I am in the process of receiving a decently large sized inheritance. After maxing my husband's and my TFSAs and RRSPs, we are going to have around $90,000ish "left over". Best problem ever, I know. We think we will throw $20,000-$30,000 at our mortgage (currently hovering at just about $200,000, but about to renew it at 2% variable).
We will invest the rest in a non-registered account with Questrade. Fancy! A few questions:
1. Is it best to have it in my name since I earn less than my husband? Except for 2017, when my income will be super high since most of the inheritance is in the form of a pension payout.
2. Are there better index funds to hold in a non-registered account? We've pretty much been sticking to Vanguard funds. My husband has been lured by some shiny stocks (like Apple) but they are at less than 5% of our portfolio.
Any advice is helpful! Even though the pension payout is being taxed at the source, they only took off 30%. It's pushing my income past $200,000 for the year so I am sure I will owe more tax next year on it. Unfortunately I don't have much RRSP room since I have a pension plan at work. My husband does have over $30,000 in contribution room right now - should we invest some as a spousal RRSP?
Gah, I'm beginning to think I need to consult an accountant or fee-based financial advisor. Do those even exist in Canada?