Over the Hump: Life After “Quit Day”

General Cassey Bush 14 Jan

By mid-January, most people have passed what’s often called “quit day”, the point where motivation fades, and old habits creep back in. The goals that felt exciting on January 1 can start to feel heavy, but this is also where real progress begins. Big change is not built on massive moves. It’s built on small daily decisions, repeated over time. The routines you stick with now will shape your year far more than any short burst of motivation.

When it comes to money and homeownership, those small choices can create a lasting impact.

Saving for a Down Payment: Consistency Beats Perfection

Saving for a down payment can feel overwhelming, especially when home prices and interest rates dominate headlines. The key is not saving “a lot,” but saving often. Small, automatic transfers into a savings account add up faster than people expect. Even modest monthly contributions build momentum, discipline, and confidence. Over time, that consistency can turn into real purchasing power and more flexibility when the right opportunity appears.

Paying Down Debt: One Choice at a Time

Debt does not disappear overnight, but it does shrink with intention. Choosing to round up payments, apply bonuses or tax refunds, or focus on one balance at a time can significantly reduce interest costs. Paying down debt is not just about improving numbers on paper, it frees up cash flow and lowers stress. Small extra payments today can shorten timelines by years and create room for better financial decisions down the road.

Taking Advantage of Prepayment Privileges: Small Steps, Big Impact

Prepayment privileges are one of the most overlooked tools in a mortgage, yet they can make a meaningful difference over time. Making small, intentional prepayments, through annual lump sums, rounding up your monthly payment, or increasing payments when possible, goes directly toward your principal and reduces the interest you pay over the life of your mortgage. These choices don’t require major lifestyle changes, just consistency and planning. Used wisely, prepayment privileges give you control, flexibility, and a faster path to being mortgage-free, all while keeping your cash flow manageable.

Investing with a HELOC: Strategy Over Impulse

For homeowners, a HELOC can be a powerful tool when used correctly. The key is strategy. Accessing equity to invest should always be done with a clear plan, strong cash flow, and a long-term mindset. Small, well-timed decisions, rather than large, rushed ones, help manage risk while allowing your home equity to work harder for you. This is where guidance and structure matter most.

Small Choices, Lasting Impact

A great year is rarely the result of one big decision. It’s the result of hundreds of small ones. Saving a little more, paying a little extra, asking better questions, and sticking to simple routines. If you’re past quit day, you’re already doing better than you think. Keep going. Those small choices compound into meaningful progress.

2025 Mortgage Wrap-Up: Know Your Clients’ Bottom Line

General Cassey Bush 14 Dec

Wrapping up 2025 with gratitude. As the year winds down, I like to take a moment to reflect, not just on the numbers, but on the experiences, the wins, the challenges, and the lessons learned.

This year was a milestone for me professionally. I hit my business goal in October, which was a huge achievement. Alongside this, I continued working with the charitable groups I’m passionate about and maintained my position on the board of directors for CTTC, part of MOCO. Moving into the MOCO office and surrounding myself with like-minded mortgage professionals also allowed me to immerse myself in the world of mortgages fully.

Winning Some, Losing Some

Like any year, some deals went exactly as planned, and a few didn’t. One of my proudest moments was helping an older couple buy their first home. We kept money in their pockets, secured a great rate, and created a plan to pay down their mortgage faster. It wasn’t just about the transaction; it was about long-term strategy and helping them use their property as a tool for future investments and retirement security.

On the flip side, I lost a deal to the bank after working with the clients for over a year. They wanted the best deal possible and, despite my last-minute rate adjustment, they ultimately signed with their bank because it offered a promotion for ‘cash back’. Experiences like this remind me of the importance of clear communication. The reality is that sometimes clients make decisions we can’t control, no matter how much education, examples, or strategic guidance we provide.

Learning their timeline, needs, and priorities early on is key to guiding them toward the best decision. Even when I lose a deal, I continue offering ongoing support, and earning their trust for future opportunities.

