Saving for 5% down payment | Paano namin naipon ang down payment | Buhay sa Canada | Homebuyer Tips
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- เผยแพร่เมื่อ 14 มิ.ย. 2023
- Here are some tips we can share to you paano kami nakapagipon ng pang downpayment namin para sa house na binili namin dito sa Canada. For mortgage kailangan kasi 5% down. Kailangan talangang mag budget and mag save for this big investment. I hope makatulong ang video na ito kung pano kami nakasave.
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Iyong winidraw mo sa RRSP na ginamit mong pang down payment ibabalik mo rin iyon before 10 to 15 yrs otherwise babayad ka ng TAX (walang TAX FREE sa RRSP otherwise kung nasa TFSA)
Yep that's how it works. RRSP is a deferred tax and tax free account. Pag nag deposit ka sa RRSP, you will receive a tax refund, which makes your income tax deferred until a later date. All income earned sa loob ng RRSP is tax free, this includes dividends, capital gains, interests, etc..
Sa TFSA naman, when you deposit, there's no tax refund. Tax free lang ang income earned within the acct like interest dividends capital gains etc..
All in all, if you want to maximize your savings for retirement purposes, deposit it sa RRSP. Why?
Lets say meron kang 5k and yun lang ang pera mo for savings. Tignan natin difference ng dalawa.
Sa RRSP when you deposit 5k, CRA will give you a tax refind of about 1k sa filing season (this may change depende sa tax bracket nyo). So, once nareceive mo ang refund. You can deposit it again sa RRSP mo which makes your RRSP account balabce 6k (without interest pa). Pag ka deposit ng 1k, may refund ka ulit. So just deposit it again. Most probably pag natapos mo ung process ng deposit refund sa RRSP nasa 6,250 na ang balance neto.
Take note ang pera mo lang talaga dito ay 5k. Pero ang balance ng rrsp mo is 6.25k.
Pag sa TFSA naman, pag deposit ng 5k, yun na yun. Ang ma earn mo nlng dito ng tax free is interests divs and capital gains, which you can also earn sa RRSP.
Now. Lets compare. RRSP balance 6.25k TFSA balance 5k. Sabihin mona ininvest mo yan sa low return account which is 3%. Tingin nyo ano mas malaki mag ear ng tax free dito? 6.25k or 5k base? :)
That's the main difference.
Lets say after 5 yrs winithdraw mo. Kasi need mona.
Sa RRSP. Early withdrawal will be taxed depende sa bracket mo. Lest say ung 6.25k winithdraw mo at 20% tax rate, ikakaltas nila sayo ung 20% which is 1.250. Magkano net makuha? 5k. Yes tama around 5k! The same investment na dineposit mo from the start. Shempre dagdag mo dito ung income na na earn mo :)
Sa TFSA pag winithdraw mo ung pera, magkano? 5k plus income :)
Virtually same lang net effect, ang kagandahan lang sa RRSP mas malaki ang base mo to earn income 😊.
I hope this helped :)
And pala, for buying a house. This is a pretty good hack to bump your cash on hand para sa pang down.
Deposit ka ng max amount sa RRSP mo lets say kung matagal kana dito sa Canada, deposit ka ng 20k cad. Tapos mabigyan ka ng refundna around 4k cad. After mo mareceive ung refund, you can withdraw the 20k free of tax for the FTHB program. Which, you may have guessed it now. Ang cash on hand mona ay 24k towards your DP.
Then two years from the withdrawal, need mo lang ibalik sa RRSP ung 20k (this will force you to save for retirement) :) unfortunately samin mababa lang ang limit namim kaya di mamin mashado namaximize hehehe.
I hope this helps clarify the difference between the two and why we chose to use RRSP as a vehicle sa pag purchase namin ;) 😇
@@DREYsCanadaVlog Down side ng RRSP pag nag retired ka di mo ma withdraw lahat base sa calculation iyan ng CRA (Monthly amount of widhdrawal) at wala kang makukuha supplement $$ sa Gov't dahil may RRSP ...
A RRSP can be converted to a RRIF at any age. If we look at the RRIF minimum withdrawal tables, we have a series of withdrawal rates that increase with age. In the year a RRIF owner turns 60, their minimum withdrawal is 3.23% of the account value at the end of the previous year. At 65, the rate is 3.85%.
@@DREYsCanadaVlog income earned inside the RRSP account is not tax free bro, it is tax deferred as you mention. It means that when you withdraw the principal plus earnings of the funds inside the account, thats the time you gonan pay tax including using it to buy your first home, just spread out within 10-15 years. Maybe what you mean here is the FHSA account which should have been out when this video was released^_^. Good Info though, keep up the great work
@@ghox2745 good catch, yea tax deferred will be the right term as it will be taxed when withdrawn. FHSA is fairly new when we got our house. This will be a good vehicle for future home buyers.
