Prolong the mortgage amortization period Extending the amortization is a popular option these days, with 25-plus year mortgages becoming the norm. In 2023, RBC reported that 43% of its residential mortgages had amortization periods of more than 25 years. And, as first announced in the...
For example, for income year 2023, the threshold amount is $86,912. If your income in 2023 was $120,000, then your repayment would be 15% of $33,088 (the difference between $120,000 and $86,912). That comes out to $4,963.20. OAS clawbacks are paid off...
Working as a financial planner, I am often asked, “What is the most tax-efficient way to draw down on investments?” From the outset, I question if a decumulation plan based on tax efficiency is the best use of someone’s money. I wonder whether...
“If someone’s not lucky enough to have a company pension, it’s that much more crucial for them to be building up savings on their own,” says Millie Gormely, a Certified Financial Planner at IG Wealth Management in Thunder Bay, Ont. “But that’s...
Macklem says we could see a soft landing For the third straight month, the Bank of Canada (BoC) decided to cut interest rates. The quarter-point cut takes the Bank’s key interest rate down to 4.25%. The news that’s perhaps bigger than the widely anticipated...
Yet Crupi isn’t neglecting retirement. He’s maxing out his tax-free savings account (TFSA) and registered retirement savings plan (RRSP) contribution room to save for all of his long-term financial goals, including life in his golden years. In fact, Crupi’s been putting away...
Are more rate cuts likely? In announcing the rate cut Wednesday, Bank of Canada governor Tiff Macklem said if inflation continues to ease broadly in line with the bank’s July forecast, it is reasonable to expect further cuts in the policy rate. Julie...
The essential guide to inheritance planning Neglecting to plan your inheritance is a bit like leaving your garden unattended for a few seasons. What starts as a minor oversight can quickly turn into a jungle of complications. Shockingly, two-thirds of Canadians haven’t put their estate...
The quarter-percentage-point reduction was widely expected by forecasters, given ongoing softness in the economy and easing inflation. In his opening remarks on Wednesday, governor Tiff Macklem said the central bank’s decision to bring its key lending rate down to 4.25% was motivated once...
Sure, investing in these ETFs means you’ll forfeit 15% of your dividends to withholding tax. Yet, for many, it’s a worthwhile trade-off to gain access the most significant U.S. equity index—a benchmark that, according to the Standard & Poor’s Indices Versus Active...
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