Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic? + MORE Jan 25th

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Making the most of the pension tax credit + MORE Nov 29th

Ask MoneySense I liked your coverage of RRIF taxation. I would like to see more information on LIF taxation. More precisely, on the following scenario: Individuals do not get the $2,000 tax credit for RRIF withdrawals before age 65. Did I read properly that for LIF withdrawals the $2,000 tax cr.... More »

Should we draw down my spouse’s RRIF faster? May 30th

Ask MoneySense My wife is currently drawing $24,000 per year from her RRIF, which has a balance of $510,000. She is also receiving OAS, CPP and a work pension of $22,000. She is 67. My question is if it would be prudent to start making larger withdrawals to try and reduce the tax that the estate .... More »

Stock news: Cogeco takes U.S. telecom hit as Electrovaya rallies Jul 18th

Here’s a round-up of news for Canadian investors this week. Cogeco Electrovaya Blue Ant Media Loblaw-EQB Featured RRSP Accounts featured EQ Bank Build your retirement saving.... More »

Stock news for investors: Quarterly profits up at Shopify, Brookfield; down at Suncor, Reuters Aug 8th

Here’s a round-up of news for Canadian investors this week. Shopify Suncor Energy Inc. Brookfield Asset Management Parkland Corp. Thomson Reuters Featured RRSP Accounts featured EQ Bank .... More »

How to start saving for retirement at 45 + MORE Mar 14th

Saving for retirement at age 45 means you’ll have a 20-year runway toward a traditional age 65 retirement. But what’s your starting point? The National Bank of Canada suggests that by age 40 you should have 2.1 times your annual income saved for retirement, while the U.S.-based firm Fidelity rec.... More »

Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic?

– thestar.com

Financial adviser Jason Heath says Piper needs to get her debt and expenses under control before even thinking about home ownership and retirement

Continue Reading On thestar.com »

Where should you invest an extra $50,000 in your 60s?

– moneysense.ca

I’m 62. Where would you advise that I invest $50,000 for retirement and savings?—Ty

Where to invest a large sum of money when you’re in or nearing retirement

Congratulations on having $50,000 available to invest, Ty. You do not say how you came into that money or describe your current financial situation. For some, it could be considered quite a windfall. Let’s consider a few different situations first and then move on to possible recommendations.

Do you have debts?

Investing a lump sum of $50,000 sounds great. However, receiving an investment return of 5% is not going to do much for you if you are carrying a balance on a credit card that is charging you 20% interest. Paying off high-interest debt will provide you with a greater net return than you are likely to receive from any long-term investment.

What about mortgage debt? A year or two ago, with some mortgage rates available below 2%, I might have advised that you invest rather than aggressively pay down any amounts owing, but with advertised rates at greater than 5%, if your mortgage is up for renewal this year, you would do well to consider reducing the amount you owe…

Continue Reading On moneysense.ca »

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