Protect your family and your home
Your home is one of the most important investments you’ll ever make. Yet a death or terminal illness could have a devastating effect on your families finances.
Mortgage Life Insurance
With Mortgage Life Insurance the original face amount of the insurance is paid in the event of death to the beneficiary to enable them to pay off the remaining principal.The premiums are guaranteed for the life of the mortgage and in the event of a terminal illness as much as 40% of the death benefit is advanced to the beneficiary to assist in critical care.(Terms and conditions apply, contact a financial advisor for more information on the policies available)
Using your RRSPs to Buy a Home & The Home Buyers Plan (HBP)
The Home Buyers' Plan is a program established by the federal government that allows an individual, who is a qualified first-time home buyer (or an individual who hasn't owned a home in the last 5 fiscal years), to withdraw up to $25,000 tax-free from their RRSP's (that's $50,000 per couple) to buy or build a qualified home, located in Canada and be the buyer's principal residence. The borrower must be a resident of Canada. If you previously participated in the Home Byuer's Plan but haven't owned a home in the last 5 fiscal years and your HBP balance is zero by the 1st day of January of the year you want to purchase you may also be eligible to particpate in HBP again. To participate, you must complete "Form T1036" and take it to the institution that holds your RRSP's . These forms are available at the institution or at Income Tax offices.
If you participate in the Home Buyers' Plan you must, however, repay the amount you withdrew within a 15-year period in the amount of 1/15 per year. If you repay less than the amount you should repay, that difference is then added to your taxable income on your income tax return and you are taxed at your tax rate.
*homefund.com
If you do not have an existing RRSP or would like to purchase more to take advantage of the HBP and the tax free benefit you will need to speak to a reputable financial advisor to discuss your eligibility and options to purchase them. You may also apply for an RRSP loan and use these funds for your down payment. (Note: Funds must be in an RRSP for a minimum of 90 days before you can withdraw them under the HBP). You could also receive an additional tax benefit by reducing your taxable income for purchasing an RRSP.(terms and conditions apply).
Note: Making a sizeable contribution to your RRSP may also help with you with your downpayment.
" Let's get started "
" You may be able to purchase your first home sooner than you think "
The above services are offered by a qualified financial advisor. Other services offered by a financial advisor include:
- Free Financial Needs Analysis
- RRSP’S, RRIF’S, RESP’S, Locked in Retirement Accounts, Tax Free Savings Accounts, Variable Annuities.
- RRSP Loans
- Pre-paid Legal Services
- Debt Watchers
I would be happy to refer you to some good contacts I have or help you in any way I can, you can call me at 613-355-0530.
Title insurance is an insurance policy that protects
What is Title Insurance?
residential or commercial property owners and their
lenders against losses related to the property’s title or ownership.
For more information on Title Insurance, Click Here.