Page 6 - Sports Energy News, Cornwall, Issue No 135

6 Issue #135 April 2024 www.sportsenergynews.com

Neighbourly Advice Fr om Our Local Pr ofessionals
Neighbourly Advice From Our Local Professionals

By Brian Johnston the bond market has more of an influence on bonds – the yield – has been up and
Mortgage Specialist on your daily life, especially if you’re down a lot in the past year. Falling yields
renewing a mortgage or plan to buy a clear the path for lower mortgages rates,
WHAT IS THE OUTLOOK FOR home. If you want clues as to where while rising yields put upward pressure
MORTGAGE RATES? mortgage rates are going, check what’s on mortgages.
Possibly the most eye-glazing two- happening with bonds. The reason for this uncertainty about
word phrase in personal finance is ‘bond What bonds are telling us right now is that rates is that inflation, particularly in the
market.’ financial markets are as confused about United States, has yet to back down to
People are fascinated by the stock market, inflation and the path ahead for interest the level preferred by central bankers.
which is definitely more dramatic. But rates as everyone else. The interest rate Continued on page 23

By Michael VanderMeer you may want to check into them a bit to for the times that they are not available
Real Estate Agent make sure they are right for you. There and that they have the knowledge needed
are going to be a couple of key areas you to do a good job for you.
HIRING THE RIGHT REALTOR. may want to check into. 2) Make sure that the agent is
A lot of buyers and sellers already know 1) First off you want to make sure they are knowledgeable of the area you are looking
an agent or are referred to an agent by a full time, full service agent. You want to buy or sell in, and the type of services
friends or family, but there are still a lot to make sure that they will be available you need.
of people that do not know a Realtor and when you need them and that they will 3) Experience - usually the more
just end up working with the first person be working for you all the time. If you do experience the better, but don’t
they come across. come across a part time agent, make sure
If you do not already know a Realtor, they have another agent backing them up Continued on page 23

First, it’s important to understand the spread out withdrawals over time,
Max Ming P.Eng. CFP ®
Financial Planner main differences between RRSPs and potentially reducing the tax burden.
RIFs. Once you RIF a portion of your This also helps with withholding taxes,
WHEN TO TURN YOUR RRSP INTO
money, you can no longer deposit funds as RRSP withdrawals are subject to
A RIF
into the RIF, and you are required withholding taxes, and RIF minimums
As Canadians plan for retirement, one
to withdraw at least the minimum are not (however, it is still taxable
looming decision is when to convert
each year (no maximum limit). The income).
their Registered Retirement Savings
minimum amount is based off your age Partial Conversion: In many cases, it
Plan (RRSP) to a Registered Retirement
and calculated as a percentage of the may not make sense to convert your
Income Fund (RRIF). While the
account on January 1st each year. Here entire RRSP to a RIF before 71. You can
deadline to convert to a RRIF is Dec 31st in the year you turn
are a few things to consider. move money from your RRSP to your
71, retirees shouldn’t feel bound by this limit as converting
Tax Planning: Converting to a RRIF RIF each year, and this results in lower
earlier may offer flexibility and savings.
ahead of schedule allows retirees to Continued on page 23
With our 2024 “Just Homes Listing Program”, Homeowners will never pay more than

3 3/4%+ HST commission which includes full weekly local newspaper

Owned and Operated by M. Jean Cameron Real Estate Limited advertising until sold, internet promotion and even an open house program when needed.
Serving the Community since 1959
613-933-3283 The savings may not stop here. When we sell your home directly to a buyer
check us out on the web at: without another real estate brokerage involved in the sale, we further reduce our
www.soldsmart.ca
sandy@homesnet.ca commission to only 2% + HST
“Not intented to solicit properties already listed for sale”