Stock news for investors: Laurentian bank and BRP + MORE Jun 6th

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

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Stock news for investors: Laurentian bank and BRP

– moneysense.ca

Here’s a round-up of news for Canadian investors this week.

Laurentian bank

BRP Inc

Featured RRSP Accounts

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EQ Bank

Build your retirement savings with 2.00% interest, tax-deferred contributions and zero fees.

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featured

Registered GIC rate

Earn a guaranteed 3.55% in your RRSP when you lock in for 1 year.

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Best RRSP rates

See our ranking of the best RRSP accounts and rates available in Canada.

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada…

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Planning to use your home equity in retirement

– moneysense.ca

How much of your net worth is wrapped up in your home? According to Statistics Canada, the median net worth for senior families in 2023 was $1,109,700. The most common type of asset for Canadians was a family home, with a median value of $500,000.

Since home equity makes up such a significant allocation of Canadian wealth, it is only natural to wonder how best to use this equity in retirement. Let’s look at three options for retirees: using a home equity line of credit (HELOC), taking out a reverse mortgage and selling your home.

HELOC rates in Canada

A HELOC is a simple and flexible way to spend your home equity. You can borrow as needed up to your credit limit and pay interest only on the balance borrowed. As a secured loan, the HELOC uses your home for collateral. Secured loans typically have lower interest rates than unsecured loans (such as personal loans and credit card debt). Currently, HELOC rates in Canada are about 5% to 6%.

Many people have lines of credit during their working years and use them for various purposes…

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