Page 23 - Sports Energy News, Cornwall, Issue No 135

www.sportsenergynews.com Issue #135 April 2024 23

By Brian Johnston expect to see mortgage rates get back mortgage rates any time soon. maybe we get that 6.25 percent down
Continued from page 6 to the low levels of the “normal” Borrowing costs with variable-rate to 5.25.
The stickiness of inflation raises economy of 2019. Five-year fixed mortgages ride up and down with The data on home sales so far this
the question of whether the cost of rate mortgages could be had for 2.5 the Bank of Canada’s overnight rate, year suggests the housing market
living in the mid-2020’s is going to to 3 percent back then, compared to which is expected to start edging is tentatively emerging from the
rise more than in the pre-pandemic 4.5 to 5 percent today. We will see lower as soon as this summer. slump of the past 24 months. The
period. Inflation then was locked in further declines in mortgage rates Back in mid-2021, you could get a unlikelihood of a quick, decisive drop
around 2 percent. Looking ahead, if the inflation rate falls and doesn’t variable-rate mortgage in the area of in mortgage rates raises questions
a 2 to 3 percent range seems quite pop back up again. But without 1.5 percent; today, 6.25 percent is a about how strong and sustainable a
possible. a complete collapse of inflation, good deal. If the Bank of Canada is housing rally would be.
If that’s the case, then we shouldn’t don’t expect to see 3 percent 5-year aggressive with rate cuts this year,

By Michael VanderMeer from their company/broker(s). At are comfortable with the agent you home and hope for the best, or do
Continued from page 6 my office we are always there for choose - you want to make the sale/ they have a plan for photographs,
underestimate the newer agents. They our new agents and encourage them purchase a pleasant experience. videos, open houses, etc.
are highly motivated and are going to to check with us on even the smallest 5) In the case of selling you want to These are just a few tips on hiring a
work hard to make you happy, but if detail. know what they are going to do for Realtor from scratch or interviewing
you are going to use a newer agent 4) Fit - how do you feel in that you - is their plan to charge you top a referred agent.
make sure they have good support agents presence - make sure you dollar and just stick a sign on your

Max Ming important to our clients. selected provinces. The opinions expressed in this
Continued from page 6 Disclaimer: Equity Associates Inc. is registered communication are those of the writer and do not
as a Mutual Fund Dealer & an EMD Dealer in necessarily reflect those of Equity Associates Inc.
minimum withdrawal requirements. This
option gives you the most flexibility, while
getting the benefits of RIFs.
Pension Splitting: Possibly the biggest
reason to RIF early is the ability to split
pension income with your spouse come age
65. A withdrawal from an RRSP is regular
income, but a withdrawal from a RIF,
(from age 65 on), is considered eligible
pension and up to 50% can be split with
your spouse. This shift of taxable income
from one spouse to another can amount to
huge tax savings.
Pension Credit: The pension income from
a RRIF also qualifies for a $2,000 non-
refundable pension income tax credit,
which can save you money in taxes.
Just like anything in personal finance, the
decision isn’t necessarily the same for
everyone. There are cases where it doesn’t
make sense for an individual, for instance
if you are receiving the Guaranteed Income
Supplement (GIS), creating more taxable
income before age 71 may disqualify you
from that benefit.
Overall, it’s important to know that this
decision isn’t merely administrative, and it
may carry significant implications for your
retirement income, which is just another
reason why our retirement planning is so