Expect the Unexpected in Life: An Insurance Blog

Hey Everyone!

Many of you are graduating or have graduated from university or college in the last few years. You're starting your career and you're making the biggest amount of income that you ever have in your life.

I've been talking about investing a lot in this blog and today is no different. Financial success doesn't necessarily mean being rich but it's making smart moves with your money while you have the opportunity. I've been told many times "Buy things that increase in value and lease things that lose value." Owning something that increases in value is always a smart move.

Houses generally increase in value after you buy them. They are an asset that is just as important as your RRSP.

So much so that the government has a special option to use with your RRSP. Its called the First Time Home Buyers Plan. It allows you to withdraw up to $20k from your RRSP without being taxed.

You may think that it's silly to withdraw these funds from your rrsp while you're saving for you retirement. If they go towards an investment that increases your overall net worth then it's a smart move.

The fact is within then next 5 to 10 years or even sooner you'll be looking to buy a house. Why not have the down payment ready for when you're ready to buy? This will save you a lot of hassle and scrimping and saving!

The kicker on top of all of this is you get to claim the amount you contributed into the RRSP on your tax return. Based on your income tax rate you will receive a deduction from the government!

Doesn't this sound like something you should be persuing?

Give me a call or toss me an e-mail if you're interested.

Take it easy!

Mike