Not sure how to make a savings plan? Read on…
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“But you’re getting married! You have to!” That empty statement is on the other end of everything from wedding cakes to bachelorette parties, lace veils, engagement photo shoots and selfie stations. It seems that from the very minute you are betrothed, everyone and their mother (perhaps especi.... More »
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A Tax-Free Savings Account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a Registered Retirement Savings Plan (RRSP), you cannot deduct contributio.... More »
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Here’s how to take advantage of the housing market chill as a first-time millennial buyer + MORE May 29th
Calculate how much a down payment will be, then set up a savings schedule that is co-ordinated with your paydays.... More »
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Buy a house with cash or mortgage?
– moneysense.ca
(Stuart Dee/Getty Images)Q: My husband and I are both 60 and working full time. We’ve just made an offer to purchase a house for $75,000 that we will use as a cottage. We have $30,000 in cash for the purchase but could take money out of our TFSAs to pay full price for the place. Thing is, the cottage needs extensive renovations which we think will take about two years to complete and will cost us roughly $50,000. Once all this work is done, we plan to rent out the property for $1,000 per week for 15 to 20 weeks each year.
We’d like to know if it would be better to pay the full $75,000 purchase price now, and slowly do the renovations using our homeowner’s line of credit. If it gets high enough, we could renegotiate this debt into our primary home mortgage. Or should we use our $30,000 cash as a down payment, get a mortgage for $45,000 and use a combination of our TFSA money and line of credit for the renovations?
— Debra Hamel, Ontario
Nawar Naji, mortgage broker with Mortgage Architects:
A: Since mortgage rates are at historic lows it makes sense to buy the cottage with just a 20% down payment and mortgage the rest…
Lower food prices may be coming to a Metro near you
– moneysense.ca
TORONTO – The CEO of Metro said Friday the grocery chain is committed to passing savings on to its customers if food inflation continues to subside.Eric La Fleche said food prices continued falling in the third quarter as more fresh produce is purchased from local sources and the foreign exchange rate stabilizes.
“The quarter was marked by rapidly declining food inflation,” La Fleche said in a conference call with analysts following the release of Metro’s results.
The Montreal-based company’s internal food inflation measure fell to 1.5 per cent — down from 2.8 and three per cent in its first and second quarters, respectively.
La Fleche cited meat costs as one example where the company, which operates more than 600 grocery stores in Quebec and Ontario, lowered prices for customers.
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“We will give back to our customers as the market, you know, plays out,” he said…
