Mortgage Advice

RRSP Tips

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.  Since you paid the tax to the government for that $5000, they have to refund or return the taxes you paid on that money.  If you are in a

Read More »

Credit Score Tips

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 history 35% depends on outstanding balance vs. limit 15% depends on recent credit checks 15% depends on how long you’ve had your credit history The higher the

Read More »

Sources of Down 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 that about 19% of first-time homebuyers  used gifts from siblings or parents as a downpayment? When it comes to RRSP’s, you have 15 years To pay that back and the money

Read More »

How much Down Payment?

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 property costs more than $500,000, then your downpayment has to be 5% of the $500K and then 10% of anything above $500K.   For example for

Read More »

Building an Emergency Fund

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 month to pay for your basic expenses for food, housing, schooling, car, gas, utilities, insurance and all other necessities.  Second, multiply this monthly amount by 3 because you want

Read More »

Next Event

About Karista​

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Recent Posts​

Subscribe To Newsletter

Scroll to Top