Hi experts, need your advice/feedback on below questions.
RRSP
Q1. How much money can i put in RRSP account and then borrow as first time home buyer (For myself and my spouse). ? I have heard 20K and 25K, but not sure which amount is correct.
Q2. Lets say the limit is 20K and buyer is in 33% tax bracket, then how much tax advantage he/she will get. Whats the formula to calculate that.
Q3 If spouse is not working then does it make sense to put money in his/her RRSP, will he/she also get any tax advantage. (even though no income).
Utility Bills
Q1. For a 2500 SQFT house, whats the average bills ? Below are the figures given by a co-worker, i just wanted to confirm.
Electricity - $150
Gas - $200
Insurance - 70
Water - 30
Down payment
Q1. I know if i pay less then 20% down then i will have to pay mortgage insurance. Now considering the Real estate market, i am not sure which strategy is good.
i) Give 20% down - (PROS)No insurance premium, less monthly payment, more equity, good interest rate.
(CONS) - Less money left in bank (might need in emergency), if property prices goes down your equity also goes down, incase of foreclosure (God forbids) you will have more to lose.
I want to know what strategy will you use and why ?
Quote:
Originally posted by kabutar12
Hi experts, need your advice/feedback on below questions.
...........
I want to know what strategy will you use and why ?
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks a lot Pramod Ji.
Water bill will be more than 30 in summer when you do the lawn.
If you are in GTA then 180 is good for gas in winter.
electricity can be 100
Again dont forget gas bill will be <50 in summer
Dont froget security system. I also add newspaper to this expense.
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