Sherrett Insurance Agency Ltd.

Free Resources

Why You Don’t Want Mortgage Insurance through the Bank

The idea behind mortgage insurance is that if you become seriously ill or die before paying off the mortgage, the coverage will kick in and pay it off for you.

In this Marketplace investigation video, you'll see why you don't want mortgage insurance through the bank.

Watch the video to find out why two families, who bought the coverage and thought they were protected, had their claims denied when they became sick or died.

Posted on Aug 24, 2009. See other articles on Insurance.

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Reason for First Time Home Buyers to Invest in RRSPs

The HBP (Home Buyers' Plan) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home.

Find out how to make a HBP withdrawal.

Posted on Aug 24, 2009. See other articles on Investments.

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Earn More Money Tax Free

How to earn more money tax free - Retirement Article by Gordon Powers - Sympatico / MSN Finance

So, which will it be -- the TFSA or an RRSP? Well, the two plans are designed to produce the same results, assuming you're going to end up with the same tax rate down the road. But, for many people, that's often not the case.

If your marginal tax rate is higher at the time of contribution, an RRSP will be the better choice; if the reverse is true, a TFSA will be preferable, Munro advises. RRSP contributions are made with pre-tax dollars, and while they generate tax deductions, withdrawals will be taxed as ordinary income. TFSA contributions, however, are made with after-tax dollars, and eventual withdrawals will be tax free, she explains.

Ask us about RRSPs vs. TFSAs and which is right for you.

Posted on Aug 24, 2009. See other articles on Investments.

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