4 Mortgage Down Payment Strategies

Transcribed from the Michal Sluka / Michael Huber YouTube Video – see below for written, condensed version.

1) Access your savings in TFSA or RRSP

  • TFSA – you can access any amount of money in your TFSA tax free.

  • RRSP – you can access up to $35,000 tax free as a first time home buyer

2) Canadian Federal Government – First Time Home Buyers Incentive (FTHBI)

Government will provide to you, through a Shared Equity Model:

  • 5% on a resale purchase

  • 5% or 10% on a new home purchase

Click HERE for our video providing the details on the FTHBI

3) Sell Uneccessary Junk

  • Cars, toys, jewelry, etc

  • Clients of mine with specialized skills have sold rebuilt engines, refurbished trailers, fixed up old cars – require bill of sale to confirm this transaction for use as down payment

4) Gifted Funds

  • Typical strategy in Canada

  • Requires a completed and signed gift letter plus,

  • Bank account statement showing deposit of funds into purchaser’s bank account

Thank you very much for reading.  Please share 🙂

One of my hobbies is blogging about mortgages, debt and government policy.  During the day I’m a MORTGAGE BROKER in Kelowna, BC!

Check out the Huber Mortgage Home Buyers Guide HERE



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