Quotes of the Day

The RRSP is a "must-have" investment for business owners. It provides a way for you to invest in a tax-deferred savings vehicle that can enable a legitimate way to split income with your spouse (through a spousal RRSP) while reducing the taxes you pay today and deferring the tax on your investment earnings to the future. [2020] - Evelyn Jacks

"Hi" is a little formal for flirting territory. Use "Hey" instead. [2013] - Laurie Davis

Some bankers include your credit potential in their TDS (total debt service) calculations. This means that if you have a credit card or PLC (personal line of credit) with a significant unused balance, a banker may calculate what the payment would be if you maxed the credit card or PLC, thus reducing your ability to obtain a mortgage. If your banker insists on doing this, go somewhere else because other lenders may not be required to underwrite that way. [2009] - Don R. Campbell

The original 4% rule (from the 1990s) assumed a 30-year retirement and a balanced portfolio of half stocks and half bonds. The 4% withdrawal rate was based on the portfolio's starting value, and it increased with inflation annually. For example, if you retired with $1 million and inflation was 2% annually, you would be withdrawing $40,000 in year one, $40,800 in year two, $41,616 in year three and so on. Using these assumptions, your chances of ruining out of money before you die were found to be very low. Unfortunately, the expected return on bonds-and probably stocks too-is much lower today than it was when the original research was done. [2021] - Dan Bortolotti

Condominium units in the suburbs are usually less expensive. Provided that roadways to schools and downtown areas are accessible and public transit is available, there is nothing wrong with locating outside ritzy and expensive urban centres. [2013] - Dan S. Barnabic