Use the first 60 days of the year to max out contributions to your RRSP. You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund.
There are several advantages in maxing out your contributions to your RRSP. All of the income you earn in the plan is exempt from tax (as long as the funds remain there). Additionally, you can withdraw tax-free funds from your RRSP for qualifying home purchases.
The Home Buyers’ Plan (HBP) is a program that allows Canadians to withdraw up to $25,000 in a calendar year from their RRSPs to buy or build a qualifying home for themselves or for a related person with a disability.
Under this plan, only first-time home buyers are eligible to participate, unless the special rules for persons with disabilities apply.
Each spouse or common-law partner can withdraw eligible amounts under the HBP from any RRSP under which he or she is the annuitant. Each person can withdraw up to the $25,000 limit, or $50,000 if purchasing the property jointly.
Any RRSP contributions made must remain in the RRSP for at least 90 days before they can be withdrawn under the HBP. After 90 days, the RRSP may generate a tax refund, which can then also be applied toward the down payment.
You have up to 15 years to repay to your RRSP from the second year following the year of withdrawal. If the required repayment is not made, the owing amount will have to be included as income in the year of the shortfall.
This is an excellent opportunity to save for your first down payment. Make sure you make use of it!
Canada’s Leading Experts Reveal Their Secrets for Building and Protecting Real Estate Wealth
“If you’re looking to make money in real estate, you absolutely need to read this book.” Robert G. Allen
Media calls him the “Wealthy Cop”.
Sunil Tulsiani has trained over a half million people around the world on real estate investing and building massive wealth.
He’s shared stages with Brian Tracy, Jack Canfield, Robert G. Allen, Ron Le Grand, and many more.
Now, for the first time, Sunil and his handpicked experts reveal insider secrets
to building generational wealth in this groundbreaking book.
Here’s a short video,
Some of topics covered are:
Should you buy properties in the USA?
Is the Canadian Real Estate Market Crashing?
How to safely build your passive income?
How to buy properties below market value?
How to invest safely in Real Estate?
How to find private money for your properties?
And lot more.
This book is absolutely a gem whether you are starting out in real estate or you are already a pro…you must have this book.
Brian d’Eon and Canadian Wealth Masters were recently featured in a video on Canadian Real Estate Wealth’s web site!
Here, Brian is discussing the benefits of attending real estate networking events. CREW TV interviewed me for this video after having the amazing opportunity of speaking with Brian Tracy in Spring of 2016.
Sabbir Chawala of Century 21 Innovative Realty explains how Brian d’Eon and Ranjit Dhaliwal of Canadian Wealth Masters help their agents differentiate themselves and expand their market clientele by offering rent to own and wealth building strategies to sell more real estate.
Jump-Start in Rent-to-Own
1 Day Power Workshop
(June 22nd, 2016 – Sheraton Hotel Toronto Airport – 11:00am – 3:00pm)
Canadian Wealth Masters is proud to present a FREE workshop this Thursday, June 2nd in Toronto on Rent to Own Strategies and Wealth-Building techniques in Real Estate Investing.
Your are cordially invited to this FREE event with my host, Sabbir Chawala of Century 21 Innovative Realty Inc.
Sabbir will be hosting me (Brian d’Eon) and Canadian Wealth Masters’ co-founder, Ranjit Dhaliwal for a two-hour workshop. Learn from the masters …
How to Buy Your First FIVE Properties, and How to Buy Your Next Five
Get the Taxman to Make Your Down-Payment (a.k.a. How to Go From Debt to Home Ownership in 100 Days)!
How to Explode Your Commissions with Rent to Own (for Real Estate Agents)
This workshop is ideal for anyone who is a real estate investor (or wants to become one), real estate agents, and anyone involved or wishes to be involved in real estate investments.
Lunch will be provided. See you there!
Century 21 Innovative Realty Inc.
#3 – 2250 Markham Road
11:00am to 1:00pm
If you were there, you were one of the lucky ones who got to see Brian Tracy gives his 1-Day MBA just for real estate investors–as this was a unique event Brian has never done in the past, nor will he again in the future.
Enjoy some of these photos from the event …
What a fantastic event and action-packed day we had! It was such a pleasure meeting and speaking with Brian Tracy, and people who came in from across the country for this sold-out show!
If you missed it, unfortunately Brian Tracy will probably never do this event again; however, my video will be available in the near future and I’m certain that other videos will be circulating as well. Brian Tracy is truly a mentor and inspiration to us all.
Thank you so much for those of you who came and to the other sponsors and I sincerely hope to you again soon!