What’s the best TFSA investing strategy for a young professional?
Q. I’m a 28-year-old speech-language pathologist making around $5,000 per month after tax. I have been aggressively saving for the past two years and was able to fully pay off my $32,000 student loan...
View ArticleThey won the lottery. What now?
Q. My cousin John and his wife Tara recently won a multi-million-dollar lottery here in Canada and they’re wondering what to do with all this newfound wealth. John and Tara are in their late 50s. Both...
View ArticleShould you use TFSAs and savings to pay off your mortgage?
Q. Our mortgage is our only current debt, and between our TFSAs and other savings, my wife and I could pay off the full $230,000 remaining on our home on renewal later this year. What are the pros and...
View ArticleMeeting with a financial planner for the first time? Here’s how to prepare
Q. My wife, Gina, just got a new job and her employer provides both a pension plan and free meetings with financial planners. We’re both 31 and have never gone to a planner before, so I was wondering...
View ArticleDownsize, rightsize or get out of the market?
Q. We are planning to retire in a couple of years (I’m 60 and my wife is 58) and want to downsize our house. We currently live just outside downtown Toronto and estimate our house to be worth about $1...
View ArticleWhat’s the best way to pay for a master’s degree in the U.S.?
Q. My daughter, Sonia, is 27 years old with a bachelor’s degree in English from a Toronto university. Needless to say, she is currently not working in the field that she was trained in. She thinks...
View Article“Is it better to pay down our mortgage or ramp up contributions to our teen’s...
Q. My husband and I, both in our early 40s, bought a house in Toronto four years ago. Since then, our variable rate mortgage has gone up four times and is now at 3.2%. We have managed to pay down...
View ArticleHow should a 24-year-old invest now to minimize taxes in the future?
Q. I’m 24 years old and have a dilemma. I have made the maximum contributions to my Tax-Free Savings Account (TFSA) every year, and now I’m wondering what money moves I should make next. By that, I...
View ArticleHow a young family can make the best use of an insurance payout
Q. I recently received a payout from a critical illness insurance policy. I now have a lump-sum, tax-free amount of $200,000 and need to figure out how to spend and invest it wisely. So far I can still...
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