Understanding Your Bottom Line

Every client is different. Some care most about rates, others about cash back, and some are focused entirely on their payments, etc. Understanding this “bottom line” is essential for building the right mortgage strategy.

For example, I recently worked with clients who wanted to put 20% down on a home purchase, but they also had debts to manage. By adjusting their plan to put only 10% down, we could pay off some debts, increase their purchasing power, and still preserve rainy-day savings. This approach required listening carefully, analyzing the numbers, and structuring the mortgage to meet both their short-term and long-term goals… Result? A happy client and a strong Google review.

The key is education without overwhelm. Clients have access to rates and numbers online and with AI, but they often miss the bigger picture: how to manage payments, minimize interest, and use their mortgage strategically. My goal is to guide them through those decisions, offering clear options and expert advice. We’re here to beat the banks and provide strategies that go far beyond the rate. That’s where I focus. The planning. The structure. The long-term savings. Let’s create an action plan.

Looking Ahead to 2026

Next year, my focus is on sustainable growth. Renewals will be a major focus, helping clients pay down debts, increase principal payments to pay down their mortgage faster, access equity, and make smart financial and investment choices.

The strategy remains simple: ask open questions, listen with intent, and always focus on the client’s bottom line. It’s about more than mortgages. It’s about helping people make decisions that improve their financial future.

Merry Christmas, everyone. You’ll catch me thriving in 2026 🙂

The #1 Mortgage Question in Alberta Right Now: “How Much Can I Really Afford?”

General Cassey Bush 12 Nov

If you’ve been thinking about buying a home in Alberta, you’ve probably asked yourself this question: “How much home can I actually afford with these interest rates?”

You’re not alone. This is the number one question we’re hearing across the province, from first-time buyers in Calgary to families upgrading in Edmonton.

With rates holding higher than what we’ve seen in the last few years, affordability has become the deciding factor in every mortgage conversation.

Why Everyone’s Asking This Question

For years, low interest rates made it easy to estimate what you could afford, and monthly payments were fairly predictable. But today’s market looks different.

Interest rates have more than doubled since 2021, and that shift has changed the math. Even a 1% difference in rate can mean hundreds of dollars more in monthly payments.

Combine that with rising property taxes, insurance costs, and tighter lending rules, and suddenly, “How much can I afford?” isn’t a simple question anymore.

The Real Answer: It Depends on More Than Just Your Rate

Your affordability is shaped by a few key factors:

  1. Your income and debts: Lenders use your debt-to-income ratio to see what you can handle comfortably.

  2. Your down payment: The more you put down, the more flexible your options.

  3. Amortization period: Spreading payments over 30 years lowers your monthly cost (but increases total interest).

  4. Type of mortgage: Fixed or variable? Insured or conventional? These choices all affect your payment and risk level.

A quick pre-approval or affordability review can show you exactly where you stand before you start shopping.

What Albertans Are Doing About It

Many buyers are adjusting their expectations, looking slightly outside the city, choosing smaller homes, or buying with family members to share the costs.

Others are taking advantage of shorter-term fixed rates, planning to refinance when the rate environment softens.

The key takeaway? You still have options, you just need to understand your numbers.

More Than Just a Mortgage Rate

When you work with me, you’re not just getting a rate, you’re getting a plan.

I’m with you through the entire life of your mortgage, not just on closing day. As your life changes, whether you’re growing your family, buying an investment property, or simply wanting to get ahead financially, I’ll be there to make sure your mortgage keeps working for you.

My goal is to save you as much money as possible along the way. Sometimes that means getting you the lowest rate, but often it means looking deeper, at terms, penalties, flexibility, and long-term strategy. Because a great mortgage is about more than the number on the rate sheet.

Final Thoughts

Buying a home in Alberta today isn’t about guessing how much you can afford. It’s about knowing.

And having someone in your corner who helps you make confident, money-smart decisions, every step of the way.

 

Added Bonus

Honouring our Heroes this Remembrance Day

Each November, we pause to remember the courage and sacrifice of those who served our country. Here in Calgary, MOCO is proud to support the Field of Crosses through our community initiatives with Connected to the Community (CTTC).

