The Bank of Mom and Dad

Mortgage Tip of the Day:

This one is very clever and it came to me from a client.

A client was getting a gift from their parents for part of the down payment on their new home. This clever person took the gift and contributed to their RRSP. Then they withdrew the funds without penalty (first time buyer) and used the gift for the down payment as it was intended! 

By doing this they got the tax benefit on their income tax AND they have made a commitment to contribute the funds back to the RRSP for the next 15 years! 

Smart smart smart! 

I am now going to promote this plan every time I have first time buyer getting a gift. (Did I mention my client's mom is a financial planner?)

Thank you Marcy Berg! 

http://renewyourmortgage.ca 

You should be using every TIP you can to maximize your equity.
Call today!   647 218 2414

Behind on your Taxes?

Do you need to pay some bills?
Looking at the next tuition bill?

Have you let the property taxes slide for a couple of years?  Now the renewal is in and you have a problem.

What will you do?

Create a second mortgage that can absorb some or all of your high interest rate debt;  Add in your unpaid taxes PLUS prepay the second mortgage for one year.

Result;

You cleaned up your debt
Improved your cash flow 
Enhanced Credit Position

Call today

http://www.renewyourmortgage.ca/services.html

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