Here’s a nice thought for hopeful first-time home-buyers – if you’ve been tucking away money into your RRSP, you may have that elusive down-payment. Your RRSP can help you make your house dreams come true. Under the Home Buyer’s Plan, you can tap your RRSP and borrow from yourself tax-free to help with your home purchase. You then pay yourself back later.

Of course, your RRSP savings are always accessible (it’s your money after all), but when funds are withdrawn, they are taxable in the year of withdrawal unless you comply with certain rules – and being a first time home-buyer is one of them. You can withdraw up to $25,000, and if your spouse qualifies as a first time home-buyer, he or she will also be able to withdraw $25,000. Between the two of you — you could put together a hefty down payment of $50,000.00. Continue reading »

Maybe your mother told you that if something looked too good to be true…then it probably was. For a few years, several lenders have been offering mortgages that actually give you some cash back – a rebate – when you take out your mortgage. Usually, you get a nice fat cheque within a week of the mortgage closing. Continue reading »