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 

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