Is a reverse mortgage the way to go?
Posted on:Ralph and Louise have seen the TV commercials featuring Gordon Pape, the financial author, as the spokesman for Canadian Home Income Plan Corp. (CHIP) reverse mortgages. They were wondering if it would be a good way to go to help ease their current financial situation. A reverse mortgage is simply an advance on the value of your home that accumulates interest. The accumulated debt does not need…
Read MoreMore Overlooked RRSP Tricks
Posted on:More than 65% of Canadians have made deposits to Registered Retirement Savings Plans (RRSPs). Many do so just for the tax savings, but here are some often overlooked tricks you should be aware of: RRSP loans - Those who use investment funds for their RRSPs should be well aware of the strategy of 'buying low and selling high.' As unnerving as it may feel, one of the best times to make a lump sum…
Read MoreCooler heads will prevail
Posted on:The newspaper headlines read: 'Roller coaster stock markets have investors feeling queasy' (The Globe and Mail; 'The stock market crash: History repeating itself?' (The Calgary Herald); 'Uncertainty continues to pummel stock markets' (Sudbury Star); 'The next market boom may be a lifetime away' (Financial Times). Interestingly enough, these headlines are from November 2002. One year later, the S…
Read MoreGuaranteed Minimum Withdrawal Benefit
Posted on:Roger and Linda are approaching their retirement. With continuing volatility in the markets, they are concerned about what effect a market downturn in the few years leading up to or just after retirement would have on their income. They also think that GIC investments would not protect their retirement income very well from inflation. Like more and more Canadians today, neither Roger or Linda are…
Read MoreA great new opportunity
Posted on:The Tax-Free Savings Account (TFSA) was introduced in the February 2008 Federal Budget and will be available January 1, 2009. It is touted by the Government of Canada as 'the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP)' in 1957. As always, there are some rules: Must be a Canadian resident aged 18 or over. Deposit up to $5,…
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