Latest news with #NancieTaylor
Toronto Sun
07-08-2025
- Business
- Toronto Sun
Paying off your mortgage is a game-changer. Think hard about what comes next
Published Aug 07, 2025 • 3 minute read 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. Photo by Justin Tang / The Canadian Press 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. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 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. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 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. This advertisement has not loaded yet, but your article continues below. '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. This advertisement has not loaded yet, but your article continues below. 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. Columnists Celebrity Columnists Sunshine Girls Editorial Cartoons
Yahoo
07-08-2025
- 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
07-08-2025
- 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
07-08-2025
- 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
