Mortgage Wisdom
7 Best Ideas to Optimize the Smith Manoeuvre (Canadian Financial Summit 2024)
With its quirky name, the Smith Manoeuvre might sound unconventional, but it’s a strategy that truly works—when done by the right people, in the right way, over the long term. From crafting over 1,000 professional Financial Plans, I’ve seen firsthand how the Smith Manoeuvre can transform your finances, helping Canadians use their home equity to…
Read MoreMoney123 Article: Mortgage vs. Retirement – What Should They Do?
A married couple are homeowners who currently save $1,000 a month after paying their bills. They are wondering if they should pay down their mortgage faster or invest their savings. As a financial planner for Global News’ Money123 online email newsletter, I answer reader questions about investing, managing your finances, and planning for your future.…
Read MoreWhat Happens if the Liberals Attack the Smith Manoeuvre?
The Smith Manoeuvre has long been a popular strategy for Canadian homeowners seeking to convert their mortgage debt into tax-deductible investment debt. However, recent tax and regulatory changes have impacted the efficacy of the Smith Manoeuvre, and further changes from the Liberal government could pose additional challenges. In my latest blog post, YouTube video and…
Read MoreHow to Successfully Implement the Smith Manoeuvre (Podcast with Ed Rempel)
You know the basics about the Smith Manoeuvre. It’s a big decision. Here is a discussion of the big issues. Listen to my new podcast with Sean Cooper from BurnYourMortgage.ca . Here is the link: How to Successfully Implement the Smith Manoeuvre with Ed Rempel We discuss: • Why should you consider the Smith Manoeuvre?•…
Read MoreFinancial Post Article: Middle-aged woman who just lost her high-income job wonders when it’s ‘safe’ to retire
The Financial Post asked me to review the finances of a 47-year-old woman who lost her high-income job, and wants to know when it’s “safe” to retire. A successful professional, she was well on her way to an early retirement at age 52 or 53, but now she’s wondering if that will still be possible,…
Read MoreCanadian Press Article: Renting for life? Here’s what that means for your financial planning
Nina Dragicevic from The Canadian Press recently interviewed me about renting for life as a real option and what it means for your financial planning. In today’s housing market, many young people and even people in their 40s see purchasing a home as unattainable. I work with high-income clients who don’t always own their home,…
Read More5-Year Fixed Mortgage Trap
The average Canadian wastes $22,000 after tax during their life for every $100,000 of their mortgage and takes 38 months longer to pay it off, according to a study by Moshe Milevsky. This is because of taking 5-year fixed mortgages instead of variable. They are marketed as being safe and a good protection against a…
Read MoreFinancial Post Article: Married couple need roadmap to ensure their comfortable lifestyle continues in retirement
The Financial Post asked me to review the finances of a married couple in their 60s who are winding down their successful Ottawa-based consulting business and operating company. They want to shift to a two or three-day workweek and take summers off, and they are trying to determine where to invest their money, so they…
Read MoreFinancial Post Article: This 70-year-old with some risky investments wants to know where to put his money
The Financial Post asked me to review the finances of a 70-year-old retired man who is expected to inherit $200,000. He has been focusing on growing a modest, self-directed investment portfolio using a mix of somewhat risky stocks and funds. What should he do now for the next chapter in his life? How much does…
Read MoreSmith Manoeuvre – Is Your Mortgage Tax Deductible?
What is the Smith Manoeuvre and how do you do it the right way?The Smith Manoeuvre is a strategy where you borrow against your home to invest for your retirement. It converts your mortgage over time into a tax deductible credit line.To do it the right way, there are three key points:
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