Chapter 11 – BC Home Buyer’s Plan

The Home Buyers’ Plan (HBP) is a first time home buyer program that allows you to withdraw up to $25,000 from your RRSP for a down payment. Conditions for participating in the HBP Only the individual who is entitled to receive payments from the RRSP can withdraw funds from an RRSP. You can make withdrawals from … Read more

Chapter 12 – Special Tax Discounts

Home Owner Grant: The basic grant can reduce your property tax by as much as $570 per year. To be eligible for the grant, you must meet the following criteria: 1. You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia. 2. You are the registered owner or eligible occupant of the … Read more

Chapter 14 – Extra Costs to Consider

When you are buying a house, you will need to have additional funds set aside for closing costs. These costs can add up to a substantial amount. The following is a list of the most common costs, with an indication of their price.   APPRAISAL $150 – $250 Lending institutions usually require an appraisal to … Read more

Chapter 15 – Prepayment Options

Depending on the lender, you will have a variety of prepayment options available to you.  Using these options is a great way to reduce the principal on your mortgage and save money.  Check with your mortgage broker to see which ones are available to you. Here are some of the standard prepayment options: Anniversary Lump … Read more