According to a CIBC poll, only 32% of homeowners who’ve decided to renovate came up with a detailed budget. That’s only half the story. Of those who recently renovated, 39% went over budget. Millennials are budgeting the most, but also overspending the most. The same study found that 49% of Canada’s homeowners planned to renovate…Details
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The Canadian government’s Home Buyers‘ Plan (HBP) allows first time home buyers to borrow up to $25,000 from your RRSP for a down payment, tax-free. If you’re purchasing with someone who is also a first-time home buyer, you can both access $25,000 from your RRSP for a combined total of $50,000.
1 – Save for your down payment Aim to save at least 20% of the purchase price, and borrow the rest from the lending institution. This type of loan is called a mortgage. 2 – Make sure your credit report is in good shape To qualify for a mortgage, you will have to pass…Details
Home Buyers’ Plan (HBP) This federal government program allows you to borrow up to $25,000 from your RRSP tax free to fund your purchase. If both you and your spouse qualify, you can each borrow up to $25,000 from your RRSPs, for a total of $50,000. The money must have been in your RRSP for at least…Details