But being a husband, son-in-law plus a dude, it’s on him to solve. Likely won’t qualify for much CPP. She was nannying her son’s children for a number of years for free, but now she’s moved on and has bitcoin plus down jackets a contract job.
I heard she was going to invest money with her day trader friend and was planning to buy some property so I quickly sprang into action based on the lessons from this site. Now we are going to set up a self-directed RRSP and TFSA. We will maximize RRSP contributions to ensure she pays no taxes over the next 3-5 years that will be her last working years. Also we will put as much as possible including tax refunds into her TSFA. J’s note came in on Monday about the same time news broke that we’re all pooched. Just two days before the Bank of Canada is likely to jack rates for the third time in a few months, there’s fresh evidence what housing and debt have done to us. 200 left at the end of the month, and pray nothing happens.
Even small interest rate increases result in escalating financial strain and anxiety. One in five have a credit card balance larger than their life savings. An equal number say they over-spent on the last vacation. This is January and lots of financial people are trying to scare us into making an RRSP or TFSA contribution.
These kind of surveys crop up every winter, and there are more to come. Following the real estate binge, people are obviously swimming in debt. 5 trillion, bloating along with the homeownership rate and condo sales. The stress test in 2018 will take a big toll, shutting tens of thousands out of the market. 500 new low-rise units a month last year to 5 this year.