RESP

Can you make a transfer from an RESP to a spouse’s RRSP?

Q. I have an RESP account that I plan to wind down—and I have very little RRSP contribution room, but my wife has quite a lot. I just read this article you wrote for MoneySense about transferring money from an RESP to an RRSP. I thought it was permissible for a subscriber (that would be me in thi ...

Investing tips for expectant parents

Q. My wife Brianna, who’s 30, is a teacher. I’m 35, and work for the government. We have just completed building a new home and are expecting our first baby. While things will be tight with her going on maternity leave, we will have about $10,000 annually to invest for the next few years. What ...

Gifting real estate to your adult children

Q. My daughter and I own a condo together, and I’d like to gift my share to her. What is the process? –Dina A. As with most financial decisions, I think it’s important here to consider what your intention is with this gift, Dina. Do you simply want to make a gift? Or are you trying to avoid f ...

Playing with FIRE

Jeff Huculak was on a spending spree—one that lasted more than 15 years. “To me, money meant I could get stuff and the social status that comes with it,” says the construction manager from Mount Albert, Alta. “I took a higher paying job and nothing changed—I just spent the extra money and ...

Should 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 cons of doing this? –Patrick A. At first blush this strategy may seem straightforward—and that ...

Should you opt in to a group RRSP?

Q.I’m 35 years old and have just started a new job with a large transportation company that offers a group RRSP. What is this and how does it work? And how do I determine whether I should sign up for the group plan, or just stick to my regular annual RRSP contribution at my bank?–Jonathan A. So ...

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 ...