Family Formation & Housing

For young couples starting families, buying their first home and/or other real estate. Covers mortgages, credit cards, interest rates, children’s education savings plans, joint accounts for couples and the like.

David Chilton’s interview with me on his The Wealthy Barber podcast

Posted By Jonathan Chevreau | September 16, 2026

As those who follow me on social media may already know, financial guru David Chilton interviewed me on his popular The Wealthy Barber podcast, which dropped Tuesday on YouTube.com. You can find the full 39-minute clip here: try 1.5x speed if you’re pressed for time!

David is a good interviewer and got me to confess a few things I might not have coughed up otherwise. Mostly, we chatted about personal finance in Canada, retirement and retirement planning and — a particular concern for David — the plight of young Canadians priced out of the Canadian real estate market. This included a discussion of our own family’s situation and how the “Bank of Mum and Dad” may be enlisted to supplement down payments scraped up by some combination of TFSAs, the RRSP Home Buyers Plan and the new First Home Savings Accounts (FHSAs) that David is quite enthusiastic abøut.

Naturally we talked about Retirement. David himself is retiring at the end of this year soon after he turns 65, so he will have “beaten” me to Full Retirement by roughly eight years. I wrote about his looming Retirement recently in my MoneySense Retired Money column, which was also flagged here on Findependence Hub.

A Who’s Who of Canadian Personal Finance

I was David’s 71st interview on the podcast since he launched it two years ago: he says he plans to keep it going at least until the end of this year. As I comment in the interview, his many guests constitute a veritable “Who’s who” of Canadian personal finance, with a handful of Americans thrown in.

Glad to be part of it and to join such luminaries as Ben Felix, Preet Banerjee, Rob Carrick, Fred Vettese and many more. As David notes, a lot of his guests are younger newer voices known as “Finfluencers,” a group I also wrote about in Retired Money earlier this summer.

We also discuss other more “seasoned” financial commentators, including Bruce Cohen, Ellen Roseman, Jim Daw, Mike Grenby and other pioneers of the genre. Some of those veterans’ names came up in another Retired Money interview I did after Rob Carrick retired a year ago from his full-time job at the Globe & Mail.

The financial novels spawned by The Wealthy Barber

With an estimated 4- to 5- million copies of his books sold worldwide, it’s no surprize that Chilton’s pseudo-fiction financial format spawned many imitators. I fondly recall Jim Daw (retired from the Toronto Star) cracking a joke about the many financial novel knockoffs inspired by The Wealthy Barber. Rather than a “branch” of personal finance literature, Jim quipped in his review of my own Findependence Day that this specialized field consituted merely a “twig” of the genre.

While much of the interview was perforce about investing and retirement, good interviewer that he is David manages to coax some confessions about my own lifestyle and choices. For example, I tackled headon the fact that the title of my own similarly titled The Wealthy Boomer was not initially conceived as a ripoff of Chilton’s far more commercially successful The Wealthy Barber: that title was just a description of the possible demographic target for the book’s publisher.

We also talked about 12 Good Years, the blog that blogger Fritz Gilbert originally ran on his Retirement Manifesto blog. That article make she case that new or aspiring retirees should strive to make the best of the years between ages 60 and 72, whether for strenuous travel or demanding hobbies, physically or mentally. Continue Reading…

10 things People get Wrong when Planning their Estate

Posted By Financial Independence Hub | September 14, 2026

Avoid common estate planning mistakes that can complicate inheritance, taxes, and family decisions. Learn what Canadians should review before retirement.

By Dan Coconate

Special to Financial Independence Hub

Estate planning can feel like a task for another day, particularly when retirement already brings decisions about income, investments, housing, and lifestyle. Yet an estate plan affects far more than what happens to your assets after death. It can also shape who manages your finances during incapacity, how efficiently your estate moves to beneficiaries, and how much work falls on family members.

For Canadians approaching or enjoying retirement, the strongest plans usually come from looking at the entire financial picture rather than treating a will as a standalone document. There are many things people get wrong when planning their estate, from stopping at writing a will to choosing an executor solely due to familial ties. Avoiding these mistakes can help make your wishes clearer and reduce unnecessary complications for the people who eventually carry them out.

1.) Thinking a Will is the Entire Estate Plan

A will plays a central role in estate planning, but it does not cover every situation. A will generally takes effect after death. Other documents and arrangements address what happens while someone is still alive but unable to manage financial or personal matters. Powers of attorney, beneficiary designations, insurance policies, jointly held assets, and trusts may all form part of the larger picture.

