RRSP deadline is approaching and with that the opportunity to receive a higher tax return after filing your taxes, return that you can use towards the down payment to purchase your home when you are a first-time homebuyer. Don’t miss this opportunity.
If you are currently employed and renting you should pay special interest in this article, so take the time to read it and to follow along. Since you are employed, you have been deducted the corresponding from every paycheck, this is money that you haven’t received, however, you could still receive a good amount of them and be a winner in every way. When you contribute to your RRSP’s savings you will be technically sheltering that amount from paying taxes this year by deferring its payment to when you reach retirement age. But this year, you will receive a higher tax return. Don’t miss it!
May I help you?
There are a number of calculators that can help you estimate the extra amount you will receive as a tax return after filing your taxes this year, click here to use one.
In case you don’t know it, just after 90 days of your savings being in your RRSP account, you can borrow them and use them towards your down payment.
In summary, you will add to your down payment savings:
- Your RRSP’s savings (after 90 days)
- Your extra tax return received after your taxes being filed.
Don’t miss it this year!
A financial advisor is the best person to guide you into details, but you need to have your savings registered by the end of February or you will miss the higher tax return this year.
If you are planning on buying your house anytime this year, you should start your mortgage assessment now and get a clear idea as of when you will be able to purchase your home or if you need anything else to be ready for that purchase.
Contact me if you have any additional questions