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Category: For Your Information

How to get the best possible mortgage rate

CALGARY — When the Bank of Montreal and TD Bank dropped their special five-year fixed mortgage rates earlier this month, it drove Alyssa Furtado “crazy” to see how much attention they received. The founder of RateHub.ca, a website that compares financial products, says homebuyers can do better if they shop around and do their homework….“But if you were price comparing, including mortgage brokers, or you were going in and haggling and negotiating with your bank, you’d realize that the rates available were a lot lower.”

To read the full article click here

Canadians facing longer wait for retirement

Let’s hope you like your job, or are in a position to get one you like. The reason: on average you will be spending longer toiling away than you previously thought: for the first time since Sun Life Financial has been polling the retirement plans of working Canadians, more employees expect to still be in the workforce when they reach 66, or one year past “normal” retirement, than those who expect to opt for full-time retirement.

To read the full article click here.

Drawing Conclusions: What to do if you missed the RRSP deadline

The RRSP contribution deadline comes and goes every year. If you find yourself missing it each year, setting up an automatic, regular contribution over the course of the year can remove the stress of the deadline. Preet Banerjee explains how it works

Click here to watch the video.

How saving for retirement beats paying down your mortgage

There – a long-standing debate in Canadian personal finance is settled. To build wealth in today’s low interest rate world, divert money you were going to use to pay down your mortgage balance to your registered retirement savings plan or tax-free savings account.

To read the full article click here.

Yearning for yields? Why GICs beat five-year government bonds

Why are yields on five-year guaranteed investment certificates (GICs) so much higher than yields on five-year government bonds, when both have the same term and would appear to have the same level of risk?

GICs do indeed yield more than bonds – a lot more. When I compared GIC rates on Globeinvestor.com this week (scroll down the page at tgam.ca/personal-finance), the top five-year yield was 2.95 per cent, offered by Hubert Financial, the online division of Manitoba-based Sunova Credit Union.

To read the full article click here.


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