Receiving a salary creates RRSP room for the business owner, and most business owners will have more after-tax income in retirement if they contribute to their RRSP compared to forgoing RRSP contributions and only...
What’s required for a legal secondary suite? In Canada, the provinces and territories set their own building codes and regulations. The specific rules can vary from one province or territory to another, but most...
If you’re able to buy the property outright without borrowing any funds, the process is fairly straightforward. However, if you expect to apply for a second property mortgage, your lender will need to evaluate...
“Before you buy a second home, you want to figure out what you’re trying to achieve—your goals and objectives,” says D’Arcy Henneberry, president of online mortgage brokerage MortgagePal. Each lender has its own mortgage...
Withdrawing from investments when you don’t live in Canada You ask about RRSP withdrawals in the future. As a Swedish resident, withdrawals would be subject to 25% Canadian withholding tax. In retirement, registered retirement...
GuardPath Managed Decumulation 2042 Fund: It seeks to deliver attractive and steady cash flow over a 20-year period through sophisticated risk management techniques aimed at extending portfolio longevity. GuardPath Modern Tontine 2042 Trust: It...
What was your first memory about money? Tong: I think my first memories of money were asking my mom to buy candy bars at the grocery store, and her saying no because we couldn’t...
Expense Amount Purchase price $500,000 Land transfer tax $6,475 Legal fees $1,695 Down payment (20%) $100,000 Mortgage amount (amortized over 25 years) $400,000 Mortgage rate 4.5% fixed Total mortgage interest over 25 years $264,168...
The following table represents two scenarios: home owners with a 10% down payment, and those with a 20% down payment. Mortgages with a 20% down payment generally have higher interest rates because they are...
What’s the best money advice you’ve ever received? Markets work in cycles, so if you’re confident in your portfolio, don’t pull money out of it. Between the financial crisis of 2008—when I started investing—the...
