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
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TFSA – you can access any amount of money in your TFSA tax free.
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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:
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5% on a resale purchase
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5% or 10% on a new home purchase
Click HERE for our video providing the details on the FTHBI
3) Sell Uneccessary Junk
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Cars, toys, jewelry, etc
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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
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Typical strategy in Canada
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Requires a completed and signed gift letter plus,
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Bank account statement showing deposit of funds into purchaser’s bank account