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Where to find a down payment?

Finding a property to purchase is one of the more exciting things one can undertake. Whether is your first home, a recreational piece of property, or an investment in the real estate segment, acquiring property is a solid financial step that often pays dividends in the future. If you’re not awash in cash, however, you may find yourself caught between wanting to buy that property and taking a step back because you don’t have the money for a down payment.

If you think creatively, there are some ways to raise money for a down payment. Here are some tips from Rakhi Madan:

  1. Use your RRSP – in Canada, the RRSP (Registered Retirement Savings Plan) allows you to to withdraw up to $70,000 if your a couple, or half that if you’re an individual. By 2020, divorce individuals can also avail of this facility. Use of this fund is tax