Making sense of the markets this week: July 3 + MORE Jul 6th

Not sure how to make a retirement plan? Read on…
Latest News

What to do when you overcontribute to your RRSP + MORE Jun 22nd

Ask MoneySense I overcontributed to my RRSP by accident, and I am looking for some advice on how to deal with it. I contributed $3,550 to my 2022 RRSP in October 2022. I then forgot I made this contribution and again in February 2023 I made a $3,550 contribution. What options to I have to address.... More »

U.S. withholding tax in an RRSP for Canadians + MORE Aug 3rd

I have EPD stock in my RRSP for their dividend payments (about 7%). What a surprise I had—even when in an RRSP—I had to pay about 30% tax on these dividends. EPD is registered in Louisiana. —Wanda How much is withholding tax on U.S. dividends? I am going to provide a brief summary of U..... More »
 registered retirement savings plan

I’m decades from retirement. Do I really need to contribute to my RRSP? + MORE Mar 15th

The biggest issue with contributing to an RRSP too early is the need down the road to withdraw the money for expenses other than retirement that come along, says experts.... More »

Should you withdraw from non-registered or TFSA investments in retirement? Mar 8th

Ask MoneySense I have stocks in my TFSA as well as some that are non-registered. I am at the point in my life (retired) now that I’d like to begin selling them and using the money. Do I sell from the TFSA account or just from the non-registered portfolio?—Catherine TFSA versus non-registered.... More »

Watch: 4 things to consider before putting your money in a TFSA or RRSP Sep 28th

You know both can help lower how much income tax you pay—both are registered accounts, after all—but how do you decide whether to put your money into a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP)? Watch this video to learn about the four things to consider befo.... More »
I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.

I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting a reverse mortgage. Do you recommend reverse mortgages in spite of high interest? I wouldn’t be eligible for a HELOC as I have no income, other than my pension and what I take out of my RRIF. 

Most people recoil at the idea of a reverse mortgage. I have been searching for independent advice on this subject, but most advisers have a vested interest in selling me something, i.e. the bank, mortgage brokers, etc. 


Why retirees might consider a reverse mortgage

I’m sorry to hear you are struggling with this decision, Laurie. I can imagine it is stressful. I will try to walk through the considerations of selling versus a reverse mortgage. 

As an 82-year-old woman, you have a 50% probability of living another 10 years…

Continue Reading On »

While regular “Making sense of the markets” columnist Kyle Prevost is on vacation, Dale Roberts and I are filling in. Dale’s piece ran last week, and it’s my turn this week. Dale will return next week, after which a well-rested Kyle will resume. 

Speaking of Dale, this week he wrote an interesting article for Seeking Alpha, titled “If I could only own 10 stocks.” Six are Canadian, the other four are American. Since he’s in semi-retirement, his picks may appeal to income-seeking retirees, perhaps supplemented by broad-based exchange-traded funds (ETFs) like the ones Dale helps pick for the MoneySense ETF All-stars, of which he is a panellist. 

The case for checking your statements seldom or never

Canada’s financial markets are closed July 1 for Canada Day. And U.S. markets will be closed on Monday, July 4 for Independence Day. 

Stock markets are clearly still in a nasty bear mode. Unlike the fastest bear market ever back in early 2020 that was caused by the pandemic, I suspect this one will linger…

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