Many roads lead to property ownership, but the first to take is undoubtedly the savings route. Putting money aside not only helps you make your down payment, but maybe even increase it, so that you can reduce your mortgage and lower your monthly payments.
The RRSP is above all an instrument for retirement savings, but you can also use it for other purposes, such as buying a property. To ensure a comfortable future for yourself, you need effective investment tools that are adapted to your financial situation. We are here to guide you in these choices.
This is the Home Buyers’ Plan, a government program that allows you to borrow from your RRSP to buy or build your house. You then have 15 years to repay your RRSP withdrawal, with no interest. It’s useful if you started saving early.
Even if you have never contributed to an RRSP, or you have little savings, we can help you participate in the HBP. Feel free to talk to your UNI advisor.
The Tax-Free Savings Account is ideal if you are at least 19 years old and want to save money and reduce your taxes. A TFSA is also perfect for putting money aside to achieve your goal of being a homeowner. Simply remain within the annual amounts allowed, and you’ll be on the way to your new address in no time.