Can a joint-tenant qualify as a first-time homebuyer? Q: I'm a joint tenant in my current home, and I'm ready to buy my own place. Can I use the Home Buyers' Plan (HBP) or the Tax-Free First Home Savings Account (FHSA) as a first-time homebuyer? A: To take advantage of the HBP and/or FHSA, [...]
Considering how often they're used, there is a lot of confusion over what a Home Buyers Plan withdrawal really does and how it works. Personal Tax Advisors: Next Level Tax Preparation Next Level Tax Preparation means experienced preparer who can do what software and seasonal workers can't. You can get 'good enough' tax preparation from [...]
©iStockphoto.com/eyetoeyePIX When you have a great year, sheltering an income spike with an RRSP contribution can save you excess tax. Jargon Alert! Marginal Tax Rates The feast-or-famine world of self-employment and freelancing can be terrifying or exhilarating. Unfortunately it can also be expensive when it comes to taxes. A person who earns [...]
The Home Buyer's Plan lets you borrow from your RRSP to make a down payment on your first house. But if you're planning to buy a house soon and you've got less than $20,000 in your RRSP, it's time to do a little fancy footwork.
