Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Mortgage rule changes are cooling housing market: Morneau + MORE Aug 23rd
Despite a report urging Ottawa to look at ways of boosting support for first time buyers, the Finance Minister ruled out any new measures along those lines
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Advice for cash-strapped renters and landlords during COVID-19 + MORE May 17th
When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the.... More »
Non-mortgage debt and delinquencies on the rise: Equifax Apr 10th
High interest rates have applied the brakes to Canada's housing market, with mortgage originations down nearly 40% compared to a year earlier..... More »
Long-term mortgage rates are falling. Is it time to lock in? + MORE Apr 4th
Locking in or not depends on many factors, experts say, including whether the penalties for breaking a current mortgage make sense and if you think rates are going up or down..... More »
Latest in Mortgage News: OSFI Changes Rules for Mortgage Deferrals + MORE Sep 2nd
OSFI, Canada’s banking regulator, announced today it will start phasing out special regulatory capital treatment of deferrals given improving economic conditions. The changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Th.... 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…
