The Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) are two savings products that each have their own objectives and[……]
Not sure? Take some time to revisit your financial goals. If your mortgage is coming up for renewal, now may be the time to switch to BMO.
How do I go about switching my mortgage?
The process is simple. Three months before your mortgage matures, contact a BMO Mortgage Specialist to review your mortgage options. A BMO Mortgage Specialist will help you reassess your financial goals and find ways to better manage your total household debt, taking advantage of the accessibility and flexibility of BMO mortgage financing.
Before you consider the available options…
The one thing we can be sure of in our lives is change. Before switching, it’s wise to re-evaluate your financial situation so that your decisions are based on your current circumstances. For example, are you making more money now than when you initially purchased your home? Or are you on a tighter budget?[……]
Savings Account (TFSA) are two savings vehicles that each have their own objectives and advantages. However, which one is best for you?
When should you choose an RRSP?
The RRSP is most often used to build savings, tax free, for use at retirement. Tax on earnings is deferred until the funds are withdrawn from the plan, generally at retirement age. The RRSP is an excellent way to defer a portion of your salary in order to make up for any shortfalls in your income after you retire. Also, RRSP contributions can be deducted from your taxable income, which could lead to potential tax refunds.
The concept of diversification is a crucial element to consider when investing. It is rooted in the very principle that investors should avoid putting all their eggs in one basket.
But why should the notion of diversification remain limited to investing? Why not adapt it to mortgages, the largest debt each of us will probably acquire in our lifetime?
To meet the needs and preferences of its clientele, National Bank offers the Made-to-Measure mortgage. This solution allows you to divide your loan amount among several layers, depending on your profile, your financial goals, as well as your financing needs and preferences.