Winding down self-employment and planning for retirement Aug 18th

Mortgages 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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 property

Your mortgage interest payments are likely going up. Is there a way to reduce them? Nov 28th

A lump-sum payment would go directly to the principle of your mortgage, meaning you’re immediately paying less interest..... More »

Watch: What Is the First-Time Home Buyer Incentive? + MORE Apr 7th

In 2019, the federal government introduced the First-Time Home Buyer Incentive, a program designed to make homeownership more affordable. But how does it work? Who’s it for? And is it always a good option for buyers? Through the First-Time Home Buyer Incentive, the government contributes to a .... More »

Mortgage industry reps provide feds with proposals to address housing affordability Nov 13th

Representatives from Canada's mortgage industry presented the federal government with several proposals they say will help address the country's housing affordability crisis..... More »
 loan

Beware of “Friendly” Calls From Your Bank + MORE Jun 9th

For better or worse, Canadians have a lot of trust. In each other, in their government, in the places they eat, in the places they shop – and apparently in the places they bank. A 2020 survey found that seven out of 10 Canadians believe their banks have their best interest in mind when offerin.... More »

Mortgage Professionals Canada promotes broker expertise in newly launched campaign + MORE Oct 17th

Mortgage Professionals Canada (MPC) has unveiled a new national campaign emphasizing the pivotal role mortgage brokers play in guiding Canadians towards their homeownership dreams..... More »
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…

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