No house yet? These tips will help you buy your first property in Canada. Find out more.
Build credit
“History is one of the most important pieces of your credit ,” Lofeudo said. “As long as you don’t abuse it.”Prasad also took advantage of lines of credit that his bank qualified him for to buy an old Honda Civic, which further boosted his credit score.Advertisement 5Lofeudo said taking out other loans helps “thicken” a person’s credit profile, another positive lenders like to see when it’s time to get a mortgage.
A person has up to 15 years to pay back the full amount taken out of their RRSP before the withdrawal is taxed, and repayments kick in at the start of the second year after the home purchase.Article content “Let’s say you were even going to buy this year,” he said. “You could put that $8,000 into the first home savings account, get a tax refund the following year and be able to pull that out whenever you want for a purchase right away.”Secure a stable job
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