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The Mid-North Monitor is your source for news, sports, entertainment and more.

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midnorthmonitor@www.midnorthmonitor.com
+1 705-848-7195
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88 Posts
Thinking of having kids? Get ready for some sticker shock when calculating the cost
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Thinking of having kids? Get ready for some sticker shock when calculating the cost
This couple wants to retire early in their home country. Can they take their Canadian benefits with them?

A couple we’ll call Peter, 41, and Charlotte, 39, live in Ontario with their two-year-old child, Morgan. They bring home $11,200 per month from their jobs, his in corporate development, hers in strategic planning. They have a $2.3 million house, $50,000 in raw land, $65,000 in RRSPs, $20,000 in TFSAs, $25,000 in taxable securities, $37,500 in gold and a $12,000 car. It adds up to $2,509,500. Take off their $820,000 home mortgage and their net worth is about $1.7 million — a very respectable sum.

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This couple wants to retire early in their home country. Can they take their Canadian benefits with them?
FP Answers: How do I get good financial advice so I don’t waste my money?
Stay curious throughout the planning process and you will get your money’s worth
FP Answers: How do I get good financial advice so I don’t waste my money?
Cash may be king, but it can cause headaches if the taxman denies your claims
Jamie Golombek: With no records, the burden of proof is certainly higher as this 'independent spirit' from PEI found out
Cash may be king, but it can cause headaches if the taxman denies your claims
How to afford a vacation when money is tight and costs are rising
Taking small steps can add up to help you take a big step away from your day-to-day routine
How to afford a vacation when money is tight and costs are rising
This Ontario couple needs to ditch the real estate and boost cash flow to retire at 55
Retirement is going to take substantial reorganizing of assets, expert says
This Ontario couple needs to ditch the real estate and boost cash flow to retire at 55
FP Answers: What is a 'letter of wishes' and how does it help achieve my estate planning goals?
A letter of wishes is one way to deal with the lack of certainty regarding posthumous intent
FP Answers: What is a 'letter of wishes' and how does it help achieve my estate planning goals?
The case of the taxpayer who was dinged with a taxable benefit for taking a business trip
Jamie Golombek: A judge concluded no portion of the trip's cost should have been a taxable benefit
The case of the taxpayer who was dinged with a taxable benefit for taking a business trip
Three keys in developing the confidence to handle your personal finance needs
It can be difficult to know where to begin when taking on newfound financial responsibility, either by choice or consequence
Three keys in developing the confidence to handle your personal finance needs
Can this Alberta couple's six rental condos support their big travel plans in retirement?
Frank and Kerry have hung their retirements on delicate threads, expert says
Can this Alberta couple's six rental condos support their big travel plans in retirement?
If you thought the CRA wouldn't follow up on improperly claimed CERB and other benefits, think again
Jamie Golombek: Tax authority sending out 'notices of redetermination' as COVID-benefit-related disputes hit the courts
If you thought the CRA wouldn't follow up on improperly claimed CERB and other benefits, think again
Canadians are clinging to cash as a savings strategy during the pandemic: RBC
'Canadians appear to be driven by a desire to stash, not spend cash'
Canadians are clinging to cash as a savings strategy during the pandemic: RBC
Fly snowbird fly, but there are some things to know before you settle
Looking to invest in a vacation home outside Canada? Before planting roots abroad, experts advise doing some extra exploration
Fly snowbird fly, but there are some things to know before you settle
Studying the market pays off for savvy couple with 12% gains and 'bulletproof retirement strategy'
But there are risks in the optimistic projections
FP Answers: Am I on track to retire in 25 years if I have $350,000 saved now?
Expert says current trajectory exceeds Ava's retirement goals
These are the tax-sheltered savings options first-time homebuyers need to know about
Jamie Golombek: RRSP Home Buyers' Plan is so arcane, even the CRA can have trouble explaining it
Family law faces double-dipping dilemma when it comes to stock options, other deferred compensation
Laurie H. Pawlitza: Courts have drawn a distinction between whether the 'double dip' is for the purposes of paying child support or spousal support
Jason Heath: There's an upside to higher interest rates, despite the pain to borrowers
One eventual benefit is that borrowers will have a more realistic monthly payment for their debts
Couple in their 40s with $3 million in assets must diversify if they want early retirement
Because of bad experiences in stocks, they have put most of their savings into property
FP Answers: Am I paying too much in portfolio management fees?
Margarite pays $30,000 in fees for the management of her $2.5-million portfolio. Is that too much? If so, how can she lower those fees?
How to potentially save thousands on your tax bill ahead of CRA's prescribed interest rate hike
Jamie Golombek: The CRA’s prescribed rate is set to double to two per cent on July 1, but if you act quickly, you can lock in the current rate
Ontario couple needs to plug a leak in their finances before settling in to a five-star retirement
Robert and Elly should ensure that they have their own life insurance, expert says
Ontario couple needs to plug a leak in their finances before settling in to a five-star retirement
Turning your tax return into a year-round help, not just a one-off
When in doubt, allocate your tax refund to your emergency savings account
Turning your tax return into a year-round help, not just a one-off
Taxi driver takes on the CRA over his pandemic benefit eligibility and earns another look
Jamie Golombek: Judge rules that the tax agency's denial of the claim was unreasonable and sends it back for reassessment
Taxi driver takes on the CRA over his pandemic benefit eligibility and earns another look
Credit card rewards can be an essential tool to help reduce millennials' debt 
Rewards can be used to help pay down larger debts such as student debt and mortgages
Credit card rewards can be an essential tool to help reduce millennials' debt 
FP Answers: Does it ever make sense to take CPP at age 65?
The math tells you to delay your CPP until age 70, but who lives their life based on the answer to a math question?
FP Answers: Does it ever make sense to take CPP at age 65?
Worst case rate of 3.5%? What it could mean for your mortgage
Watch Stephanie Hughes explain what the Bank of Canada moving 'modestly' above neutral means
Worst case rate of 3.5%? What it could mean for your mortgage
CRA data show there's little to gain from increasing the minimum tax on top earners
Jamie Golombek: Ottawa says some high-income Canadians still aren't paying enough income tax and is reviewing the alternative minimum tax
CRA data show there's little to gain from increasing the minimum tax on top earners
This Ontario scientist supports her family, but can she retire comfortably at 53?
Jillian, 50, has ample resources but managing her portfolio of assets is complex, expert says
This Ontario scientist supports her family, but can she retire comfortably at 53?
FP Answers: Should we take money from our RRSPs, TFSAs or both to make a down payment on our first home?
Adviser suggests using the RRSPs first and then the TFSAs, and strive to have a 20-per-cent down payment to avoid CMHC fees
FP Answers: Should we take money from our RRSPs, TFSAs or both to make a down payment on our first home?
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