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His gross household income is $85,000
RELATED: Tax-free way to pass on an inheritance while still aliveThe best course of action is to line up your spending with your goals and values. If your son’s education is important, then perhaps you contribute to his RESP. If you have credit card debt, I would recommend reducing thathigh-interest debt as much as you can. (But only if there is a plan to not increase it again.) Do that before paying off the lower-interest mortgage. Many people like to use inheritance money to buy or do something memorable in honour of the deceased person. Depending on what your share is of the household income, you could contribute to an RRSP (best if your income is higher for a better tax deduction) or to a TFSA (for any income level). To determine your best course of action, I’d suggest you speak with a financial professional to help clarify your personal strategy. Janet Gray, CFP, is a fee-only, advice-only financial planner, money coach, educator, and personal finance speaker
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