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Yahoo
4 days ago
- Business
- Yahoo
Paying off your mortgage is a game-changer. Think hard about what comes next
Buying a house is the largest purchase most Canadians will ever make and finally paying off the mortgage is likely to be a game changer. But before the temptation to splurge on a pricey new car or a luxury vacation takes hold, experts say it's important to review your financial plan for this next chapter to ensure you're on track for wherever you want to go. Nancie Taylor, an investment adviser with Meridian Credit Union in Fonthill, Ont., says repaying your mortgage opens up opportunity for all kinds of things. "My job isn't to tell them, you should do this and this and this," she said of her clients. "It's more about, OK, this is how you looked today. So where do you want to go tomorrow? And it's interesting where the conversation leads." For some, it might be early retirement, for others it might mean more travel, or helping children or grandchildren financially. But while a mortgage payment can make up the largest part of the cost of home ownership, it isn't the only expense, so Taylor says the first step is to figure out just how much cash is being freed up. "Oftentimes people have their property taxes and their life insurance kind of all built into the payment," says Taylor, so that means the monthly savings may be less than you were thinking. In addition, utilities and the cost of maintenance and upkeep can add up. Appliances break down or wear out and things like roofs and windows need to be replaced periodically, not to mention any desire to update and upgrade your bathroom or kitchen. Taylor says if you have other debt, especially high-interest debt such as credit card balances, now is the time to address that with your additional cash flow. If you've been neglecting RRSP, TFSA or RESP contributions, now is also the time to catch up. "If you've not maxed out your RRSPs every year and you have a significant amount of carry forward room, then redirecting some of that cash flow will actually give you more in your pocket today," she said. Repaying your mortgage can also be a time to review other parts of your financial plan such as life insurance to ensure your coverage is still appropriate now that you don't have the large outstanding debt hanging over your head. "If you're debt-free, then maybe you are over-insured now. So it's a really good time to bring that into light and maybe start looking at other kinds of insurance like long-term care insurance," Taylor said. Becoming mortgage free may also be a good time to review your will and estate planning to ensure everything is up to date now that your largest debt is repaid. Sumaiya Bhula, a senior manager at TD, said there is no one-size-fits-all solution, so it's important to build a plan that works for you at this key juncture. "The reality is, if you want to continue to build upon your portfolio and your wealth, you need to really look at holistically what your long-term objectives are," she said. "That's where, you know, the plan really comes into place where you look at your cash flow and what should be allocated where and then how much do you still have remaining for X, Y and Z." Taylor says having a plan for the money is key because you don't want to miss the opportunity to use the additional cash flow to get closer to your financial goals. "I just think in your 50s, that's the critical age of making sure that you redirect that money to work as hard as it can for you," she says. This report by The Canadian Press was first published Aug. 7, 2025. Craig Wong, The Canadian Press Sign in to access your portfolio
Winnipeg Free Press
4 days ago
- Business
- Winnipeg Free Press
Paying off your mortgage is a game-changer. Think hard about what comes next
Buying a house is the largest purchase most Canadians will ever make and finally paying off the mortgage is likely to be a game changer. But before the temptation to splurge on a pricey new car or a luxury vacation takes hold, experts say it's important to review your financial plan for this next chapter to ensure you're on track for wherever you want to go. Nancie Taylor, an investment adviser with Meridian Credit Union in Fonthill, Ont., says repaying your mortgage opens up opportunity for all kinds of things. 'My job isn't to tell them, you should do this and this and this,' she said of her clients. 'It's more about, OK, this is how you looked today. So where do you want to go tomorrow? And it's interesting where the conversation leads.' For some, it might be early retirement, for others it might mean more travel, or helping children or grandchildren financially. But while a mortgage payment can make up the largest part of the cost of home ownership, it isn't the only expense, so Taylor says the first step is to figure out just how much cash is being freed up. 'Oftentimes people have their property taxes and their life insurance kind of all built into the payment,' says Taylor, so that means the monthly savings may be less than you were thinking. In addition, utilities and the cost of maintenance and upkeep can add up. Appliances break down or wear out and things like roofs and windows need to be replaced periodically, not to mention any desire to update and upgrade your bathroom or kitchen. Taylor says if you have other debt, especially high-interest debt such as credit card balances, now is the time to address that with your additional cash flow. If you've been neglecting RRSP, TFSA or RESP contributions, now is also the time to catch up. 'If you've not maxed out your RRSPs every year and you have a significant amount of carry forward room, then redirecting some of that cash flow will actually give you more in your pocket today,' she said. Repaying your mortgage can also be a time to review other parts of your financial plan such as life insurance to ensure your coverage is still appropriate now that you don't have the large outstanding debt hanging over your head. 'If you're debt-free, then maybe you are over-insured now. So it's a really good time to bring that into light and maybe start looking at other kinds of insurance like long-term care insurance,' Taylor said. Becoming mortgage free may also be a good time to review your will and estate planning to ensure everything is up to date now that your largest debt is repaid. Sumaiya Bhula, a senior manager at TD, said there is no one-size-fits-all solution, so it's important to build a plan that works for you at this key juncture. Monday Mornings The latest local business news and a lookahead to the coming week. 'The reality is, if you want to continue to build upon your portfolio and your wealth, you need to really look at holistically what your long-term objectives are,' she said. 'That's where, you know, the plan really comes into place where you look at your cash flow and what should be allocated where and then how much do you still have remaining for X, Y and Z.' Taylor says having a plan for the money is key because you don't want to miss the opportunity to use the additional cash flow to get closer to your financial goals. 'I just think in your 50s, that's the critical age of making sure that you redirect that money to work as hard as it can for you,' she says. This report by The Canadian Press was first published Aug. 7, 2025.
