REVscene Automotive Forum - View Single Post - Port folio / rrsp question / first time buyer

to0n · 01-14-2010, 07:46 PM

need some help. I have been saving for a little while now and im looking to buy my own place in the next 2 years. I have been preparing myself by increasing my credit score to 800, paying off all my credit debts, making sure credit cards never had any late payments in the last 5 years. I have made a lot of sacrifices to accumulate $10,000 in tax free savings account.

I got $2,000 in chq account that I want to invest. I just don't know where to put it. I do not have RRSP's and was wondering if I should put the whole amount in asap. Will I receive some money back from the government after putting $2,000 into a RRSP account? if so then how much?

I actually do owe a little bit of money to the government for withdrawing my rrsp's(wedding $$$). Will they automatically keep any money that is coming my way?

now to some questions about buying a home. How much money ($10,000-$20,000) should I put down when buy an apartment/condo. I'm looking to spend around $299,000 - $350,000. I know I have a excellent credit score/history that would get me the best possible rate but can I afford it on my $17 hrly wage rate(just started a new job) I don't make much money due to lack of education but have compensated by working on my port folio (raising a family at a young age).

I don't want to get into my personal goals that include upgrading my skills for better employment opportunities, I just want some advice. Is anyone here in the same boat? I love my wife and son and want what is best for them.

P.S

Damn life is challenging, but the reward is great when challenges are accomplished.

to0N.

01-14-2010, 07:46 PM	#1
to0n RS.net, where our google ads make absolutely no sense! Join Date: Aug 2005 Location: vancouver Posts: 991 Thanked 6 Times in 6 Posts Failed 128 Times in 14 Posts	Port folio / rrsp question / first time buyer need some help. I have been saving for a little while now and im looking to buy my own place in the next 2 years. I have been preparing myself by increasing my credit score to 800, paying off all my credit debts, making sure credit cards never had any late payments in the last 5 years. I have made a lot of sacrifices to accumulate $10,000 in tax free savings account. I got $2,000 in chq account that I want to invest. I just don't know where to put it. I do not have RRSP's and was wondering if I should put the whole amount in asap. Will I receive some money back from the government after putting $2,000 into a RRSP account? if so then how much? I actually do owe a little bit of money to the government for withdrawing my rrsp's(wedding $$$). Will they automatically keep any money that is coming my way? now to some questions about buying a home. How much money ($10,000-$20,000) should I put down when buy an apartment/condo. I'm looking to spend around $299,000 - $350,000. I know I have a excellent credit score/history that would get me the best possible rate but can I afford it on my $17 hrly wage rate(just started a new job) I don't make much money due to lack of education but have compensated by working on my port folio (raising a family at a young age). I don't want to get into my personal goals that include upgrading my skills for better employment opportunities, I just want some advice. Is anyone here in the same boat? I love my wife and son and want what is best for them. P.S Damn life is challenging, but the reward is great when challenges are accomplished. to0N.