Can I purchase a condo using my RRSPs?
The question was asked by one of my clients, he had saved already over 25,000 dollars and with a good job.
It may look simple, or it may look difficult for anyone to get his question answered with only that information, but the question was valid and very intelligent from my client to have saved enough through the time to amass his savings using RRSP’s.
By saving in RRSP’s my client was able to avoid paying taxes on that money as part of his income, which for the cash flow purposes is a great thing. Why pay taxes for an income if you by law are allowed and encouraged to do so?
Even when there are other factors to be considered before the approval, saving on RRSP’s is a good idea for first time home buyers.
As the prices of houses keep on rising in Toronto, mortgages rates by our lenders have been experiencing a decent decrease helping to the affordability of home purchasing.
The Mortgage assessment done as the first step when buying a home is highly recommended to reach a successful home purchasing.