The Field of Crosses is a powerful tribute. Thousands of white crosses line Memorial Drive, each one representing a Southern Albertan who gave their life in service. Standing among them reminds us of the freedom we enjoy and the responsibility we share to keep their memory alive.

At MOCO and CTTC, giving back isn’t just a seasonal effort, it’s part of who we are. This Remembrance Day, we honour those who served, and we continue to serve our community in their memory.

As Fall Turns to Winter, It’s Time to Rethink Your Mortgage Strategy

General Cassey Bush 14 Oct

As the leaves fall and we dig out the winter coats, it’s also the season when many homeowners start thinking about locking in stability before the new year. Whether you’re buying, refinancing, or just curious about your options, there’s one simple truth worth repeating: a mortgage broker can do far more for you than your bank.

Here’s why.

1. Access to More Options, Not Just One

Your bank can only offer its own products, with a single lineup and a single set of rules, and a single interest rate sheet.

A mortgage broker, on the other hand, works with dozens of lenders (including major banks, credit unions, and monoline lenders) to find the right fit for you. That means better rates, more flexibility, and often products that the average person doesn’t even know exist.

2. Prepayment Privileges That Actually Work for You

Not all mortgages are created equal. Some lenders allow you to make lump-sum payments, double up payments, or increase your regular payment by a set amount, all helping you pay off your mortgage years faster.

Banks often advertise prepayment options, but the fine print can make them hard to use. A broker can match you with a lender whose terms make it easy to pay extra when you can.

3. Smaller Penalties, Bigger Savings

Here’s one that catches people off guard: prepayment penalties.

When you break your mortgage early, banks often calculate penalties using an interest rate differential (IRD) method that can cost thousands more than with a brokered lender.

Brokers have access to lenders who calculate penalties more fairly, and we make sure you understand those numbers before you sign.

4. Simplicity and Service

Working with a broker means no call centres, no long holds, and no taking a number at the branch. You get direct access to someone who knows your file, your goals, and your timeline.

Whether you prefer to meet in person, talk over the phone, or handle everything digitally, we make it simple, and fast.

5. It’s Free to Use a Broker

A lot of people don’t realize this, but in most cases, our services are completely free to you. We’re paid by the lender when your mortgage funds, which means you get expert advice, multiple options, and personalized service, all at no extra cost.

Bottom Line

As the season changes and we start preparing for the year ahead, it’s a great time to make sure your mortgage is working for you, not against you.

Working with a mortgage broker means more choice, more flexibility, and often, more savings in your pocket.

So before winter really sets in, let’s make sure your mortgage strategy is as ready for the season as your snow tires.

Pay Yourself First – In Every Sense

General Cassey Bush 13 Aug

Why I Didn’t Post Last Month (And Why That’s Okay)

Last month, my blog went quiet.

It wasn’t because I forgot, ran out of ideas, or didn’t care. It was Stampede season in Calgary, the most wonderful time of the year. Life was moving at full tilt, and truthfully, I was burnt out.

And here’s the thing: I didn’t want to post just to post.

Everything I share here has a purpose. Every decision, whether in business, in life, or in your finances, should be planned, reviewed, and executed with intention. Doing something simply for the sake of “keeping up” rarely serves you in the long run.

Pay Yourself First — In Every Sense

Warren Buffett famously said, “Do not save what is left after spending, but spend what is left after saving.”

It’s the core of “pay yourself first”, and it applies to more than just money.

Financially

The idea is simple: before you pay bills, buy groceries, or book your next vacation, you set aside a portion of every paycheque for yourself.

That could be a savings account, an RRSP, a TFSA, or investments that build your wealth over time.

Other notable voices echo this strategy:

  • George Clason (The Richest Man in Babylon) recommended saving at least 10% of everything you earn before spending on anything else.

  • David Bach (The Automatic Millionaire) encouraged automating transfers so the decision is made for you, because willpower alone is unreliable.

