TFSA

How much you should pay in fees on your work savings plan

Q. I have been registered with an insurance company through my employer since 2001. At the present time, I have about $50,000 in my plan. I pay 3% and my employer matches 3%. My concern is that I’ve noticed that the insurance company is charging me a high amount of management expenses. Every mon ...

What should Mike do with his $10,000 inheritance?

Time to splurge with your inheritance cheque? (Shutterstock) Q. I just inherited $10,000. What should I do with the money? I am 65 years old and retired. I live on a very limited income which doesn’t allow me to enjoy some of the more frivolous things in life. Any good ideas for the money? – ...

How can we stop paying high fees on our bank stocks?

iStock Q. We have a portfolio of investments at an investment branch of a major financial institution. Our annual fees, based on the size of our portfolio, were $18,000 last year. This seems outrageous given that approximately one-third of our portfolio is sitting in bank stocks which we have no ...

My TFSA Update April 2018

Image Credit: Abraham Magnawa / Shutterstock.com   In this series, I (Jin Choi) talk about my goal of reaching $1 million in my TFSA account by 2033. If you want to know what a TFSA is, I recommend you read my free book.   April Results: Up 33.2% At the end of April, I had $61,559 in my TFSA ...

How to mix rental income and portfolio returns in retirement

Q. My wife and I recently retired (she is in her late 50s and I am 63). We do not have pensions, so we are totally dependant on our investments and a rental property. Our retirement income strategy is as follows: when markets are up, we draw from our equities, and when they are significantly down ...

Should we cash in our whole life policies and invest?

Q. My wife and I have had a 20-year pay life insurance plan with London Life for more than years. The plan has been paid for by dividends after 20 years of premiums. We are both 60 years old now, with two adult children ages 24 and 27, and both have their own careers.  The plans are both worth $6 ...

Questrade – The BEST Platform For New and Small Investors

This Questrade review will establish Questrade as a serious player in the discount broker market. In fact, it’s the BEST platform for new and small investors. Read on to learn why it’s the perfect discount broker to start with. Questrade is an independent discount broker not owned by any finan ...

Work abroad? Your income is fair game for the CRA

Q: I am a permanent resident of Canada. I live here with my kids. My husband works in Dubai. He is also a permanent resident of Canada, but he only comes twice a year for short visits. So, he spends around 90 days in Canada each year. Does he have to report his earnings in Dubai? If yes, can he cla ...

Should I raid my RRSP to pay off my line of credit?

Q. My wife and I currently have a mortgage of $297,000. On top of that we’ve had to dip into our line of credit (unsecured) to the tune of $44,000. I’m trying to determine whether or not it makes sense to withdraw the $44,000 – plus the withholding tax – from my RRSP. I currently participa ...

Are TFSAs the best place to hold Vanguard’s new all-in-one ETFs?

All-in-one strategies work with smoothies, as well as with ETFs. Shutterstock Q. What are the pros and cons of holding the new Vanguard asset allocation ETFs in a TFSA? Are there any tax implications that would make it more favorable to hold these ETFs in a different type of account? — Joe S. A ...