If you are looking to buy your first house, you may qualify for a Canada Revenue Agency program which aids you in making the down payment toward your home. The money is borrowed tax-free from your Registered Retirement Savings Plan (RRSP). The program, known as the Home Buyer’s Plan (HBP), is available to all first-time buyers with a qualifying RRSP in both Vancouver and the rest of Canada.
A financial advisor, mortgage broker or bank mortgage agent can answer questions you may have about the HBP, and can help you determine if you qualify. If you are looking for a broker in Vancouver, Chris Landry at VERICO Paragon Mortgage Group can help you.
According to the HBP, a first-time home buyer can take up to $25,000 from their Registered Retirement Savings Plan to apply toward their home purchase. This maximum applies to each individual, meaning a couple buying a home could borrow as much as $50,000 toward their down payment from their retirement savings. This withdrawal is not included as income on your taxes, and you will not be taxed for it as long as it is paid back into the account as required.
Spending this money now can save you money in the long run. Mortgages with higher down payments often score lower interest rates, and there is an added financial benefit for down payments that cover more than 20 per cent of the home’s purchase price. If you borrow more than 80 per cent of the home’s worth in your mortgage, you will be required to pay a monthly insurance premium to protect the lender from a financial loss if you cannot make the payments. This is known as mortgage default insurance, and can add up to thousands of dollars over the life of a loan.
Two years after you buy your home, you receive a notice that you must begin adding the borrowed money back into your Registered Retirement Saving Plan. A minimum yearly payment will be required, based on how much you used toward your down payment. If this minimum isn’t met, the amount due is considered taxable income and you will be taxed on it the following year.
If you are looking for a house in Vancouver, you may want to see if you qualify for the HBP. If you need a mortgage broker, Chris Landry at VERICO Paragon Mortgage Group in Vancouver can find the home loan that works best for your family’s needs.
This guest post has been brought to you by Chris Landry, a 14 year veteran of the Vancouver mortgage industry, connect with Chris below:
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The natural beauty of all gemstones has caught the eyes of us humans for longer than we will ever know. The clear trend has been to sell faux (fake) gemstones, but still they look like the real thing and have the same qualities. Here is our short discussion regarding choosing what suits you plus some interesting information.
Corundum is a mineral from which sapphires and rubies are made which means they are cousins, sort of. Despite this, sapphires don’t get quite the same attention as rubies and, while they can be expensive, aren’t usually as high priced as their red sisters. There are purple and yellow sapphires, but they are not as popular as the blue sapphire. Clarity is always important when a gemstone is evaluated for price, but other considerations are how big it is and the way it was cut. Sapphires can make for elegant and stunning rings, necklaces among other types of typical jewelry. Naturally, sapphire costume jewelry will be synthetic and exists for those who are unable to buy the real thing. Gemstones such as rubies and diamonds are beyond the reach of so many people, and that is why they should seriously consider the stones designated as semi-precious. If you cannot afford anything in precious but the smallest stones, then why not look at the same price in semi-precious that will be larger. It is truly fascinating to think that if the marketing machines focused on devaluing diamonds, then that is what will happen. Look at the amethyst and turquoise semi-precious stones, it is amazing to realize they were highly valued over all else in different periods throughout history. If you are not so swayed by peer pressure and opinions of others, then go with your heart and be happy. For more details check out Genesis Rare Diamonds immediately.
Three important classifications to know about, for gems, are synthetic, natural and simulant. Hopefully you have an intuitive understanding of what a natural gemstone is. Synthetic stones are made in a laboratory, but still have the same chemical makeup as natural stones.
When you talk about fake gems, it is the simulants that you are talking about. The top three gems, emeralds, diamonds and rubies are typically what the simulant market targets. Just be very sure that you know if you are buying a simulant so you do not get ripped off. The demand for gems has always been so large that it is a lot harder to mine natural precious gems. Gemstones have always been popular and treasured and always will be. They’ve been symbols of royalty and nobility, and all kinds of magical and healing powers have been attributed to them. There are so many individual reasons why people gravitate to the gems they like. Go online and look up all the gems you think you like, and then just learn about them.
When you decide to sell your house, you should learn some proven strategies for pricing houses to sell before you begin. You could make mistakes along the way including selling at below market value, are pricing it so it will not sell.
If you really do want to sell your home, there are some important considerations to make, all of which are discussed in this article. It is important that you do not raise the price you are asking. That means you must choose a price you are comfortable with lowering if the need arises.
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The bathroom and kitchen are among the most important rooms in your home in the minds of prospective buyers. That’s why it sometimes makes sense to remodel one or both of these rooms so you can get more for your house. It’s not necessarily wise to spend a lot of money if remodeling isn’t really needed, so you should take a close look at what is truly essential. Kitchen cabinets and refrigerators are examples of obvious things that should look good to prospective buyers. You also want the bathroom to be in top condition, so if the shower, toilet or tile floors need replacing or redoing, you might want to consider this.
Working with a real estate agent to sell your house is something that many people believe is absolutely necessary. This is not necessarily the case. You are not legally obligated to use a realtor, though if you don’t use one it will be more work on your part.
You will definitely make more money if you sell your house on your own since there are no realtor fees to pay. This will be a substantial amount of money, when you consider that realtor’s typically get about six percent of the selling price. All of the negotiations with prospective buyers, listing your home and putting all the signs up – this will be work you have to do if you want to do this independently.
You may consider doing a major undertaking to your home to improve on its potential value. There will be those tasks that are simply not worthy of spending your time on them. You should consider this before investing in any expensive projects that you hope will add to your home’s value. Putting in a swimming pool, for example, seldom increases the value of a home enough to justify the price. Not everybody will use a pool and may think it is a bit flagrant perhaps and will opt to buy a home without one for a better price. You may even want to reconsider upgrading your basement or garage to more living area. This may seem like a good idea to you, but the prospective buyer may rather use the garage for actually parking their car in and the other extra spaces in the house for storage. Everyone would like to get a lofty price for their home. You will need to bring your wish for this into reality and price your home accordingly with others in your area. The above points provide you with some guidance on setting the price, but you have to do plenty of research to determine what your own house is worth.