Even if it’s 5%, 10%, or $50 per paycheque, the habit matters more than the number. Over time, the compounding effect turns small steps into big results.

Physically

“Paying yourself first” also means giving your body what it needs before giving your energy away to everything else.

That could be:

  • Taking a morning walk or run before checking emails

  • Making time for a proper breakfast instead of rushing out the door

  • Scheduling workouts like appointments you can’t skip

Emotionally

Sometimes “pay yourself first” means time, not money.

It’s calling a friend, spending an afternoon with your kids, or taking a quiet hour to read. Or, my personal favourite, sitting around the kitchen table with my parents, howling at the moon and sharing the same stories we’ve told 100 times before.

A Rainy Season, A Different Kind of Reset

This year, summer in Alberta barely showed up. The rain was relentless, the sunny days were rare, and patio season felt like a blink-and-you-missed-it moment.

But here’s the upside: when you don’t get much summer, you appreciate every good-weather day even more.

I’m hopeful that warm, sunny days will carry us into November, giving us a bonus season to get outside, soak up the light, and reset before the year-end push.

Plan Now, Win Later — The Fall Market Is Coming

The fall real estate market often gets overlooked because spring gets all the attention, but September through November can be one of the most strategic times to buy, sell, or refinance. Here’s why:

  1. Serious Buyers and Sellers

    The casual browsers are gone. People in the market now are motivated, often looking to move before the snow hits or close deals before year-end.

  2. Less Competition, More Opportunity

    With fewer listings than spring, your home can stand out more. Buyers might face less bidding-war pressure, and sellers may meet more qualified offers.

  3. Investor Moves

    Many investors look to secure properties before December to lock in tax advantages for the current year.

  4. Year-End Motivation

    Life changes, job relocations, school schedules, family needs, often prompt quick decisions before the holidays.

By taking August to plan, you can enter the fall market with a clear head, a well-prepared strategy, and the energy to take decisive action. For many people, September feels like the real start of the year, kids are back in school, routines reset, and momentum builds again. Whether your next step is buying, selling, or simply reviewing your mortgage, preparation now means execution later is far smoother.

Your Turn:

How will you “pay yourself first” as we head into what might be the nicest stretch of weather all year, and the most overlooked opportunity in the real estate market?

The Smart Way Parents Can Help Their Kids Buy a Home in 2025

Mortgage Tips Cassey Bush 12 Jun

Thinking of Helping Your Kids Buy Their First Home? Here’s How to Do It Right

As home prices remain high and mortgage rules shift, many first-time homebuyers are leaning on their parents for financial help. If you’re a parent wanting to support your child’s first home purchase, but not sure how to do it wisely, you’re not alone.

Let’s walk through what’s happening in the market today and the best options available for parents like you.

Parents Are Stepping Up in Big Ways

  • Over half of first-time buyers are co-buying with someone other than a spouse, often a parent.

  • Gifts are generous, but 80% of recipients say they would’ve purchased anyway, though with compromises.

  • More buyers are looking for homes with rental suites, creating flexibility for family or extra income.

A Financial Tool That’s Changing the Game: Reverse Mortgages (see more details in May post)

If you’re over 55 and own your home, a reverse mortgage can let you access your home equity, tax-free and with no monthly payments, to help your child buy their first home.

Why Parents Love Reverse Mortgages:

  • Stay in your home and maintain ownership.

  • Get a lump sum (or payments) from your home’s value.

  • No required payments until you move, sell, or pass away.

Use the Funds For:

  • Helping with a down payment or closing costs.

  • Creating a basement suite or rental unit in a new multi-gen home.

  • Keeping your RRSPs and investments untouched for retirement.

Other Options to Consider

Helping your child doesn’t mean draining your accounts. You may also want to explore:

  • Joint ownership or co-signing the mortgage (be mindful of risks).

  • Home Equity Line of Credit (HELOC)—if you want flexibility and control.

  • Gifting funds now vs. leaving a larger estate later.

