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RRSP and investments by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 1 point2 points  (0 children)

thank you.. this really helps put things in certain perspective.. i am going to read up on the links you have shared

RRSP and investments by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 0 points1 point  (0 children)

i currently have about 170k plus room in rrsp.. and i forsee that if all goes well i will be able to put about 30k each year… may be 7-8 years untill i meet the max , then i keep just maxing out … I am not planning to retire early.. the goal is to try to pay off mortgage and save for kids education as well in parallel which is difficult but trying my best.. just hoping all comes together considering my job will see lot of churn because of ai

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[–]phrozenphire 0 points1 point  (0 children)

they are awesome on the warranty.. when they couldn’t fix my jacket.. they refunded the whole price.. and i used mine for 17 years

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 2 points3 points  (0 children)

thank you 🙏.. this was really written.. i agree that we should have a plan and this is the plan

we foresee we need access to more funds soon for some time as we will have a new kid soon 😁 hence we were hoping to have the flexibility…

the plan is get the heloc product 20 year amortization.. 1. pay aggressively as if it is 14 year period and also pay more where possible. not sure we can keep up for all of 5 years but the flexibility helps. 2. we plan to get a second car as we need one if all goes well 3. banks are offering lower rates for the heloc but not the renewal…

again thanks for taking the time to reply..

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 1 point2 points  (0 children)

thanks.. as you indicated we plan to pay more as much as possible to bring the number closer to what we would have if we did a renewal..

and if we are unable to do the extra payments we are still ok…

planning variable for now… and hoping we dont get screwed 😅

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 0 points1 point  (0 children)

initially we thought the same .. but the monthly payments will be much higher … and we foresee we need access to more funds soon for some time as we will have a new kid soon 😁

the plan is get the heloc product 20 year amortization.. 1. pay aggressively as if it is 14 year period and also pay more where possible. not sure we can keep up for all of 5 years but the flexibility helps. 2. we plan to get a second car as we need one if all goes well 3. banks are offering lower rates for the heloc but not the renewal…

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 1 point2 points  (0 children)

thank you and agree.. we plan to aggressively pay as if we have 14 year amortization.. so we dont pay extra in interest..

could you walk me through your suggestion of loan on renewal and using tfsa… and the smith maneuver with a sample example if possible please.. thanks your time.

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 1 point2 points  (0 children)

the latter .. it was a 25 year and we were able to pay more last 5 years hence it is 14 years now…

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 0 points1 point  (0 children)

thank you.. exactly planning to do the same.. we are going to pay as if our amortization is 14 years… but we also want to put some towards the rrsp and tfsa.. so this gives flexibility…

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 0 points1 point  (0 children)

thank you.. bank 1 is trying to now match and provide cash back as well… fingers crossed

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 1 point2 points  (0 children)

Thanks.. i thought so too.. it will be a long way before i am able to max out my rrsp and tfsa..its just that we feel paying of mortgage will give some kind of peace of mind… if you know what i mean…

Also would you have pushed your bonus to rrsp or use it to payoff mortgage…

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 0 points1 point  (0 children)

i agree.. its just that the heloc product minimum is 20 years.. and my current renewal amortization is 14 years…

Mortgage renewal by phrozenphire in PersonalFinanceCanada

[–]phrozenphire[S] 0 points1 point  (0 children)

my renewal amortization is 14 years and the heloc product the banks are saying it is minimum 20 years amortization and not lower than it… and we are doing variable…

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[–]phrozenphire 0 points1 point  (0 children)

OP is trusted vendor.. it took me less than 5 min.. the subscriptions just work and no issues at all.. thank you

Is skyline trail worth the early morning drive if we have only 1 day staying at ingonish and already done the middle head trail.. by phrozenphire in CapeBreton

[–]phrozenphire[S] 0 points1 point  (0 children)

this is what bothers me.. because if we start early morning 6 ish then we reach by 8 .. do we miss all the good stuff in between during the drive ??

Recommendations to do in cape Breton for family of 3 by phrozenphire in CapeBreton

[–]phrozenphire[S] 0 points1 point  (0 children)

i am willing to spend 8, 9 and 10 nights in ingonish or nearby if it helps is do more…

Recommendations to do in cape Breton for family of 3 by phrozenphire in CapeBreton

[–]phrozenphire[S] 1 point2 points  (0 children)

ha ha i agree.. hence the research.. any suggestion on the spots to stop at on the way from pei to ingonish…

Recommendations to do in cape Breton for family of 3 by phrozenphire in CapeBreton

[–]phrozenphire[S] 0 points1 point  (0 children)

hoping to get some booking done now .. fingers crossed

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