I have 13 years of exp as immigration consultant 1 years India and 12 years Dubai. Now i am in Canada. I saw many wants to be a realtor or mortgage agent now days here. I want to decide should i gor RCIC or Mortgage Thanx in advance. By the way i watch potato talkies since you post your video collecting your passport from vfs in India
Hi Navjot, I am bit confused..in some videos you mentioned that RRSP is not where you invest personally but here you mentioned it as no brainer nd must go plan. Kindly throw some light. Thanks
It’s not a good investment vehicle - not as good as TFSA, however you should put the money into it if you are yet to buy a house. Do check my TFSA vs RRSP video where I talk about this exception :)
There seems to be missing information on the 8/9. The tax credit of 10k is actually not applied in full. The current ratio for quebec is something around 15%. So when I buy I can apply for 10k tax credit but the actual return is 15% of it assuming I am paying at least 10k in taxes.
Hey Nav, I'm a dual-citizen with Australia/Canada, but I haven't lived in Canada in 10 years so likely have zero credit. I'm moving back to Canada with my partner in June 2023 and we're looking to buy a house. We have already purchased a home in Australia and have already paid off 50% of it. Do you know if we would still be eligible for a first-home buyers program in Canada since we haven't purchased a home in Canada, or would they still recognise foreign property? Great video and thank you!
Im thinking about buying a house by myself so the household income isn’t as great as a two income household. I have the savings and I can make the payments by myself but the x4.5 thing for FTHBI make my max amount for property value too low. Can I then not use the 5% by government and use my own money. Would that give me any cap for how much the house can cost?
I sold my house on 27 Oct 2023 in Saskatchewan and Planing to buy a house in February 2024 for my family to live in. Can I still take out $35000 from my RRSP…??
What if you buy for yourself but plans change legitimately and you have to rent it and move else where? I'm worried about buying a place now as I may not be here in 2 years but I also might and I dont want to wait to buy a house.
I am trying to use FHSA however in bit confused because I have signed contract with builder in 2023 and closing date is next year after April 2024.and i am not sure whether i can withdraw amount while my closing. Because online information is bit confusing
Im thinking about buying a house by myself so the household income isn’t as great as a two income household. I have the savings and I can make the payments by myself but the x4.5 thing for FTHBI make my max amount for property value too low. Can I then not use the 5% by government and use my own money. Would that give me any cap for how much the house can cost?
Great video! I have a question, if I have a household income of 150k+ but deposits to my personal and spousal RRSPs make it less than 150k in total am I eligible for the first time home buyer incentive plan?
Hi Navjot, thanks for this amazing video. I just bought an apartment worth 300k with closing date of 15-Jan-24. I migrated to canada last year. I do not have HBP / RRSP / FHSA yet. I am a little confused. Can I open both RRSP and FHSA today and add money (my & wife's RRSP contri = $3000 each and FHSA = $8000 each, so $11k each for me & wife) and then withdraw HBP (through RRSP contribution) + FHSA money on 31-Jan? WIll I get $11k tax deduction on my & wife's salary and any capital gains at 0 tax? Thanks a lot for your help.
@@growwithnav I checked about HBP withdrawal. I need to keep money in RRSP for 3 months before withdrawal, but I have my mortgage closing in 19 days, so HBP option is gone. In another FHSA video, you mentioned its a good idea to open FHSA, put money, and withdraw money after 1-2 weeks. So I suppose its not a bad idea to open FHSA account today, transfer money today (28-Dec), dont invest, and withdraw all money on 10-Jan. and close FHSA account in Feb? Any idea if the 8000 contribution limit is per calendar year? E.g. I contribute 8000 on 28-Dec and then again 8000 on 2-Jan. And withdraw 16000 on 10-Jan?
Very informative bro, I am moving to Alberta soon from Pakistan. Me n my wife are looking to buy a house. Is there a way we can meet you or contact you?
Hi Nav, thanks for the fantastic video... can we combine the Home buyers plan and the First home savings account. Can I withdraw 35k from Homebuyers plan and 40k from FSHA for my first home?
Hi Nav … great video! New subscriber. Would I qualify for first home buyer incentives in Ontario, if I owned a home 9 years ago? Are there exceptions to years without home ownership? Thanks for your time!
