Ask the Money Lady, Dear Money Lady, We are now close to the end of the year and I had great intensions to save and invest in my RRSP this year, but I have not saved anything.  I’m going to blame COVID – but it was really just me not making it a priority.  My financial planner said I should take out an RSP Loan but then I will have debt next year that I have to pay off. There must be a better way – is there? Kaylie [...]

Ask the Money Lady, Dear Money Lady, I have heard that you have to pay taxes upon your death. Is that the case in Canada? And how is it determined?  As an older man I am worried about whether or not I will be able to afford this, and I would prefer to not make my children pay for it. We do NOT have a “Death Tax” but we do have Probate!  In the United States death tax is required on all assets of the deceased and calculated at [...]

Ask the Money Lady, Hi Christine, I just started my career, but I’ve been feeling like maybe working for a big corporation wasn’t the right choice for me. At the same time, I’m also scared about going out on my own and becoming an entrepreneur.  I’ve read so many statistics about how most entrepreneurs fail within the first year. Do you think it is worth it? Sally Great question Sally – one that a lot of people are pondering now that life has changed due to COVID.  Entrepreneurs these [...]

Ask the Money Lady, Dear Christine, I’m in my 50’s and was laid off work because of COVID. With all of this extra time, I’ve been trying to understand my finances a bit more. My ex-husband always dealt with our money, but now that we’re not together anymore, I’m not sure where to begin. Victoria Dear Victoria  Let’s face it, after the year we have all been through, there are a lot of people finding it tough.  COVID has changed the life-landscape for all of us.  You are making [...]

Ask the Money Lady, Hi Money Lady, I’m getting a bit anxious about retirement. It’s still relatively far away (7 years) but it seems like it’s just around the corner.  My partner and I have been saving up, but I feel like there are things that we have yet to address. Any tips on what we should be focusing on in the next few years? Thanks, Michel Dear Michel, Michel, everyone worries when they are nearing their hard stop to working and wondering if they have enough money to [...]

Ask the Money Lady, Last week we had a question about choosing an executor for a Will and to follow that up I wanted to go through some of the duties your executor would have to do.  It is not a simple task.  The laws vary wildly from one province to another and I can’t stress enough, that if you are tasked with this job, you should always seek professional guidance.  Here are some of the basic duties bestowed on an executor and some things to keep in mind [...]

Ask the Money Lady, To My Money Lady Readers, This time I wanted to ask you a question – something that I have discussed with readers many times through email. Have you ever noticed how we encourage, support, and tell others to “go for it” yet we let fear hold us back and never take the advice we so freely give out?  Why is it that we often don’t apply the same encouragement to our own situations; or is it, we just have trouble “practicing what we preach?” By [...]

Ask the Money Lady, I am in the process of getting a Will but am not sure who I should pick for an executor.  Should I use a family member or a friend?  Any tips? Colin Great question Colin.  A friend or a family member – it all depends?  This will be the person who controls and manages all your assets that you leave behind and will have a legal obligation to carry out your estate plan.  Your executor will secure all your assets, make investment decisions if necessary [...]

Ask the Money Lady, My wife and I have always wanted to build our dream home, but we don’t know how to get started.  I have been to my bank and they said I would have to get a draw mortgage.  Is this my only option? Thanks, Keith   Dear Keith – Building a Dream! Many people want to build their dream home, especially those that are nearing retirement.  Or maybe you want to renovate your current home to make it more suitable to your changing lifestyle.  Whatever the case, [...]

Ask the Money Lady, Dear Money Lady, A friend of mine purchased your new book, Don’t Panic, and I only had the chance to look through it briefly. One thing in particular caught my eye though – the “Cascading Financial Plan.” This idea really appeals to me. But I really don’t know how to start planning.  Should I see an advisor, or should I just plan by myself?  Please help! (Stressed) Stefanie Don’t be stressed, Stefanie!! At the end of 2018, according to the Office of the Superintendent of [...]

Ask the Money Lady, I am a pensioner and own my home.  I have no debt, and I wanted to get a line of credit from my bank to help out my daughter and maybe do some upgrades to my home.  I went into my bank and they said I don’t qualify.  I couldn’t believe it.  I have been with the same bank for over 30 years.  What can I do now? Janice M. (Disappointed) Dear Janice I’m sorry you got declined by your bank.  This is becoming a [...]

Ask the Money Lady, Going into retirement as an older single woman is more daunting then I thought it would be when I got divorced 5 years ago. I haven’t even updated my will yet, and I don’t know what to do about my current mortgage. It’s just so much to think about all by myself! Any tips for us older single ladies? Single in my Sixties (Bernice) Dear Bernice, In 2001 there were more than 1,500,000 single women in retirement, today there is over 2,600,000 Canadian women living [...]

Ask the Money Lady, I’ve owned a home throughout my whole adult life, and now that I’m in retirement I’m wondering if it’s worth keeping my house since I really would like to stop carrying a mortgage. I always romanticized the idea of living in one home for my whole life, but now I’m not sure if it’s worth the stress. Do you think I should stay in my house, or sell and rent? Pat Dear Pat, “Home is a place you grow up wanting to leave, and grow [...]