RESP

Should you use your RRSP to fund a later-in-life university degree?

Q. I’m 58 years old and I retired earlier this year. I’m considering withdrawing money from my RRSP under the Lifelong Learning Plan (LLP) next year so I can fulfill a dream of mine, which is to complete a Master of Science degree in biology. How much can I withdraw, and what are the pros and c ...

What to do with a monetary advance on your inheritance

Q. My amazing parents are downsizing and have decided to gift my husband and me $200,000. It’s nice for us but leaves me with a lot of questions. My husband and I are 37 years old and have been happily married for 15 years. We have no credit card debt, and just $12,000 on a credit line we used fo ...

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 debt during that time as well. I currently have $10,000 in my TFSA and I am not sure what to do w ...

When you should take a break from investing

Q. For the last three years, I have been investing with a Couch Potato portfolio using ETFs. I’m about to get married and hopefully start a family. Would the Couch Potato still be a good strategy during what I know will be high-expense years, with a mortgage, children and so on in the near future ...

An easy guide to income splitting for seniors

Q. My husband and I are both retired. He still has income from his business, and I have cashed in all of my RRSPs but one. My question is: Can Hubby cash one of his RRSPs (and pay taxes, of course), but then turn around and buy a spousal RRSP for me? Would that be worth doing? Then I could cash thi ...

ETFs that limit losses in an investment portfolio: are they for real?

Q. We would like to find a product that will offer good, solid downside protection. I purchased the Invesco S&P 500 Downside Hedged ETF (PHDG), but I’m not sure if just leaving it in our portfolio is a good idea. We have a small account and never use stop losses, so we need a good product. — Re ...

What to do when financial advisors doesn’t live up to their promises

Q. My husband and I had a combined investment portfolio of about $750,000. We agreed to a 0.75% fee to our advisor, which amounted to $5,600 last year. Despite that cost, our portfolio is now worth $732,120. This advisor claimed that 4% was his expected gain for us, and he has fallen far short. Any ...

What to do when financial advisors don’t live up to their promises

Q. My husband and I had a combined investment portfolio of about $750,000. We agreed to a 0.75% fee to our advisor, which amounted to $5,600 last year. Despite that cost, our portfolio is now worth $732,120. This advisor claimed that 4% was his expected gain for us, and he has fallen far short. Any ...

Can I have a multi-generational RESP?

Q: I have an existing RESP for my children, but they may not use all the money. Can I add grandchildren (once born) to the same RESP and keep this going in terms of growth and returns? — Frank A:  A Registered Education Savings Plan (RESP) is a great way to save for a child or grandchild’s pos ...

Using asset allocation ETFs for your RESP

One-fund ETF portfolios can be ideal for education savings [MoneySense] ...