      • Side bar, if you are looking for a great book, consider:

        Die with Zero, Bill Perkins

  • Refinancing your mortgage to free up cash for support or renovations.

What You Need to Watch Out For

  • Interest accrual on a reverse mortgage can reduce your estate’s value.

  • Eligibility depends on age, home type, and location.

  • Tax or legal consequences of gifting or co-owning should be reviewed with a professional.

Parents: You’ve Got Options—Let’s Find the Right One

Helping your child doesn’t have to mean hurting your own financial future. Whether it’s through a gift, joint purchase, or using your home equity with a reverse mortgage, you can empower your child’s first home purchase and keep your retirement goals intact.

Need help exploring your best options? Let’s talk.

I’ll help you look at all the strategies, from gifting to reverse mortgages and guide you through the process with your family’s future in mind.

Reverse Mortgages in Alberta: Understanding the Pros, Cons, and Who They’re Right For

Mortgage Tips Cassey Bush 13 May

Reverse Mortgages in Alberta: Understanding the Pros, Cons, and Who They’re Right For

As property values in Alberta have steadily increased over the years, many homeowners find themselves with significant home equity. One option to access this value is through a reverse mortgage, but it’s important to understand the ins and outs before making a decision. While reverse mortgages aren’t the right fit for everyone, they can offer financial flexibility for some homeowners.

What Is a Reverse Mortgage? A reverse mortgage allows homeowners aged 55 and older to borrow against their home equity without having to sell their property or make regular mortgage payments. The loan is repaid when the homeowner moves out permanently, sells the house, or passes away. The amount you can borrow depends on factors such as your age, the value of your home, and your location.

Why Are Reverse Mortgages Gaining Attention? Property values in Alberta have grown significantly, leading to increased home equity for many residents. This rise in equity can be an opportunity for homeowners looking to leverage their investment without selling their property. For some, a reverse mortgage can provide additional income, help with retirement expenses, or even support family members looking to enter the housing market.

Potential Benefits

  • No Monthly Payments: One major advantage is the elimination of monthly mortgage payments, which can help those on a fixed income.
  • Access to Cash: Homeowners can unlock the value tied up in their property while continuing to live there.
  • Flexible Use of Funds: Whether it’s for living expenses, home improvements, or helping family members with a down payment, the funds can be used as needed.

 

Potential Drawbacks

  • Reduced Inheritance: Since the loan must be repaid when the house is sold or ownership changes, the amount passed down to heirs may be reduced.
  • Interest Accumulation: Since payments aren’t made regularly, interest compounds over time, potentially increasing the amount owed.
  • Eligibility Considerations: Not all properties qualify, and the amount available may not meet every homeowner’s financial needs.

 

Who Is the Right Candidate? A reverse mortgage can be a good option for homeowners who:

  • Are aged 55 or older
  • Have significant home equity
  • Want to stay in their current home long-term
  • Need extra funds for retirement or to support family members
  • Understand the potential impact on their estate

If you’re considering a reverse mortgage, take the time to weigh the pros and cons and consult with a trusted mortgage professional to ensure it aligns with your financial goals. It’s not a one-size-fits-all solution, but for the right situation, it can offer valuable support.

Staying connected while taking time off

General Cassey Bush 16 Apr

This post isn’t my usual programming, but after a recent trip to Belize, I felt it was necessary (and a few days late).

I spent two weeks soaking up the sun, enjoying fresh food (honestly, not a single bad meal), and exploring with my boyfriend. And yes, I still worked. Every day, I checked in for a couple of hours, stayed in touch with my clients, responded to emails, and made sure deals kept moving. I showed up fully for my business, and then? I unplugged. I was present. I enjoyed the moment. It was the kind of balance I didn’t know I needed—but one I’ll be making space for again.

And you know what? It worked.

This trip reminded me of something easy to forget in our fast-paced world: we’re not machines, but we sure try to be. We convince ourselves that success comes from working 24/7. If we take a break, we’ll fall behind. That saying “yes” to rest somehow means saying “no” to our goals.

But that mindset? It’s broken.