It’s best to plan for both a will and appropriate powers of attorney as part of preparing financial affairs for later life. The distinction matters because an estate plan should address both asset distribution and continuity during incapacity.

2.) Assuming every Asset passes through the Will

A will does not automatically control every asset a person owns. Certain assets may transfer according to their ownership structure or beneficiary designation rather than instructions in a will. Registered accounts, insurance policies, jointly owned property, pensions, and other financial arrangements can require separate consideration.

That makes an asset inventory valuable. List financial accounts, real estate, insurance, business interests, investments, debts, and significant personal property, then determine how each item would transfer.

3. Choosing an Executor because they are the Closest Relative

Another thing many people get wrong when planning their estate is who they choose as an executor. Naming an executor can look like an honorary gesture, but it comes with serious responsibilities.

An executor may need to locate assets, protect estate property, deal with creditors, handle tax matters, complete legal procedures, and distribute property to beneficiaries. The executor is a key figure in administering the estate and carrying out the deceased person’s wishes.

The best choice may not be the eldest child or nearest family member. Consider financial ability, organization, availability, location, and willingness to handle the work.

4. Forgetting to Plan for Incapacity

Estate planning should not begin at death. Illness, cognitive decline, or an accident can leave someone unable to manage banking, investments, bills, or property. Without the correct legal authority in place, relatives may discover that family relationships alone do not give them the right to take control.

For example, in Ontario, even a spouse or family member does not automatically gain authority to manage another person’s property when that person becomes mentally incapable. The terminology and rules differ across Canada, so residents should review the appropriate documents for their province or territory.

5. Treating Beneficiary Designations as a One-time Decision

A beneficiary designation made many years ago may no longer reflect current intentions. Marriage, separation, divorce, deaths, births, retirement, and changes in family relationships can all alter what makes sense. A beneficiary on an old account can create an unpleasant surprise if the rest of the estate plan has changed, but the designation has not.

Review beneficiary information whenever a significant life event occurs. A periodic review during retirement can also reveal outdated forms before they create a conflict.

The important point is consistency. The will, financial accounts, insurance arrangements, and broader estate strategy should work together rather than point in different directions.

6. Assuming Trusts work the same way everywhere

Trusts can play an important role in some estate plans, but Canadians should be careful when reading general financial information in another country. Terms such as “revocable living trust” appear frequently in U.S. estate-planning discussions. Canadian tax treatment, probate rules, trust law, and estate administration can differ considerably by province and from American practice. Continue Reading…

Canadian Kids picking up on their Parents’ Money Stress, new Vanguard Survey finds

Posted By Financial Independence Hub | September 2, 2026

Even when parents try to shield their children from financial worries, a new study suggests kids are hearing more than parents realize.

As the cost of living continues to squeeze Canadian households, a new survey from Vanguard Canada suggests the strain isn’t confined to parents’ bank accounts; it’s also shaping how their children think and feel about money too.

The survey of just over 1,000 Canadian parents of children under 18 found that households that talk openly about money raise more financially literate kids, while households that avoid the subject may be doing more harm than good.

The Instinct to Protect backfires

Many parents try to keep financial stress away from their kids. Among parents who describe themselves as financially stressed, more than two thirds said they feel pressure to hide their worries from their children, and roughly a third said they avoid discussing money at home altogether.

But the survey suggests that instinct doesn’t work the way parents hope. Seven in ten financially stressed parents said their children overhear money conversations anyway. In fact, those children were found to be nearly five times more likely to feel anxious about money than their peers.

Sal D’Angelo, Head of Vanguard Investments Canada, said children pick up on far more than parents assume, even when adults try to keep financial matters private. He framed early financial education as key to helping the next generation build healthy money habits.

A Literacy Gap that starts early and closes late

The survey also points to a timing problem. Households where money is discussed regularly produce children with markedly stronger grasp of core concepts like banking, debit and credit, which is nearly three times higher comprehension according to the findings.

Yet the majority of parents said substantive money conversations don’t begin until their child is between 15 and 18 years old, well after attitudes toward money have already started to form. Continue Reading…

How to think about a Mortgage Renewal Offer before you Sign

Posted By Financial Independence Hub | August 10, 2026

By Andy Atchison, FairRate Canada

(Special to Financial Independence Hub)

Getting a mortgage renewal letter seems pretty straightforward. Your lender gives you a new rate and payment, you sign it, and you’re done.

At least that’s how it looks.

What I started wondering was: how does the average homeowner actually know if the offer they’re getting is any good?