Great video. For union workers in the trade that work for multiple companies in a year with short durations; like 2 months here, 1 month there, and lai offs in between; how the three month full time work? Thank you!
Hi Nav, great video as usual. I live on rent in Canada and have a home (joint property with my sibling) in my name back in India. Will I still be eligible for FHSA account and all the first time home buyer benefits in Canada?
@@growwithnav I actually called CRA and even they were not sure whether I am eligible for FHSA or not (given my situation). It would be great if you could confirm the same from a lawyer (I don't know any lawyer that's why requesting you for the same ).
Great info, thanks. Can you do a video about buying land and constructing a new home?
Love how you distill complex information and make simple to digest and understand. Great content!
Lovely video Navjot! Great knowledge sharing video! Thank you so much!
👏👏👏
Dude , great info! Appreciate all the hardwork that goes into your video, just confirms all my research , cheers !
Very helpful video..thank you so much for this video 🙏
Thorough work, Navjot!
Valuable information collated in single video...good work Navjot👏 thank you
👏👏
Good one !! Very informative 👏🏽👌🏽
Loved it!, thank you for this
this video is great, thank you.
I have 13 years of exp as immigration consultant 1 years India and 12 years Dubai. Now i am in Canada. I saw many wants to be a realtor or mortgage agent now days here. I want to decide should i gor RCIC or Mortgage Thanx in advance. By the way i watch potato talkies since you post your video collecting your passport from vfs in India
Depends on your interest and strengths…
Hi Navjot, I am bit confused..in some videos you mentioned that RRSP is not where you invest personally but here you mentioned it as no brainer nd must go plan. Kindly throw some light. Thanks
It’s not a good investment vehicle - not as good as TFSA, however you should put the money into it if you are yet to buy a house. Do check my TFSA vs RRSP video where I talk about this exception :)
There seems to be missing information on the 8/9. The tax credit of 10k is actually not applied in full. The current ratio for quebec is something around 15%. So when I buy I can apply for 10k tax credit but the actual return is 15% of it assuming I am paying at least 10k in taxes.
YOU TEACHING US LIKE A TEACHER. VERY NICE THANKYOU. BUT PLEASE IN HINDI OR PUNJABI TOO
Please learn English if you managed to land in canada!!
Hey Nav, I'm a dual-citizen with Australia/Canada, but I haven't lived in Canada in 10 years so likely have zero credit. I'm moving back to Canada with my partner in June 2023 and we're looking to buy a house. We have already purchased a home in Australia and have already paid off 50% of it. Do you know if we would still be eligible for a first-home buyers program in Canada since we haven't purchased a home in Canada, or would they still recognise foreign property?
Great video and thank you!
Magical information, you are providing Nav! Thank you!
Hi thanks for your video. Do you have any videos about a mortgage for newcomers, first time buyers ?
Yes… please check the channel for the process video
Should you withdraw from RRSP ,even if you have enough for the downpayment?As the values in RRSP is increasing due to compounding
Hi Nav, extremely informative video as always!! Looking forward to the US Home buying series , Thank you.
👍👍
Im thinking about buying a house by myself so the household income isn’t as great as a two income household. I have the savings and I can make the payments by myself but the x4.5 thing for FTHBI make my max amount for property value too low. Can I then not use the 5% by government and use my own money. Would that give me any cap for how much the house can cost?
I sold my house on 27 Oct 2023 in Saskatchewan and Planing to buy a house in February 2024 for my family to live in.
Can I still take out $35000 from my RRSP…??
Great content.. thanks for sharing 😊
Thank you 😊
Super awesome video 🙂
Thank you 😊
Good information
What if you buy for yourself but plans change legitimately and you have to rent it and move else where? I'm worried about buying a place now as I may not be here in 2 years but I also might and I dont want to wait to buy a house.
