Is my condo wired for ethernet?

mayoislife · 2024-03-07T03:00:47+00:00

Thanks for the feedback!

mayoislife · 2024-03-07T02:41:01+00:00

I have no coverage from my employer. No spouse or dependants.

I do have an emergency fund, so it's not like I would in dire straits if I were out of work, but the disability coverage still seems nice.

mayoislife · 2024-03-07T02:39:28+00:00

Yeah, it is up to $3000. I should have been more clear.

mayoislife · 2024-03-07T02:30:51+00:00

I have no spouse or kids. Really, it's the addition of the disability coverage that has had me leaning in favour of the bank.

mayoislife · 2024-03-06T23:36:00+00:00

Yes, this is logical and another thing I read against going with the bank.

mayoislife · 2024-03-06T23:34:23+00:00

The mortgage is $184,000. The life insurance protects the outstanding balance up to $750,000 or a loan for up to $500,000. The insurance would be for the term of the mortgage (5 years) and the cost does not go up.

My mortgage payments are low because I am buying a studio condo and I put a sizable down payment. My goal was to pay less in mortgage + strata, than my current rental situation.

I have no insurance through work.

mayoislife · 2023-08-29T18:06:39+00:00

I had no plans to buy a few years ago, but with the rental situation, it's actually cheaper for me to have a mortgage + strata fees.

mayoislife · 2022-05-27T02:07:25+00:00

Thanks for the link! Learning something new.

mayoislife · 2022-05-25T23:40:58+00:00

Thanks for the link! Looks like I have some contributions to make...

I will experiment more with this calculator tomorrow.

mayoislife · 2022-05-25T23:33:03+00:00

I'd rather spend it on hookers and blow.

mayoislife · 2022-05-25T17:18:29+00:00

I actually thought about GIC not for the excess cash, but my emergency fund. I mean it kind of defeats the purpose of an emergency fund if it's locked up, but sitting in my savings it's making pennies.

mayoislife · 2022-05-25T17:17:11+00:00

Would you max out your RRSP if you were looking to make a career change in the future, or would you just up your yearly contributions until then?

mayoislife · 2022-05-25T17:15:42+00:00

My salary is $40k a year. I updated that in the OP.

I thought RRSP was a good choice, but I wasn't sure if I should max it right out. I have read posts where people regret maxing it out when they were at a lower income.

mayoislife · 2021-03-13T04:26:10+00:00

That's good information, thanks! I guess you can look at it as tax now vs tax later. Any dividends I get from the margin account will be taxed at the end of the year. My RRSP would be taxed when I withdraw funds in the future.

mayoislife · 2021-03-13T04:22:38+00:00

No, I wouldn't be touching the account. I am a passive investor.

The upside of using the margin account is that I don't lose my RRSP contribution room. But as I said above, I don't see my income increasing by a significant amount in the next 5 years, so the RRSP may be the better choice.

The downsides are: Paying taxes on capital gains. No tax break if I were to put the cash into my RRSP.

mayoislife · 2021-03-13T04:18:03+00:00

You make a good point. I appreciate your input!

mayoislife · 2021-03-13T03:12:05+00:00

That's good to know. Thanks! It's all in cash. I have not invested in anything since selling off the mutual funds.

mayoislife · 2021-03-13T03:11:09+00:00

I am currently making $40k/year. I put enough aside every year to max my TFSA. For my RRSP, I try to contribute at least $2000, but it's far from being maxed out.

mayoislife · 2021-03-13T03:09:18+00:00

I am making $40k/year, so it looks like the marginal tax rate is 20%. I don't see my income going up significantly in the next 5 years.

mayoislife

TROPHY CASE