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Seniors playing with fire when taking on a big debt
Are retirees playing with fire? They could be if they decide to use money borrowed through a mortgage to supplement their other sources of retirement income. The most common ways those at or close to retirement do this is to hold a mortgage through their Locked-in Retirement Account (LIRA) or to borrow money against their home through a so-called “reverse mortgage.” But retirees should think long and hard before entering into either of these arrangements.
Robyn has good news for worried retired teacher
Robyn Thompson is featured in The Globe and Mail’s “Financial Facelift” series by Diane Maley. This time, Ruth, a retired teacher, is worried that her existing savings and reduced income won’t be enough to provide for her kids’ university education or support her...
Dealing with market scares
Resist the urge to “do something” Unless you’ve been away on vacation in a secluded place, you’ll know that stock markets sank alarmingly earlier this month as the U.S. Treasury bond yield curve “inverted” – that is, the yield on short-term bonds climbed above the...
What you should know about your credit score
What’s in it, who can see it, and why it’s important We often hear financial experts advising people to check their “credit score.” It’s a good idea to do that every year. That will give you an idea of what kind of risk lenders think you are. It can also signal if...
School’s in session – and it costs!
How to cope with higher education’s sticker shock There’s no two ways around it: The cost of a post-secondary education is high. For some, it’s a real challenge to make ends meet while attending college or university. In fact, students can expect to pay a total of...
Coping with the single life
Financial planning for the suddenly single If you find you’re suddenly single again after many years of being part of a couple, the financial challenges can seem overwhelming. But there are some lifelines at hand if you feel like you’re teetering on the edge of...
IPPs and Group RRSPs offer flexible pension options
Plans to keep both bosses and workers happy There are flexible alternatives to conventional pension plans for both employers and employees. For employers, offering a Group Registered Retirement Savings Plan (RRSP) as a benefit can be more attractive to potential...
Planning for baby
A little financial know-how goes a long way With a new baby on the way, parents-to-be often find the transition from a free-and-easy twosome to responsible threesome something of a challenge, especially when it comes to personal finances. Luckily, there are some...
Side hustle do’s and don’ts
Don’t forget: It’s a business A side hustle can be a good way to bring in some extra pocket money over and above your full-time job. But don’t forget: It’s a business. That means accounting, invoices, receipts, and taxes. Here’s a look at what’s involved in...
Cottage tax traps
Getting away from it all with the CRA Cottages and cabins in the woods or by the lake are an iconic Canadian getaway. Most owners of recreational property happily deal with maintenance issues for the chance of that glorious sunset, water-skiing, or a dip in the...
Three financial guidelines for new grads
You’re in charge – make the most of it! After the ceremonies and speeches and mortarboard tossing, fresh new grads from colleges and universities have to leave their structured and sheltered life and start fending for themselves in the real world, many perhaps for...
When the CRA comes calling
Refunds and reassessments Around this time of the year, most taxpayers who filed a tax return in April will be receiving a Notice of Assessment, perhaps with a refund cheque, or what’s worse, a Notice of Reassessment, often with a demand for more tax payment. It’s...