I’m not a mortgage broker or financial adviser. I’m just someone who started digging into this and realized it’s surprisingly difficult to get a simple answer. You can search mortgage rates online in about 30 seconds. The problem is that the rate you find isn’t necessarily comparable to the renewal offer sitting in front of you.

There can be different conditions, different mortgage types, different equity requirements and all sorts of other details attached to an advertised rate. So if your bank offers you 4.89% and you find 4.24% online, that doesn’t automatically mean your bank is ripping you off.

But I’d certainly want to know why there’s a difference.

The rate is a starting point

Obviously the interest rate matters.

A difference that looks fairly small on paper can make a noticeable difference to your payment, especially with a large mortgage balance.

But there are other things worth looking at too.

What are the prepayment privileges? What happens if you need to break the mortgage early? Is it portable? Are there fees or restrictions? And if another lender has a lower rate, what would it actually cost and involve to move the mortgage?

Those details aren’t nearly as exciting as finding a lower rate, but they can matter.

There’s nothing wrong with staying with your bank

I think this part sometimes gets lost.

Switching lenders isn’t automatically the smart move. Continue Reading…

First-time Home Buyers: 7 essential Tips for Buying your First Home

Posted By Financial Independence Hub | July 21, 2026

By Alain Guillot

Special to Financial Independence Hub

Buying your first home is one of the biggest financial decisions you’ll ever make. For first-time home buyers, the process can feel overwhelming, but with the right preparation, it can also be one of the most rewarding investments you’ll ever make. Think about the benefits of choosing the right property and the satisfaction you will feel of having a place of your own while building wealth.

The right home doesn’t just provide shelter: it supports your lifestyle, builds long-term wealth, and gives you a place to create lasting memories. Here are seven essential tips to help you navigate today’s real estate market with confidence.

Here’s our buyers guide for first time home buyers:

1.) Understand the True Cost of Homeownership

Unsplash – CC0 License

Many first-time buyers focus only on the purchase price or monthly mortgage payment. Unfortunately, that’s only part of the picture.

Your monthly housing costs typically include:

Mortgage principal
Interest
Property taxes
Homeowners insurance
Utilities
Maintenance and repairs
HOA or condominium fees (if applicable)

A useful rule of thumb is to budget 1–3% of your home’s value each year for maintenance, although actual costs vary depending on the property’s age and condition.

Remember the acronym PITI:

Principal
Interest
Taxes
Insurance

Calculating each component individually will give you a much more accurate budget than relying on a simple percentage estimate.

2.) Research the Neighborhood as carefully as the House

A beautiful house in the wrong neighborhood can quickly become a disappointment.

Before making an offer, consider:

Commute times during rush hour
Crime rates
School quality (even if you don’t have children)
Access to parks, shopping, and healthcare
Noise levels
Future development plans

Visit the neighborhood during weekdays, evenings, and weekends. You’ll often notice differences that aren’t obvious during a scheduled showing.

I once bought what seemed like the perfect condo. It was within my budget, and the property itself was beautiful. The problem wasn’t the condo: it was the neighborhood. Although it was clean, safe, and well maintained, it was incredibly boring. It felt like the kind of place people moved to simply to wait out retirement. By 5:00 p.m., everything was closed, the streets were empty, and there was little sense of life or energy. Needless to say, I sold the condo in less than a year.

3.) Interview multiple Real Estate Agents

Not all real estate agents offer the same level of service.

A great buyer’s agent acts as:

Your advisor
Your negotiator
Your advocate
Your local market expert

Interview at least two or three agents before choosing one. Ask about:

Experience with first-time buyers
Knowledge of your preferred neighborhoods
Negotiation strategy
Recent sales history

The right agent can save you thousands of dollars while helping you avoid costly mistakes.

Don’t hire the first agent you see. Meet them at an open house. Instead, do your homework and think about who’s going to generate the best outcome for you. It’s a good idea to interview two or three agents before picking one. Good agents will always submit to this process because they’ll have confidence in their ability to serve you.

The first real estate agent I hired was a good friend from college. Everything went smoothly. I was one of his first clients, and I was happy with his service. At the same time, because we were friends, I would have felt uncomfortable hiring someone else.

A few years later, when I purchased another property, I hired a different friend as my agent. Unfortunately, that experience was very different. She failed to disclose some important defects in the property, and when I realized she wasn’t being completely honest with me, I walked away from the deal. Sadly, our friendship didn’t survive the experience.

The lesson I learned is simple: even if your real estate agent is a friend, you should still do your own due diligence. Ask questions, verify the information you receive, and never assume that friendship is a substitute for careful judgment.