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Latest News
What’s more important: your wealth or your legacy? + MORE Nov 12th
Ask MoneySense
My dad is 77 years old and we live together in a house worth $840,000, which we own together. Dad retired at age 70 and commuted his pension so he would have money to leave to me. He has about $580,000 divided between a LIF and a RRIF and his CPP is $17,000 and OAS $9,500. He lives on.... More »
The Perfect Pro: Your Guide to Working with Mortgage Professionals + MORE May 17th
As the saying goes – it takes a village. Even when embarking on your home purchase, it’s essential to put together a dream team of mortgage professionals to make the process as smooth as possible.
Connecting with a real estate agent is step one for many prospective buyers, but there are a numbe.... More »
Audit-proof your side hustle + MORE Nov 29th
If you have joined the ranks of the self-employed, you’re in good company: According to Statistics Canada, 2.9 million Canadians run their own business. That’s 15% of the population, and the number is growing. Don’t forget, though, that with your new status comes a new relationship with the Ca.... More »
TFSA vs RRSP: How to decide between the two + MORE Jul 4th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in different ways. Understanding these investments will help you know when to use one or the.... More »
CPP vs RRSP: Can you transfer your CPP to an RRSP? Dec 26th
I’m 40 years old. Can I transfer my accumulated CPP to an RRSP?
—Franco
I am going to cut to the chase here, Franco. You cannot transfer your Canada Pension Plan (CPP) to a registered retirement savings plan (RRSP). Some pensions can be transferred to an RRSP, and there are ways .... More »
How much total ‘credit’ should a couple have?
– moneysense.ca
Q: I’m wondering how much total ‘credit’ I should have? My husband and I have a few credit cards and two Line of Credit (LOCs) between us totalling about $50,000. We don’t have a habit of maxing it out and we pay it off fairly regularly. I’m being offered another LOC from one of the banks for $15,000 for 5.35%. Although I don’t need it, I’m wondering if it makes sense to have it ‘just in case’? We don’t have a three-month emergency plan but our credit score is very good—750 for my husband and 776 for me. What are your thoughts? Pros? Cons?
—Krista
A: Good job—you both have excellent credit scores. The short answer to your question is there is no right amount of credit. Credit should only be necessary when you don’t have the cash on hand to pay the expense.
Do you have a plan to deal with unexpected emergencies such as job loss or illness, or infrequent but foreseeable expenses like home or car repairs? Either a credit product, your own savings, or sometimes an insurance product (long term disability or critical illness insurance) will help to pay for the cost…
—Krista
A: Good job—you both have excellent credit scores. The short answer to your question is there is no right amount of credit. Credit should only be necessary when you don’t have the cash on hand to pay the expense.
Do you have a plan to deal with unexpected emergencies such as job loss or illness, or infrequent but foreseeable expenses like home or car repairs? Either a credit product, your own savings, or sometimes an insurance product (long term disability or critical illness insurance) will help to pay for the cost…