CTV News
4 days ago
- Business
- CTV News
Paying off your mortgage is a game-changer. Think hard about what comes next
A magnifying glass enlarges the holographic image of Parliament Hill's Peace Tower on a 20 dollar bill issued by the Bank of Canada, shown in a display case at the Bank of Canada Museum in Ottawa, on Wednesday, Sept. 4, 2024. THE CANADIAN PRESS/Justin Tang Buying a house is the largest purchase most Canadians will ever make and finally paying off the mortgage is likely to be a game changer. But before the temptation to splurge on a pricey new car or a luxury vacation takes hold, experts say it's important to review your financial plan for this next chapter to ensure you're on track for wherever you want to go. Nancie Taylor, an investment adviser with Meridian Credit Union in Fonthill, Ont., says repaying your mortgage opens up opportunity for all kinds of things. 'My job isn't to tell them, you should do this and this and this,' she said of her clients. 'It's more about, OK, this is how you looked today. So where do you want to go tomorrow? And it's interesting where the conversation leads.' For some, it might be early retirement, for others it might mean more travel, or helping children or grandchildren financially. But while a mortgage payment can make up the largest part of the cost of home ownership, it isn't the only expense, so Taylor says the first step is to figure out just how much cash is being freed up. 'Oftentimes people have their property taxes and their life insurance kind of all built into the payment,' says Taylor, so that means the monthly savings may be less than you were thinking. In addition, utilities and the cost of maintenance and upkeep can add up. Appliances break down or wear out and things like roofs and windows need to be replaced periodically, not to mention any desire to update and upgrade your bathroom or kitchen. Taylor says if you have other debt, especially high-interest debt such as credit card balances, now is the time to address that with your additional cash flow. If you've been neglecting RRSP, TFSA or RESP contributions, now is also the time to catch up. 'If you've not maxed out your RRSPs every year and you have a significant amount of carry forward room, then redirecting some of that cash flow will actually give you more in your pocket today,' she said. Repaying your mortgage can also be a time to review other parts of your financial plan such as life insurance to ensure your coverage is still appropriate now that you don't have the large outstanding debt hanging over your head. 'If you're debt-free, then maybe you are over-insured now. So it's a really good time to bring that into light and maybe start looking at other kinds of insurance like long-term care insurance,' Taylor said. Becoming mortgage free may also be a good time to review your will and estate planning to ensure everything is up to date now that your largest debt is repaid. Sumaiya Bhula, a senior manager at TD, said there is no one-size-fits-all solution, so it's important to build a plan that works for you at this key juncture. 'The reality is, if you want to continue to build upon your portfolio and your wealth, you need to really look at holistically what your long-term objectives are,' she said. 'That's where, you know, the plan really comes into place where you look at your cash flow and what should be allocated where and then how much do you still have remaining for X, Y and Z.' Taylor says having a plan for the money is key because you don't want to miss the opportunity to use the additional cash flow to get closer to your financial goals. 'I just think in your 50s, that's the critical age of making sure that you redirect that money to work as hard as it can for you,' she says. This report by The Canadian Press was first published Aug. 7, 2025. Craig Wong, The Canadian Press
CTV News
03-06-2025
- General
- CTV News
Suspects wearing masks robbed Niagara Region bank at gunpoint: police
Three masked suspects being sought in connection with a Niagara Region bank robbery are shown. (Niagara Regional Police) Police in Niagara Region are appealing for information after three suspects wearing costume masks held up a bank in Wainfleet at gunpoint. It happened at a Meridian Credit Union on Highway 3 at around 4:35 p.m. on May 29. Police say that the masked suspects entered the bank while brandishing weapons and made a demand for cash. One of the suspects was armed with a handgun and another carried an edged weapon that resembled a machete, police say. Following the robbery, police say that the suspects fled the scene in a vehicle that is believed to be a 2019 to 2021 white Honda Civic EX with front tinted windows. Polcie say that the vehicle was last seen travelling northbound on Highway 3 at a high rate of speed. In a news release issued on Monday, police urged business owners and residents in the surrounding area who may have video footage from between 4 p.m. and 5:30 p.m. on May 29 to review the footage for anything suspicious. Police also released images of both the suspects and the vehicle they were last seen travelling in.
Global News
02-06-2025
- Global News
Armed, masked men rob bank in Ontario, police search for 3 suspects
Niagara Regional Police are investigating after three armed and masked suspects robbed a bank in Wainfleet late Thursday afternoon. On May 29 at 4:35 p.m., Port Colbourne/Wainfleet officers responded to the Meridian Credit Union on Highway 3 after reports of an armed robbery. Police say three unidentified suspects entered the bank wearing masks and carrying weapons. One of the suspects was reportedly armed with a handgun, while another carried a large, bladed weapon resembling a machete. The suspects demanded and received an undisclosed amount of money before fleeing the bank. Three masked suspects armed with a handgun and machete rob a Wainfleet bank as Niagara police search for leads and request public video footage. Courtesy Niagara Regional Police Services The individuals fled the scene in what is believed to be a 2019–21 white Honda Civic with front tinted windows and visible damage to the rear passenger-side quarter window. It was last seen travelling northbound on Highway 3. Story continues below advertisement No bank employees or customers were physically harmed during the incident. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy All three suspects were similar in appearance. They were described as male, with thin build and wearing dark clothing, skeleton masks and gloves. Witnesses noted the suspects spoke with accents. Anyone with information about this incident is asked to contact authorities or submit an anonymous tip to Crime Stoppers.
