA.
I would like to retire at 63, or at least reduce my work hours, and I have no idea if either is possible. I can work as long as I like, even past 65 if I choose. I recently started taking Fridays off but keeping my production the same, with no decrease in earnings. I am considering reducing to three days this fall, and continuing with that schedule until I retire.
While I’ve considered downsizing, I’m not really ready to sell my home: I love outdoor space and my pool, and I’ve redone the entire house over the last 17 years…
