A family vacation home is more than an asset. It’s years of shared memories. That’s why passing it on to your children can be both emotionally and financially taxing.
Paying off their mortgage is a key goal for many Canadian homeowners. And paying down their mortgage faster often becomes a priority, given the financial freedom it represents.
The real meaning behind the question is more likely that investors want to know if their investment will go up rather than down. In truth, it’s impossible to know when the “perfect” time to invest is. Rather, if investors are nervous about when to invest, we would suggest buying in regular increments — perhaps monthly or quarterly — as trying to time the market is an exercise in futility.
As the March 1 RRSP deadline nears, many Canadians will, as they do every year, stash a last-minute lump-sum of cash into their retirement accounts. While it’s better to contribute before the deadline than not contribute at all, investing under pressure isn’t the best way to maximize your savings. “For a lot of a people, it’s a bit of a scramble at this time of year to make an RRSP contribution,” says Todd Sigurdson, IG Wealth Management’s Director of Tax and Estate Planning.