5 Money Smart Ways to Use Your Tax Refund Most of us never expect to get much of a refund, or maybe you are one of the lucky ones who can count of getting one each year. Be Money Smart – make sure you have a plan in place, otherwise, like all large sums of money if you don’t do anything with it, it will get spent one way or another! Here are 5 Smart ways to use Your Tax Refund: 1. Contribute it to your RSP This will benefit you again at the next tax time as you will…
Downpayment Options
What Are My Downpayment Options? One of the biggest challenges of home ownership is saving the required downpayment. Your lender will be looking for a minimum 5% down payment on your property. There are generally 5 options available. Your down payment can come from more than one source. Using Your Own Savings or Investments One of the most straight forward down payment options is your own savings or investments. You will need to provide recent 3 month bank statements to show the history of the savings. It is required that the full amount of savings for your down payment must be in…
Maximize your RRSP as a First Time Homebuyer
Are you a First time Homebuyer looking to buy this spring/summer? First Time Homebuyers can use up to $25,000 of their RRSPs without facing any holding tax and you have up to 15 years to recontribute those withdrawn RRSPs. This is the time to maximize your RRSP contributions to build your downpayment. First Time homebuyers who are looking to buy their first home in the $300,000 price range, will require a minimum 5% downpayment of $15,000 plus additional $3000 for closing costs (home inspections, legal fees, etc). If you are a First Time homebuyer and are a few thousand…