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Six steps to understanding the home buyer’s plan
WHAT IS THE HOME BUYER’S PLAN: The home buyer’s plan is a program that was started by the Government of Canada that allows individuals to use the funds allocated in their RRSPs for the purchase of a new home, granted they are first time home buyers. This purchase can be done for themselves, or a [...]
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Five things to know about pre-authorized tax payment plans
WHAT IS IT? Pre-authorized tax payment plans are a hassle free way to pay for your property taxes without having too much to worry about. Depending on the city, your property taxes would be withdrawn from a valid Canadian bank account that you specify at a designated time period in small instalments (as opposed to [...]
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Eight things to know about mortgage life insurance
When you’re looking into signing the documents for a mortgage, there is always the question as to whether you want mortgage life insurance. It is important to know some fundamental things about mortgage life insurance in order to make an informed decision on whether it is right for you, because everyone has their own needs [...]
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Five things to know about a gift letter
If you’re looking into purchasing a new property, sometimes the financial pressure to come up with a down payment (not to mention all the closing costs, lawyers fees, etc) could be quite nerve-wrecking. If you are lucky you might have a relative that is willing to gift you some money for your down payment. This [...]
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Welcome to Canada – Your guide to buying your first home here
The very first step to making this wonderful country your new home, is finding yourself a suitable place to live. As a first time home-buyer in Canada you probably have a lot of questions to ask so I’m sure it helps to have a reliable checklist handy. Here’s a checklist with some useful pointers that [...]
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Five Ways to Achieve Financial Stability towards Home Ownership
Here are five ways to achieve financial stability towards home ownership: Start your own personal budget plan: Regardless of whether you are looking to buy a home, planning to save for retirement, or just looking to balance your finances, it is important to create a personal budget. In an average month, those without budgets would [...]
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Home Buyer Perks
First time home buyer perks in Ontario: According to the latest Firm Residential Mortgage Survey, conducted quarterly by the Altus Group, first time home buyers have accounted for more than a quarter million residential home sales in Canada over the past year. Low interest rates, ever changing mortgage rules and rising home prices have played [...]
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Homeowners vs. non-homeowners: Which have better finances?
Being a homeowner is a big step, both financially and emotionally. But when it comes to finances, a new survey shows that homeowners take their financial obligations seriously. The survey by Genworth Financial Canada surveyed 1,444Canadian homeowners to find that homeowners are, in fact, more financially stable. When it comes to credit card debts, 65% [...]
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Want to save money? Shop around when renewing your mortgage.
Mortgages are bounded by a specific term that can range anywhere from 6 months to 10 years (and sometimes even higher, depending on the lender). That means for the duration of the term, your mortgage commitment states that your rate will be as noted. So, for example, if you take a 5-year fixed rate at [...]
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