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Abii

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About Abii

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  1. Investing LOC

    I like this thread. My $0.02: So right now I have a condo in Van. The rent I'm getting from it is covering 90% of the monthly cash outflow and the capital gain has been significant in the past two years. But if I get into law school (fingers crossed) I will cash out. My plan is to invest 100% of the money I walk with by maxing my TFSA and whatever RRSP room I have. I'll be buying ETF's as per the Canadian Couch Potato recommendations. Mutual funds have lower returns than ETF's (for the most part) and they also have higher management fees. The only mutual funds I would touch would be Mawer funds (particularly Mawer 150 and Mawer 104). With the money that's left I will try my absolute best to get a small mortgage in Edmonton or Calgary (provided I get into UofA or UofC). My monthly mortgage payment and condo fee would be around 1000 dollars. I will also apply for a student line of credit and use that to pay for the monthly condo fee and mortgage (again, around 1000 dollars). Upon graduation I will sell the condo and wipe the line of credit debt clean. I've done some preliminary math and I think this is a good plan. For you, I don't think buying real estate is prudent. Here's what I would do if I was in your situation: I would borrow the 80k (does the bank allow you to borrow that much in one go?) and max out my TFSA. If you've never thrown anything in your TFSA, you have 57000 in contribution room (57k as of Jan. 1st 2018). But don't go near ETF's. Here's why: your interest rate will not stay at prime + zero or Prime + 0.5 for perpetuity (I've been told that 5 years after graduation your interest is automatically jacked up significantly. Please check the fine print of your agreement and see if this is true. I'm interested to know as well.). I would instead purchase a Mawer 104 or Mawer 150 fund, or both. Expect around 6-7%. Mutual funds are actively managed and they usually charge the investor a chunky amount, which could cost hundreds of thousands of dollars over a 30 year period. And for this money they rarely beat the index. But if another 2008 happens, some of these mutual funds can be more sheltered than a portfolio that is full of stock ETF's. You can shelter your own ETF portfolio by dedicating a quarter or a fifth of your portfolio to bond ETF's, but in your case it's probably easier to just buy a Mawer fund and call it a day. I don't think you should use the money as down payment because of the potential rate increase 5 years after graduation (again, I'm not sure about this so please check the fine print). But even without it, I don't think any of the major banks would be willing to give you a mortgage without income. Even if you show up with 80k. They will check to see where that money came from. When I got my mortgage, my bank (Van City Credit Union actually) checked to see where my down payment came from by asking me to provide my bank account statements going all the way back to X number of months/years. They also asked for 2 years of income (minimum). This was before the stress test as well. I honestly don't think you'd be approved. As another poster mentioned, you haven't built up enough of an RRSP contribution room either. Basically they calculate your RRSP room by looking at your previous year's income. Your RRSP room for this year is 18% of your previous year's income, for example. That leaves your unused TFSA room, which I'm assuming is all of it (57k as of Jan. 1st). The investment I would go with inside the TFSA is a Mawer 104 balanced fund, if I were in your situation. http://www.mawer.com/assets/Fund-PDFs/Fund-Profile-BAL.pdf Sorry about the long ramble.
  2. Let me know if you have these books and want to get rid of them at a reasonable price. Getting to Maybe : How to Excel on Law School Exams Introduction to the study of law (by Waddams) The Law School Book : Succeeding at Law School (by Marshal Pam)
  3. ABA Law School Admissions Changes

    The LSAT has been the single most annoying academic anything I've ever done. I hate it with a passion. But I don't know what I would change about the system. I'm thankful that out of the 14+ common law schools across the Canada, there is something for everyone. Strong L2 and bad CGPA? There's a school that wants to hear from you. Strong GPA and meh LSAT? There's Ottawa. Borderline GPA? There are schools with credit drops. And so on and so forth. I love that about the current system. I hope this aspect of the process never gets changed.
  4. I'm 2 points above the 240/242 threshold, but I always wonder how strictly they follow the last 60 thing. I have an awful cumulative GPA with tons of fails on my transcript, but my last 60 is stellar. So as long as they stick to the whole last 60 thing, I should be in. Going to be a very stressful few months until I get an answer.
  5. Chances L2 3.96 - 154

    I'm interested to know as well. Also, when's the best time to ask? They probably won't look at transcripts for quite a while. Maybe the last week of Nov.?
  6. UCID/Payment

    I can confirm that gmail blocks some of Calgary's emails, at least mine did. Right after I read this post I checked my junk folder and there it was, the email I was waiting for
  7. Submitting Your Application

    Perfect. Thanks for the information.
  8. Submitting Your Application

    Malina, thanks for all the useful posts over the years. I just sent my application in. I've been following your posts on and off for over a year now. One thing I can't figure out is how to access this "student centre" you speak of lol. I tried logging into the MYUofC area of the site, but that's reserved for students and staff. I sent my application in, paid for it and received a receipt. I've been trying to figure out if there's a portal that I can access, but there doesn't seem to be anything. Thanks.
  9. Dude, read their website. And of course the transcript has to be sealed. You have until March 1st to send in the supporting documents. The application itself is due by Nov. 1st. Good luck
  10. Application Question

    You also need to include their phone number. Good luck. I just sent mine in.
  11. 155 LSAT 3.6 GPA Chances?

    In any case it looks like I've got no chance since my LSAT isn't high enough to compensate the low cumulative. Thank Buddha for L2 schools.
  12. 155 LSAT 3.6 GPA Chances?

    Good to know, thanks. Hopefully one of the two Alberta schools will say yes.
  13. 155 LSAT 3.6 GPA Chances?

    I'm applying to UofA, UofC and maybe Windsor. My cumulative GPA is very low so I can only apply to L2 and holistic schools. I think Ottawa is also a holistic school, but I'm not sure. Priority is definitely Alberta and Calgary.
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