FINANCIAL HELP: so I have a loose $5000, what do I do? & no I won't give it to you...

portugz

portugz

New member
FINANCIAL HELP: so I have a loose $5000, what do I do? & no I won't give it to you...

alright, so I was speaking with someone from my bank today, and I'm thinking of what to do with my loose change.

short term goal:
- purchase a house/condo
- screw with taxes at the end of the year, so I don't have to pay any extra.

I have 5000$ in a savings account which gets 0% interest, and increases by 500$/week.
I was suggested to throw it into a CELI, which is probably what I am gonna do. It'll be an open CELI, therefore I can take that money out whenever I'd like, but it will gain only 1.15% interest. I am looking to buy a house within the next year (which can be anywhere in the next two months (I've found a new construction which could set it up with 0 down payment), or after that... I'm patient)

I also have 1000$ sitting in a REER account, but which hasn't been placed yet, it's just in a "wallet" - but I can't take that money out.

I have a weekly 100$ investment aswell going into that wallet, but just made two changes:
- I upped the investment to 150$/week
- Instead of sending future withdrawals to the wallet, they will be split 75$-75$ into two prior investments. (therefore, my wallet won't increase anymore, my investments will.
 
si tu prevoit vraiment t'acheter une maison dans la prochaine années Un REER serais ta meilleur option ., puisque tu pourais faire un RAP et te servir du retour d'impot comme mise de fond , ou meme faire un pret levier pour un Reer si tu a beaucoup de cotisation non utilisé

voicie 2 exemple rapide et fictif

Exemple avec un CELI

tu investie 5000$ pour un an a 2% = tu a 5100$ a la fin de ton année Borrrinng

Exemple 2 avec un Reer

tu investie 5000$ pour un an a 2%= tu a 5100$ a la fin de ton année et c'est toujours aussi Borring MAIS tu va recevoir un Jolie retour d'impot en Mai prochain de + ou - 2000$ ce qui porte ton investisment a 7100$ pour un an ce qui a du sens .

Le seul defaut de cette demarche ?...et bien tu a 15 ans pour remetre 5000$ dans tes REER avant de devoir payer des penalité.

Exemple 3 qui peu etre dans certain cas seulement interessant c'est un Pret Levier pour utilisé le maximum les cotisation non utilisé que tu a accumulé au fil des ans , a +ou- 18% de ton revenue des dernieres années

tu a 15 000$ de cotisation non utilisé

tu place ton 5000$ en REER
tu EMPREUTE 10 000$ et l'investie aussi en REER
Ce qui te vaudras un retour d'impot d'Environ 5500-6000$

tu retire le tous apres et tu a environ 20000-21000$ en poche ( tu rembourse le pret de 10 000$ avec un peu d'interet (peu etre 600-700$) et il te reste pratiquement 10 000$ en poche pour ta maison , par contre encore la tu a le meme problemme tu a 15 ans pour metre 15 000$ en REER , mais de toute facon il faut bien en metre pareil

NB:1 le REER doit etre actif durant 90jours minimum avant d'etre admisible au RAP
NB:2 si tu tombe sur une "LUCK" dans 3 semaine pour ta propriété tu est Pris
 
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if you are going to buy a condo/house, there's really nothing better to put in a RRSP product and do the RAP. You can use up to 25k of your RRSPs do make a down payment on your first house. If you are going to have a joint mortgage, your gf/wife can put down another 25k.
 
mig0s said:
if you are going to buy a condo/house, there's really nothing better to put in a RRSP product and do the RAP. You can use up to 25k of your RRSPs do make a down payment on your first house. If you are going to have a joint mortgage, your gf/wife can put down another 25k.
Click to expand...
You have 15 years to pay it back, which shouldn't be difficult.
 
h-4-1773302-1257262236.jpg
 
I have some money in a CELI, I plan to buy a condo with someone and rent it, but I don't know if it's a good idea. On something cheap (150-200k$) I would have just enough for 10% of mise de fond (20% with my partner), and I would have to pay maybe 250$/month after (mortgage + taxes - loyer). And do we get any tax returns or something? Are the revenues taxed? I'm a studen working part time.

If I don't buy any condo, I'll just buy a real motorcycle.
 
Broody said:
I have some money in a CELI, I plan to buy a condo with someone and rent it, but I don't know if it's a good idea. On something cheap (150-200k$) I would have just enough for 10% of mise de fond (20% with my partner), and I would have to pay maybe 250$/month after (hypotheque + taxes - loyer).
Click to expand...

Condo fad is dying out. Condos in general are shit. Buy a house.
 
Setak said:
if you need to spend money after the loyer , dont buy it , that pure shit .
Click to expand...

Why? Unless you have a great deal on a duplex (still 250k+ probably) you are willing to have to pay after the loyer.

In my calculation, if the loyer covers more than the condo fees/taxes + interests on mortage + inflation, you are winning at the end, no? And even if my loyer would cover everything with let say a 30 years mortgage, I'd take a 20 years mortgage then and pay a bit monthly so I pay less interest at the end.

And with the desjardins calculator, if I buy it 130k, with 30k cashdown, it would make 525$/month of mortgage (4% of interest). Then you pay maybe 200/month in taxes and condo fees, it gives 725, which is pretty much the price of the loyer.

But I'd rather take a 15 years mortage and pay 100$/month extra from my pocket. At the end, you would save almost 30k in interests.
 
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