The Current Situation A young married couple, Gregory and Olivia, live in the Greater Toronto Area (GTA). They bought a home two years ago for $1 million. With a 20% down payment, they borrowed $800,000 to enable the house purchase. The terms of the mortgage are as...
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The Scenario When your child was born, you and your spouse vowed to assist with his post-secondary education costs. In the year he was born, you contributed $1,250 to his Registered Education Savings Plan) RESP, which attracted a Canadian Education Savings Grant (CESG) of $250 (equal...
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“Why not both?” This is the answer the wife gives to her husband when he asks whether they should install an indoor or an outdoor hot tub. Perhaps you recall that commercial from one of the major providers of reverse mortgages in Canada. While the...
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Every once in a while in my earlier career, I was approached by people who were interested in market-linked Guaranteed Investment Certificates (GICs). These are investment products that protect your principal but give you the opportunity to participate in the growth of the stock market....
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Low Interest Rates Make This an Option Worth Considering When my wife and I bought our first house, the interest rate was 7.5%. That sounds awfully high today when you can sometimes see mortgage rates posted for less than 2%. On the other hand, we were...
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