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Would it be beneficial to open a first-time home buyer’s savings account if I was planning on buying a property soon, say, in 2023 or 2024?
If I purchase a house and live in the basement but rent out the main floor, would that still be taxed as capital gains?
Are there any investment taxes I would need to pay for renting a property? If so, is there an estimate to how much those would be?
Is rental income added to your annual income when you report taxes? Or does a business need to be created? Is there a benefit to either approach?
Are there any other costs I need to budget for?
—Priya
FHSA withdrawal rules on an investment property
I will try to touch on everything you have asked, Priya.
The savings account you are referring to is a first home savings account (FHSA). If you open one and contribute up to $8,000—the maximum annual FHSA contribution limit—this year and again in the new year, you’ll have up to $16,000 of tax deductible contributions that can be withdrawn tax-free for the purchase of an eligible home…
Contribute to RRSP or pay off mortgage?
– moneysense.ca
We have a small mortgage, only $80,000, coming up for renewal. We have some money (approximately $25,000) that we can either put on the mortgage or invest or put into our RRSP. What is the best way to go?
—Linda
Which should Canadians prioritize: RRSP or mortgage?
Most of us have debt, and most working adult Canadians will have room in their registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs). Some of us have group plans with matching contributions at work as well, just to complicate things. Making sure your cash flow is properly funneled is an important part of financial planning.
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In your case, Linda, I note that you refer to your mortgage as a “small” mortgage. Small can be relative or based on your own perspective…
