Mortgage: How Much Can I Qualify For?

Below is a link to some fantastic tools to provide you with an estimate of how much you will likely qualify for when applying for a mortgage.  Please keep in mind that these calculators do NOT take into effect such considerations as your credit rating and type of employment.

Mortgage Calculators

Thank you to CENTUM for providing such excellent tools.

Who Can Subscribe to an RESP?

Except for family plans, generally, there are no restrictions on who can be the original subscriber under an RESP. You and your spouse or common-law partner can be joint subscribers under an RESP.

A public primary caregiver of a beneficiary under an RESP may also be an original subscriber.

If you are not the original subscriber, you can become a subscriber only in the following situations:

• you are a spouse or common-law partner, or ex-spouse or former common-lawpartner, of a subscriber and you get the subscriber's rights under the RESP as a result of a court order or written agreement for dividing property after a breakdown of the relationship;
• you are another individual or another public primary caregiver who has, under a written agreement, acquired a public primary caregiver's rights as a subscriber under the RESP;
• you acquired the subscriber's rights under the RESP, or you continue to make contributions into the RESP for the beneficiary, after the death of the subscriber under the RESP; or
• you are the deceased subscriber's estate that acquired the subscriber's rights under the RESP, or that continues to make contributions into the RESP for the beneficiary, after the death of a subscriber under the RESP.

All subscribers under an RESP have to provide their social insurance number (SIN) to the promoter before we can register the RESP.

Source: Canada Revenue Agency

RESP: are you receiving ALL your CLB and Grant Money?

Not every financial institution applies for the CLB and Additional Grants on your behalf.  For example, here is an excerpt from the TD Canada Trust website:

Source: tdcanadatrust.com

Notice how the bank will apply for the Additional CESG and CLB on your behalf if you enrol your child into the GIC RESP, but not if you are enrolled in their Mutual Fund RESP?  Having an RESP professional working on your behalf will ensure that you are receiving all your government entitlements.


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Universal Life

What is a Universal Life Policy?

A Universal Life policy is a form of permanent life insurance.  Many see it as a flexible way to help protect your family from potential financial disaster if something were to happen any of the income earners.  It also allows you the opportunity to grow an investment that is tax-deferred. 

Universal Life policies can offer your family some protection from the unexpected.  It provides both flexible premiums and adjustable benefits.  As a result, if your needs ever change, so can your coverage. 

Additionally, as premiums are paid, a savings component accumulates, which grows tax deferred until the funds are required.

Features of Universal Life Insurance:

• Flexibility – to some extent, you are able to decide the amount of life insurance coverage, benefit and premium payments 
• Security – protection from the unexpected loss of an income earner, thereby avoiding financial disaster
• Death Benefit – life insurance proceeds are generally tax-free to the Beneficiary (provided that you used after-tax dollars to pay the premiums, which most people do)
• Guaranteed interest rate – earn while you protect your family - the interest rate at which the account value grows is guaranteed never to drop below a defined level
• Cash value growth is tax deferred – The growth in your cash values is tax-deferred under current federal income tax law - a huge advantage over the long term

Obviously, almost ALL insurance policies are more complicated than what I have listed here, and there are always drawbacks to every type of policy, but as you can see, there are some significant benefits to utilizing a Universal Life policy to help protect your income.

The Effect of the MER

Many of us are not aware of just how expensive some financial products really are over the long term.  The Management Expense Ratio (or MER) is an excellent example of how fees that are collected over the length of the investment, rather than upfront, can quickly add up.  Examine the chart below:

You make a lump sum investment of $10,000.  With an MER of 2.75%, over the next 20 years (assuming an average annual ROR of 10%), your fees will total almost $27,000.  Your overall return is almost 40% less with the introduction of a 2.75% MER.

Remember, an MER is a fee that is charged every year.  Always look at the TOTAL cost of the investment, not just the annual fee.  It can make a tremendous difference in your financial future.

Leading Financial Experts

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