Mortgage Wisdom
5-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:
Read MoreWhy You Should Open an FHSA This Year
You should open up an FHSA Account this year! This is for you if you don’t own a home now or in the last four years and are age 18 – 71. You get contribution room starting the year you open your FHSA, but if you wait until next year you lose that room. The…
Read MoreThe Globe and Mail Article: Does this tax-deductible mortgage strategy still make sense?
Does the Smith Manoeuvre still make sense in our current economic climate? That’s the question The Globe and Mail came to me with in my latest media interview. With the current financial climate being the way it is – higher interest rates and tighter borrowing rules, many wonder if this strategy is still effective. As…
Read MoreNew OSFI Mortgage Rules – How Do They Affect The Smith Manoeuvre?
You may have received a letter from your bank or heard people talk about the new OSFI mortgage rules. We’ve had a lot of our clients contacting us about it as well, since the new rules start this year for mortgages. These new rules will affect the Smith Manoeuvre in some ways, so it’s important…
Read More15 Top Principles of Money Most People Get Wrong
Are your finances where you want them to be? If not, there’s a very good chance that one of these 15, or maybe several of them are the underlying root cause. I’ve seen the finances of thousands of people and these are the principles that I find people most commonly get wrong, that have a…
Read MoreIs Your Money Safe OR Secure?
I know what you’re thinking. Isn’t the expression “safe AND secure”? Possibly the single most important thing to know about money is this: Safe and secure are often opposites. With money, it’s usually safe OR secure. It was the disaster in their life that made this clear for Summer and Autumn. They are identical twins.…
Read MoreHow To Be Smart With Your Money In Your 20s & 30s
Want to teach your kids to be smart with their money? Then you’ll want to send them my latest video and podcast episode with an introduction into the world of finance. There are a million things to know. These are the few important ones, based on my Unconventional Wisdom. Whether you’re thinking about buying a…
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