Page 12 - Sports Energy News, Cornwall, Issue No 130

12 Issue #130 November 2023 www.sportsenergynews.com

Local Pr
Neighbourly
Neighbourly Advice From Our Local Professionals
Advice Fr
om Our
ofessionals
Bank of Canada Governor Tiff Macklem we think? Yes, there is,” he added.
By Brian Johnston
Mortgage Specialist made the comment Wednesday while “But there’s also a risk that households
testifying before the Standing Senate have some extra savings, they’re able
Expected Wave of Mortgage Renewals Committee on Banking, Commerce, and to (handle those payments), and still
Contributed to Latest Rate Hold: Bank the Economy. “One of the important consume. So, we’re trying to balance
of Canada reasons why we held our policy rate at (those risks).”
5% is that we know that those renewals
The large number of mortgages coming Analysts estimate about $251 billion in
up for renewal at higher rates is one are coming…we know that there’s more mortgages will come up for renewal in
reason why the Bank of Canada decided to come from what we’ve already done,” 2024, with another $352 billion worth in
to leave its target rate unchanged at Macklem said. 2025.
5.00% last month. “Is there a risk that it bites more than Continued on page 15

By Michael VanderMeer HEATING SYSTEM -This is a great ROOFS & EAVESTROUGHING -
Real Estate Agent time to clean your furnace and check to Once the leaves have stopped falling it
make sure everything is working correctly is a great time to clean out your eaves
FALL HOME MAINTENANCE.
for the upcoming heating season. The first troughing. At the same time give your
No home is 100 percent maintenance thing you want to do is check that furnace roof/shingles a good look over to make
free and with fall arriving, there are a filter - a dirty filter can harm your furnace sure everything is okay - you don’t want
few things you may want to do before
and increase your heating costs. If you to have problems in the winter.
the snow flies. It is also a suitable time are heating with gas or oil, you will also DOORS & WINDOWS - If your
to change the batteries in your smoke/car-
want to make sure your carbon monoxide windows have screens you may want to
bon monoxide detectors if you have not done so already detectors are operating correctly. Continued on page 15

it’s better to contribute more later and years. He stops investing after ten years
Max Ming P.Eng. CFP ®
Financial Planner catch up on what you’ve missed. In and holds on to the investment for a
fact, one of the best ways to build your further ten years. His end value at year
TIME IS MONEY
wealth is to start as soon as you can – twenty is around $135,000.
We understand its not easy to view even if it’s only a small amount. Take
small contributions to an RRSP, TFSA, into consideration this hypothetical Jane - In Year 10, Jane worries about
or company pension as life changing, example. We have two investors, retirement so she starts making annual
our job as financial advisors is to John, and Jane, who both hope to contributions of $10,000 for ten years.
educate clients on how they can achieve She ends up with the same as John at
retire in twenty years and both of their year twenty, but she had to invest twice
investment plans generate the same 7%
financial independence. as much money to get there. This is
return. caused by her “late start.”
It’s very easy to put off investing. The common perception is John - In Year 1, John begins making
that if you don’t have enough money to start investing now,
annual contributions of $5,000 for ten Continued on page 15

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