In today’s B’s Finance Minute, let’s talk about RRSP or Registered Retirement Savings Plan. What are your benefits when You invest in RRSPs? First is you can reduce the amount of Income tax you are paying. Second, all the Interest you make Is tax free. Third, you can use your RRSP as downpayment when buying your first home. How does it work? When you Purchase an RRSP for $5,000, your income is simply reduced by $5000.
In today’s B’s Finance Minute, let’s talk about factors that can affect your credit score. Studies show that 80% of Canadian’s don’t know their credit score and 63% don’t know how their credit score is determined. This is a mathematical algorithm that predicts how you manage your credit. The factors that affect your credit score are: 35% depends on your payment
In today’s B’s Finance Minute, let’s talk about Sources of Downpayment. In our last Finance Minute, we talked about the minimum downpayment that you need. When it comes to downpayment, where can it come from? It can come from your savings and chequing accounts, TFSA, RRSP, Sale of a home, refinancing from a home, or a gifted downpayment. Did you know
In today’s B’s Finance Minute, let’s talk about how much downpayment do you need when buying your principal residence. Downpayment if you qualify is 5% for properties worth $500,000 and below. This is true even if it’s Your 2nd, 3rd or 4th home etc as long as you are buying to live in it as your main home. If the
In today’s B’s Finance Minute, let’s talk about Building an Emergency fund. This is important because in the event of a family emergency due to illness, job loss, or any other tragedy, you can survive for 3 months. Your emergency fund should be equal to 3x your monthly survival number. Therefore the first step Is to identify how much money your family needs in a