In the News
City dwellers could be tempted to treat their house as a retirement plan. But what happens if they don’t want to move when they’re old?
A survey of young professionals by the Toronto Region Board of Trade in 2017 showed 83 per cent surveyed believed the high cost of housing in the area was impeding their ability to save for retirement.
This back to school season, get the kids on schedule, while teaching them—and reminding yourself—about money management.
As terrible as it for your finances, owning two cars is often unavoidable. Take two working parents, add kids and you have a strong convenience-based case for paying the many costs of owning and maintaining a pair of vehicles. Add a home in the suburbs and the argument gets even stronger.
One of the biggest concerns investors have is outliving their money – and it’s often their financial advisors who tell them if this fear could become a reality. This discussion is more challenging today due to volatile stock markets, low returns for fixed-income products and a more precarious labour market, including the trend toward contract work and away from jobs with defined-benefit pension plans.
After tightening mortgage standards to rein in over-borrowing, the Trudeau government says it wants to help young people get the keys to their first home. The new First-Time Home Buyer Incentive (FTHBI), first announced in the federal budget, is set to roll out on Sept. 2, just weeks before Canadians head to the polls in October. This week, Ottawa finally clarified how the incentive is going to work, and the question is: is it a good deal?
“A big part of it is helping clients visualize what’s next,” says Rona Birenbaum, certified financial planner and founder of the Toronto-based fee-only financial planning firm Caring for Clients. “For entrepreneurs, it’s not just their careers, their business is like their baby. There has to be a plan for replacing it.”
Financial experts weigh in on how to plan your budget around surprise expenses for new families.
We asked Morgan Ulmer, a financial planner in the Calgary office of Toronto-based financial planning firm Caring for Clients, to look at Monica’s situation.
Rona Birenbaum, certified financial planner and founder of Toronto-based fee-only financial planning firm Caring for Clients, has made it a priority to work with several clients of lower net worth – including millennials, many of whom are new to investing and still may carry student debt – on a pro bono basis or at reduced rates.
The rise of the housing market over the past 10 years has turned home ownership into a
story told in financial more than lifestyle terms.