TFSA is 100% tax free on income earned within the account.
kudos sa inyo, sobrang galing👏
Congratulations! Very inspiring.
Very good information, all the best on your journey guys
Thanks for tips keep on vlogging very helpful content
GALING NIYO KUA DREY & ATE DIANNE!
Very informative and several keypoints too! Good job, Drey! Greetings from SE Calgary. 👏🏼
Woaah! So close! We're on NE! Hope to see you arpund po!
Thank you sir! Galing! Accounting grad din po ako and lagi ako mgwawatch s inyo ni Diane. Edmonton nmn po kmi and for fall term 2023. Dating po nmin dis June 28 and pag napadalaw kayo or kmi sa Calgary hope to meet you po. Godbless❤
Ang galing … and as always very informative ❤
Thank you so much po 🥰
Congratulations po ulit! Kaka inspire tlga ❤
Thank you so much po
P.S. this is not to brag but to inspire :) ❤
Ang galing halos same strat tayo sir sa budgetting! ❤❤❤
We arrived 2021, got PR early this year , bought a used car(para pwede icash) and a house recently ❤
@@cosmicswordy9337 nice! Congrats po sa new house 🤩🤩
Paano ngaba namin napagipunan ang downpayment para sa mortgage ng bahay?
Kayo mga kabayan, ano mapapayo nyo sa mga gusto mag save?
Salamat Drey! My wife and I have been watching you for quite a while and ang dami naming natututunan. Saludo kami sa u! God bless and take care!
Thank you po! I hope to meet you pag nagawi kame ng edmonton 😊😊
@@DREYsCanadaVlog You are welcome! Kami din pag nagawi kami jan Calgary puntahan namin kau.
So PR ka na po pag apply nyo ng bahay😊
Good content.. Plan ko din mgbuy ng bahay in the future naghahanp aq ng content na ganito paano ipunin ung 5%
Im glad nakatulong po kame 🥰
Any downpayment less than 20% of the value of the property will subject you to mortgage insurance which is quite expensive. Beside this, interest rate is high at present for 5 year fix 5.49% & 5 years variable 5.95. Best to do at lease 20% down
Yea! 4% ang CMHC. Better if maka down ng 20%. If not, you can buy with 5% down when ready :)
About taxation boss. Sana magawan mo video..
Hello po, thank you so much for always sharing us helpful tips. Just wondering po if some day you can talk about TAXES. I'm not sure if naging content nyo na po, pero curious lang rin. I'll be moving to Canada later this year (sponsored by husband), and I'm wondering how taxes work - especially po if yung magiging job is US company. Independent contractor po ba yung magiging option? Thank you so much and looking forward to more quality content!~ 😊
Congrats! 30k saving in 8 months is quite impressive. Even if you sahod 3x or even 5x more. It is up to the individual to be discipline. Now you have to be even more discipline since most of your sahod will be going toward new home.
bakit mapupunta lahat sa house? and loan nya e 425k+25k = around 450k give or take, then 25k/month, so 450k/25k = 1k for monthly morgage, sabehin naten ang maintennace and insurance = 1k, so making 2k/month. diba mas okay yun kesa magrent ka? so parang nagrerent kalang din+may bahay kapa, at parentahan mo pa yung basement, mas bababa pa expenses mo. anung basis mo na ang sahod ay mapupunta lahat sa morgage? curios lang
@@hdclip5845 If load 450k, i can guarantee his monthly mortg is not only 1k lang (est.. 2.5k-3.5k) plus property tax( could be incl. in escrow), utilities, internet, homeowner ins., association fee (snow removal, lawn, garbage) and maintenance is low (house seem fairly new). Then buy pieces of furniture here in there and more kitchen gadget (Filipino loves to cook) on top of that car payment and repairs (car seem new so not yet). and list goes on... if they have a children then list gets even longer. It never ends. but this is life. I agree owning is much better than renting. If you do not want all this headache, best option is go back to PH. were you live day by day.🙂
No matter how tight you are with your budget, there’s no way u can save up $35k in 8 months if you’re not making at least $10k gross/mo. But good job for doing it!
