Canadian Money Forum banner

1 - 2 of 2 Posts

·
Registered
Joined
·
7 Posts
Discussion Starter #1
I am goin to be a first time home buyer next year I have 50 000 saved for a down payment plus 25 000 in rrsp for first time home buyers plan. My total home coast is between 170 000 to 180 000. My financial advisor is telling me i should invest about 20 000 into RRSP to top up my contribution room for this year. i would be in the 46% bracket leaving me with 10 000- 11 000 come tax time to use for my mortgage down payment giving me 40 000 instead of 50 000. but i would have an extra 20 000 invested in RRSP which i have invested in a stock portfolio which probably makes 5-10% return depending on the market. and mortgage rates can be around 2.6% 5 year locked. Just looking for some advice on what would be the best plan.
 

·
Registered
Joined
·
1,196 Posts
My plan was to max rrsp and put the tax return on the mortgage. It worked.

You didn't say how old you are but my instinct say to put the 50 down and your advisor is looking after his income.
 
1 - 2 of 2 Posts
Top