Watch: The differences between a TFSA and RRSP + MORE Sep 22nd

Canadians have many different reasons to hunt for a second property. Some want the source of income that an investment property can provide; others want to secure housing for a child during post-secondary education. There are those who simply want a rural retreat, like a country home or cottage.

Whatever the reason for having a second property, there are in fact many multiple-property owners in Canada. In British Columbia and Nova Scotia, for instance, owners with multiple properties represent 15% and 22% of all home owners, respectively, according to Statistics Canada. That’s more than one in 10 home owners in British Columbia, and almost one in five in Nova Scotia.

If you’re hoping to be among the growing number of Canadians who own a second property, or if you want to add a third or fourth, it’s essential that you become familiar with the mortgage rules.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…

A tax-free savings account (TFSA) is a registered account that holds investments and allows you to grow your money tax-free and withdraw it tax-free. That means you don’t have to report any income earned in the account on your personal tax returns. A registered retirement savings plan (RRSP) is also a registered account, but it works differently than a TFSA, in that you defer reporting the income earned in an RRSP until you withdraw the funds—likely when you’re retired and in a lower tax bracket than when you were working. But that’s not all. Watch to find out more.

Watch: The differences between a TFSA and RRSP

! ( function ( r, u, m, b, l, e ) {
( r._Rumble = b ),
r[ b ] ||
( r[ b ] = function () {
( r[ b ]._ = r[ b ]._ || [] ).push( arguments );
if ( r[ b ]._.length == 1 ) {
( l = u.createElement( m ) ),
( e = u.getElementsByTagName( m )[ 0 ] ),
( l.async = 1 ),
( l.src =
‘https://rumble.com/embedJS/ulkdw1′ +
/* replace [PUBID] */ ( arguments[ 1 ]…

You know both can help lower how much income tax you pay—both are registered accounts, after all—but how do you decide whether to put your money into a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP)? Watch this video to learn about the four things to consider before putting your money into a TFSA or an RRSP.

Watch: 4 things to consider before putting your money in a TFSA or RRSP

! ( function ( r, u, m, b, l, e ) {
( r._Rumble = b ),
r[ b ] ||
( r[ b ] = function () {
( r[ b ]._ = r[ b ]._ || [] ).push( arguments );
if ( r[ b ]._.length == 1 ) {
( l = u.createElement( m ) ),
( e = u.getElementsByTagName( m )[ 0 ] ),
( l.async = 1 ),
( l.src =
‘https://rumble.com/embedJS/ulkdw1′ +
/* replace [PUBID] */ ( arguments[ 1 ].video
? ‘.’ + arguments[ 1 ].video
: ” ) +
‘/?url=’ +
encodeURIComponent( location.href ) +
‘&args=’ +
encodeURIComponent(
JSON…