Can I afford that mortgage? Here’s how much you can safely borrow to buy your first house + MORE May 1st

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

Latest News

Stock market news for investors: Tariff talk continues on earnings calls + MORE May 21st

Here’s a round-up of news for Canadian investors this week. Microsoft Honda CAE Walmart Featured RRSP Accounts featured EQ Bank Build your retirement savings with 2.00% inte.... More »

The best RRSP investments 2022 + MORE Jun 26th

A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. .... More »

How annuities work in Canada + MORE Jul 17th

Annuities are life insurance products that pay a regular income to a purchaser. When you buy an annuity, it’s like buying a pension plan with a lump sum premium paid from your savings. The payments you receive include a return of your original capital and interest income on that capital. It ma.... More »

What types of tax-free savings accounts (TFSAs) exist? + MORE Jun 19th

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 »

Should I use retirement savings to pay off credit card debt? + MORE Jun 11th

Ask MoneySense Should you cash out some of your RRIF monies to pay down credit card debt or take out a loan at a bank or private lending? Thank you. —Marcia E. Does it make sense to pay off debt with savings or take out a loan? Thank you for your question, Marcia. You’ve worked hard to.... More »

Can I afford that mortgage? Here’s how much you can safely borrow to buy your first house

– thestar.com

Talk to a mortgage broker and do a personal budget assessment before you start house hunting, expert says.

Continue Reading On thestar.com »

How does an executor pay estate expenses during the probate process?

– moneysense.ca

I’ve realized that my large RRSP would generate a very large income tax bill if I die in the near future. I don’t have a spouse, or anyone who qualifies as a beneficiary to my RRSP on a tax-deferred basis. How can my executor pay my income taxes if it takes a year to get probated?—Carol

Probate and the impacts on estate expenses

Thank you for your question, Carol. This is something I’ve seen many executors face when administering an estate. Let’s start with reviewing what probate is, what the process looks like, and the effects on the estate’s cash flow for paying taxes or other estate expenses, which can include taxes on income from registered retirement savings plans (RRSPs).

What is probate?

Probate is a term that most of us have heard before; however, the official name in Ontario is Certificate of Appointment of Estate Trustee with (or without) a will. How’s that for a tongue twister?

Since the terminology eats up most of my word count for this article (joking of course), I will continue to reference it as probate…

Continue Reading On moneysense.ca »