Blog by Barb Pasternak,

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Tips to save for a down payment


Blog by Barb Pasternak | March 1st, 2010


Three tips to save a down payment

1. Keep the money apart from your other savings. That way, you’ll be less likely to spend it.

2. Find a way to grow your money safely. You don’t want to wake up a month before you plan to buy your home and find you have lost money due to a drop in the stock market.

3. If you’re a first-time buyer, you might want to save for a down payment in a Registered Retirement Savings Plan (RRSP). Under the government’s Home Buyer's Plan, you can take up to $20,000 from your RRSP for a down payment on your first home.You won’t pay any tax on the money as long as you pay it back over the next 15 years.

What are some safe places to invest while I save for a down payment?  read more...

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