Mortgage Advice

BC Property Transfer Tax

In today’s Finance Minute let’s talk about the next biggest expense that you have to pay when buying a property. It’s the Property Transfer Tax.  For those buying a Property in British Columbia ONLY, the property transfer tax rate is 1% on the first $200,000 2% of the value of the property above $200,000 and up to and Including $2,000,000.  If you are a First Time Homebuyer meaning you’ve never owned a principal residence anywhere in the world, then you are exempt from

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Lend money like the Banks

In today’s Finance Minute let’s talk about how you can use your own money to lend to other people, just like the Banks. The banks are in the business of getting you to keep your money with them via savings, GICs, TFSA, Mutual funds and then what do they do?  They lend the money out for a much higher interest.  In other words they make money from your money.  The banks are smart though they will not just lend the

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Purchase Plus Improvements

In today’s Finance Minute let’s talk about Purchase Plus Improvements.  I had a client who wanted to buy an older property because older properties are bigger or roomier than the newer ones.  However, the kitchen and the floor were old and outdated.  I told them no problem you can add the cost of the renovation to your mortgage.  They were quite shocked. There’s a Program called Purchase Plus Improvements where lenders allow you to add the cost of the improvements on your mortgage which effectively

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Net Worth

In today’s Finance Minute, let’s talk about Net Worth.  Google Net Worth and you get 1.8 Billion hits. However the majority of the people I talk to don’t know How much is their net worth. Net worth is the value of all your assets minus all your loans or simply put, net worth is what you own, minus what you owe or all your debts. The common mistake that people make is they don’t pay attention to these numbers. Your goal is to know your net worth number and make sure this grows annually.  Every January I open my Net worth calculator.  I have a breakdown of

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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

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