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.
The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent
Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.
The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.
Different percentages of cash back (1%, 2%, 3%, 4%, 5%) are offered by different lenders, some mortgage lenders allow you to use your cash back to purchase new furniture for your new home, home remodeling or restorations, some for legal fees and some even for down payment.
With a cash back mortgage, you extend the repayments through your mortgage amortization period making it easy to repay
In a cash back mortgage, the mortgage rates may not be as low as in a conventional mortgage where at least a 20% of the purchase price of the property has to be invested upfront by the borrower, however, the rates are much lower than other financing channels like credit cards or personal loans.
Zero down payment mortgage is a Mortgage loan offered by only some lenders that offer a 5% cash back, that can be used towards the down payment.
It helps realize the dream of home ownership even before the down payment has been saved.
If you are currently renting and prefer to own your own home, but you haven’t been able to save enough for your down payment, this is your chance call now
To qualify for aZero down payment mortgage you to have good credit (read below), a steady source of income that can show your capacity to repay the loan, (we’ll do the math together) and savings of about a 1.5% of the value of the property that you are seeking to purchase