SAVING FOR A DOWN PAYMENT
- RRSPs. Don’t over contribute to RRSPs if you are saving towards a down payment. First time home buyers can only withdraw $25,000 toward a home purchase.
Cash Flow Banking. Consider saving within a policy as described in Cash Flow Banking.
Investing. In addition, if you are 4-5 years or more from your purchase, consider investing in a TFSA or open account with an investment goal of 4% and take the least risk possible to achieve that return.
© 2016 Doug Ransom - Insurance Advisor