Affordability tips for first-time home buyers to securing a mortgage Nov 2nd

Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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How GICs can help you save for your short-term goals + MORE Nov 23rd

Let’s talk about short-term savings. By short-term, we’re talking about putting away money for a few months, or even a few years, for a big goal, like a vacation, a wedding or a down payment on a home. Where should you put your savings so they’ll be secure and work for you? When saving,.... More »

What the right ETFs can do for you Nov 30th

Jonathan Chevreau will be presenting: The MoneySense ETF All-Stars and Their Role in Establishing Financial Independence and Generating Retirement Income on Thursday, December 2, 2021 at 12:25 p.m. to 12:55 p.m. EST. Now in its ninth year, the ETF All-Stars helps Canadian investors narrow down the f.... More »

What’s the best way of using your home equity during retirement? Nov 9th

Not sure how to make a retirement plan? Read on... What’s the best way of using your home equity during retirement? - thestar.comContinue Reading On »Getting the most out of your Retirement Plan in Canada can be tricky - let us help! Visit our Retirement page for.... More »
Q. My partner and I rent a two-bedroom apartment in Toronto in a great neighbourhood for $1,850 a month—so, a great deal. We have been living together for three years and would like to buy a house together next year, when we both turn 30.

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We’ve looked around and can probably buy a small bungalow north of Toronto for about $900,000. Since we only earn about $120,000 combined pre-tax, my father has suggested he buy a one-third share of the house outright with $300,000 (name on title for one-third), and then my partner and I can buy the other two-thirds in our name; that would likely mean a mortgage of about $500,000 for us. (We have saved $100,000 for a down payment ourselves.)

Would we be able to use the Home Buyers’ Plan to borrow from our RRSP for a down payment in this case? And would we be able to call the house our principal residence for tax purposes?

Finally, would it be wise to consider an alternative lender for our mortgage, even though our bank would give us a $500,000 mortgage? We’ve checked and the non-bank mortgage interest rates can be as much as 0…

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