John Peters's Archives
Question: Tuesday, July 29, 2008
The possibility of an investment was just presented to me, by me lending $100,000 for 9 month, 14% interest, to a private person who is in process of finishing building 7000 sq feet acreage house in Calgary. Appraised house value is now at $3,300,000. I was explained that the loan would be personally guaranteed and by the company which owner has. Any advice? What is the value of such guaranties? We all know the values for houses in Calgary goes down, these days.
Question: Monday, July 21, 2008
I live in Quebec Canada. I own a home that my father lives in. My mother gave me the money to purchase this home for my parent's usage. My mother has now passed and only my father lives in that home. I now own another home which I claim as principle residence. I would like to transfer the house in my father's name so that he can claim it as his personal residence when he sells the house. Unfortunately, my father had a past gambling problem. How can I give title to my Dad but still make decisions regarding this home, protect it from creditors or fraudulent scams? Is there some way that can be set up so that he cannot sell the house without my consent. Can a trust be set up or could I have power of attorney over his finances?
Question: Monday, July 07, 2008
We have been paying for a term life insurance plan now for almost 20 years. We would like to switch to whole life insurance so we would actually have some money to leave for our siblings. Do you think this is a good idea? Our policy is expired in August.
Question: Friday, June 27, 2008
I have a pension question for you. I used to teach in a Catholic School and am vested in their pension plan. I'm currently teaching in a public school and have the opportunity to purchase service credit for up to 5 years of teaching in a Catholic School. The catch is you have to forfeit your Catholic School pension. I spoke to the people at the Catholic School pension office and they told me for IRS reasons, I was not allowed to forfeit my Catholic School pension. There pension plan would somehow lose their tax exempt status if they allowed me to forfeit my pension. This doesn't make sense to me. I can't believe I can't choose to not accept a pension. Is this true?
Question: Wednesday, June 04, 2008
I have inherited $100,000. I am 42 years old and a single parent with 2 children aged 16 and 11. I am new to investing and find it very scary. Where do I begin?
Question: Thursday, May 22, 2008
I am 52 and on long term disability insurance and also receiving Canada pension plan disability benefits. I am planning on taking an early retirement from my employer this year. I understand that my long term disability benefits will end. Will this retirement decision effect my Canada pension plan disability benefits?
Question: Thursday, April 17, 2008
You have might have been asked this question before but is Stansberry & Associates for real or would we be receiving worthless information that seems to be outdated, for examples the 12% letter and the oil royalties in Canada?
Question: Thursday, April 17, 2008
Do you have to have a Power of Attorney witnessed before a lawyer, or can it be a Notary Public?
Question: Thursday, April 17, 2008
What is your opinion of getting into Resource Mutual Funds and Precious Metals Mutual Funds for the long term? I have Fidelity Equity Funds at the moment (spousal) but I think that Resource and Metals funds would do much better in the long term, despite the fact that they happen to be doing very well at the moment and still may go back down in the near future. I am almost 50 and have 10-15 years to go in which I can invest until retirement. Would this provide a good way of making higher returns over that period? If not, is there some other strategy that you would recommend? ETF's, iShares, stocks, bonds, something different?
Question: Thursday, April 17, 2008
In today's volatile market do I pay down my debt first or save for retirement? Here is my situation. My wife and I have a Manulife ONE account (secured line of credit against our house @ prime 5.75%) We are currently carrying about 155K balance. We started at 180K 14 months ago so I think we are doing well. But someone I know suggested that we cash in our RRSP's (valued in at 80K) and put it towards our debt. He does not trust the markets now or in the future. I have a pension at my work that is very good. My wife is self-employed and our combined income is about 60K per year after tax. I've contributed 5K a year in spousal RRSP because my income is higher and because I have a pension plan. Does it make sense to cash RRSP's in and pay all the tax I was avoiding all those years to lower my debt now?