We are very very very fortunate to make it happen po. God's plan are always the best plan after all 😇😇
Possible po. Similar to them, we were able to save up the same amount of money plus an additional $10,000 for my husband's tuition during the eight-month period from May to December of the previous year. While it could be difficult for some, it's also possible for others.
hnd m po b alam magkano sweldo ng accounting? hahaha 80k to 100k
He is earning at least 90k
Great video Kuya and congratulations! Its takes a great amount of discipline and I really admire what you guys did. Godbless
Thank you kuya Puto 😇
Can you do a video explaining un RRSP and how it can be an instrument for investments and savings? Thanks
For sure po. Ill keep this in mind
Good strategy 👍 but it won’t work for me though 😅 i mean pag may mga chikitings ka na medyo mahirap na maka ipon kung meron man kunti lng 😂 but anyways the good thing is Permanent Resident na kami dto Canada 🇨🇦 😊
Hi po one month before po diba ung tuition edi prang mga 3 months lng po need maipon ung tuition po KASI ang deadline us parang maaga next tuition kaya poba ipunin un ni OWP
Pa-House tour po ❤😊
Sure! Mag ayos lang hahaha
In regards to First Home Buyer’s plan, if you withdrew your RRSP, you will have to do a hbp repayment plan for over 15 years. Basically, you put it back to your RRSP, from what i remember 12 months after you withdrew the rrsp money. It is equal payment for 15 years no interest. If you withdraw 5k divide by 15 years, $333.33 per yr will be the amount that you need to set aside for the hbp repayment. If you don’t CRA will take the withholding tax you owe. You will be reporting this in next year income tax filing.
Thank you for sharing this po
Baka mas pabor sa inyo na ma PR kasi meron na kau bahay na loan.
wala pong vlog about sa graduation hehe
Very nice sir salamat po sa pag share plan din po namin mag asawa mag apply ng student visa and hubby ko po for open work visa gusto po namin mga DIY sa mga papers and ducuments problema po hindi po namin alam ang step by step kung ano unang gagawin namin para makapag apply diyan sa canada for student visa with my hubby sana po matulongan nyo kami if ano first move gagawin namin and ano po ng school diyan sa canada ang puwedi namin makapag pa registered and yung afford po ang cost of living diyan sa canada they dont know po kung saan province diyan sa canada again sir salamat po and God bless both you....
Connect with me po at info@dreyscanadaportal.com for more info!
Question about dyan, what if hindi lahat nagamit for the house ung rrsp withdrawal, ma-tatax ba un?
Alam ko hindi po as long as you bought a house within the prescribed period. Not 100% sure tho. Ang sure lang ako ung max withdrawal hehehe
first
Thank you po 🥰
Medyo nagwwonder po ako paano nyo nagawa. Kasi katulad nyo po, kami din po dumating na kami talaga lahat sa tuition. I think overall in 2 years na pag aaral sa Canada, nakagastos kami ng 35k cad na from hardwork simula ng dumating kami dito. Same 1k sa apartment kami for 2 years until makagrad and same bayarin po tayo sa sasakyan and other expenses and bills. During that time nakita kami ng 4-5k cad per month ng partner ko. Pero sa inyo po, bago kayo nag grad may around 35k savings na kayo aside sa tuition, rent and expenses nyo since dumating sa Canada? You guys are probably earning twice than us since dumating kayo dito sa Canada kung ganun po. So around 8-10k monthly po yung sahod nyo? Wow. Work and income reveal naman po. Ano po mga side hustle nyo po? You mention SOP writing? And kami po naka double job pa po nun si partner pero di kami nakaabot ng ganyang karaming savings pagtapos ng pag aaral. And super tipid din po kami. ☹️
As soon as we saved up for my last term tuition fee (before start ng last term) ipon max na yun till nakabili ng bahay :) 100kplus per year, jan nlng po natin iset yung salary level. And yes SOP writing was one of the major contributor sa savings. There was a time na kame na umaayaw sa students sa sobrang busy kaya super pasalamat kame sa mga blessings din na bigay sa taas.
If pag titipid is not enough, try increasing your income base to save faster. Jump from company to another and aim to advance your career as fast as possible.
@@DREYsCanadaVlog yes we did and right now based sa last tax filing namin we are in 100k cad yearly income na rin po. Just finished school so nakapag focus na rin po sa pag wwork full time. Salamat sa insight dreyscanadavlog. Very informative. And thank you for answering our questions really quick. Sana soon, makaipon agad and makabili na rin kami ng house. 🙏🏻
@@notyourbestie God bless po 😇😇
Magkano po pagawa SOP?
dreyscanadaportal.com/statement-of-purpose-revision/ Here are the details po :)
Pwede po ba maglagay sa RRSP kahit hindi pa PR?
Yed po :)
Sir drey! Saan pwede mag email or contact you if mag avail sa SOP letter ?
Edwin@dreyscanadaportal.com po
What is SOP?
Saan po mag aapply ng RRSP
At your financial institutions po, like banks.
Kahit magutom basta may bahay 😂😂
😊😊
rrsp homebuyers plan
That's exactly it po 😇