I am trying to use FHSA however in bit confused because I have signed contract with builder in 2023 and closing date is next year after April 2024.and i am not sure whether i can withdraw amount while my closing. Because online information is bit confusing
❤❤❤ You are Amazing !!! ❤❤❤
Thank you 😊
Hi , I already accepted offer for home, can i still open FHSA? Closing is next month
Im thinking about buying a house by myself so the household income isn’t as great as a two income household. I have the savings and I can make the payments by myself but the x4.5 thing for FTHBI make my max amount for property value too low. Can I then not use the 5% by government and use my own money. Would that give me any cap for how much the house can cost?
No, you cant. The home value has to be 4.5x your gross income :/
Sir how do we connect u as i want sum finanacial advises, will be in canada in another few months..thanku
Thanks for sharing all valuable information with us. Appreciate it!
👏👏👏
Good to know
Hey navjot just love your work, i wanted to ask whether its possible to book an in person appointment with you as i am visiting canada this year ?
Hey, I wish I had the bandwidth to do it right now… so make it to the events we do in Toronto :)
If I buy an investment property as my first property can I use rrsp funds ?
Hey Nav, do you drive for Uber on the side? I feel like I've had a conversation with you IRL...
I don’t :) maybe some event… I attend a lot of those 😀
Great video! I have a question, if I have a household income of 150k+ but deposits to my personal and spousal RRSPs make it less than 150k in total am I eligible for the first time home buyer incentive plan?
Hi Navjot, thanks for this amazing video. I just bought an apartment worth 300k with closing date of 15-Jan-24. I migrated to canada last year. I do not have HBP / RRSP / FHSA yet. I am a little confused. Can I open both RRSP and FHSA today and add money (my & wife's RRSP contri = $3000 each and FHSA = $8000 each, so $11k each for me & wife) and then withdraw HBP (through RRSP contribution) + FHSA money on 31-Jan? WIll I get $11k tax deduction on my & wife's salary and any capital gains at 0 tax? Thanks a lot for your help.
Yes you will. But I don’t know your full situation - so you should talk to your mortgage advisor and accountant.
@@growwithnav I checked about HBP withdrawal. I need to keep money in RRSP for 3 months before withdrawal, but I have my mortgage closing in 19 days, so HBP option is gone.
In another FHSA video, you mentioned its a good idea to open FHSA, put money, and withdraw money after 1-2 weeks. So I suppose its not a bad idea to open FHSA account today, transfer money today (28-Dec), dont invest, and withdraw all money on 10-Jan. and close FHSA account in Feb?
Any idea if the 8000 contribution limit is per calendar year? E.g. I contribute 8000 on 28-Dec and then again 8000 on 2-Jan. And withdraw 16000 on 10-Jan?
Thanks for the informative video !!
Can you also please shed some light on assumable mortagage, what are the pros and cons?
No cons.. you just take on the previous owner’s mortgage as is.. comes with whatever terms they have with their banks.
Very informative bro, I am moving to Alberta soon from Pakistan. Me n my wife are looking to buy a house. Is there a way we can meet you or contact you?
Hey, link to book a call in the description
Does NRST still apply for ontario home buyers on work visa?
Yes
🔥🔥
❣️
Hi Nav, thanks for the fantastic video... can we combine the Home buyers plan and the First home savings account. Can I withdraw 35k from Homebuyers plan and 40k from FSHA for my first home?
CRASH IS INEVITABLE. 70% down
Hi Nav … great video! New subscriber. Would I qualify for first home buyer incentives in Ontario, if I owned a home 9 years ago? Are there exceptions to years without home ownership?
Thanks for your time!
Thank you 👍
Yes, you will qualify. The exception is 4 years.
Great video.
For union workers in the trade that work for multiple companies in a year with short durations; like 2 months here, 1 month there, and lai offs in between; how the three month full time work?
Thank you!
Mostly qualify in the alt space with 20% downpayment
It is a lie. It has to be less than 600K, and no home has that price in Ontario.
Hi Nav, great video as usual. I live on rent in Canada and have a home (joint property with my sibling) in my name back in India. Will I still be eligible for FHSA account and all the first time home buyer benefits in Canada?
Not land transfer rebate
But everything else yes
@@growwithnav I actually called CRA and even they were not sure whether I am eligible for FHSA or not (given my situation). It would be great if you could confirm the same from a lawyer (I don't know any lawyer that's why requesting you for the same ).
Hi how can i contact you ? Book a call ?