The truth is, the hustle never really ends. We work hard, we give a lot, and then we scale up to give even more, smarter, faster, better. And that’s okay. That’s how growth happens. But if we don’t stop once in a while to breathe, reflect, and connect with the people we love, we lose the whole point of why we’re doing any of it in the first place. And in those quiet moments, when we finally pause, we get the chance to look back. To see how far we’ve come. That perspective? That’s where the magic is. I wouldn’t be where I am today without the support of my amazing clients, referrals, friends, and family. For all of it, I’m deeply grateful.

You can still be successful without burning out. You can still be available, reliable, and invested in your business while prioritizing your well-being. Time away—whether it’s a vacation, a weekend at the cabin, or even a quiet day in the mountains, has a way of reminding us of the things we forget when we’re in go-mode. It’s that “oh right… this is what balance feels like” moment. It shows us that balance doesn’t mean shutting work off completely, it means making space for both your ambition and your joy.

So here’s your reminder: take the trip. Go for the walk. Sit with your family. Laugh with your friends. Let life in. You can give your clients everything and still save something for yourself.

That’s sustainable success.

 

Tax Prep – Checklist

General Cassey Bush 28 Mar

Canadian Tax Time Checklist: Get Ready for the 2024 Tax Season

Tax season in Canada can feel overwhelming, but with a bit of preparation, you can make the process smoother and even maximize your returns. Whether you’re filing on your own or working with a professional, following this checklist will help you stay organized and avoid costly mistakes.

1. Gather Your Documents

Start by collecting all necessary documents, including:

  • Income slips (T4, T4A, T5, etc.)
  • Deduction and credit receipts (RRSP contributions, medical expenses, tuition receipts, childcare costs, etc.)
  • Other tax-related statements (Notice of Assessment (NOA), RRSP/TFSA contribution limits, investment statements, rental income records, etc.) Having these documents on hand will save time and ensure you don’t miss out on deductions or credits.

2. Know the RRSP Contribution Deadline

The deadline to contribute to your RRSP for the 2024 tax year is March 3, 2025. Contributions made before this date can be deducted from your taxable income, reducing the amount of tax owed. If your employer offers an RRSP matching program, check their deadlines to maximize your benefits.

3. Take Advantage of Lesser-Known Tax Deductions

Salaried employees often have limited tax reduction options outside of registered accounts like TFSAs, RRSPs, and FHSAs. However, there are additional deductible expenses, including:

  • Labour mobility and moving costs for job relocation
  • Home office expenses
  • Uncovered medical expenses
  • Trade or professional exam fees
  • Investment losses Consulting a tax professional can help you uncover these opportunities and optimize your return.

4. Set Up a “My Account” with the CRA

A CRA My Account allows you to:

  • Access tax forms (T4, T4E, T5, etc.)
  • Monitor benefits and payments (Canada Child Benefit, GST/HST rebate, etc.)
  • Check RRSP and TFSA contribution limits
  • Receive assessment notices and correspondence quickly While you can still interact with the CRA via mail or phone, having an online account streamlines the process and saves time.

5. Plan for Taxes Owed or Refunds Received

  • If you owe taxes, file and pay by April 30, 2025, to avoid penalties and interest. If you need extra time, consider setting up a CRA pre-authorized debit (PAD) agreement to manage payments.
  • If you’re getting a refund, have a plan for it! Consider using the funds to pay down debt, invest, or save for future expenses. Without a plan, it’s easy to spend the money before it even arrives.

6. Start Planning for Next Year

Last-minute tax planning can lead to missed deductions and costly mistakes. Instead of rushing, take time to strategize for the next tax year. Registered accounts like TFSAs, RRSPs, and FHSAs require careful planning to maximize contributions and avoid penalties. RRSP and FHSA contributions have strict deadlines for tax deductions, and withdrawals from these accounts need to be managed wisely to minimize taxes.

7. Integrate Tax Planning with Other Registered Accounts

While TFSA and RESP contributions don’t affect your tax filing, they are essential for long-term financial planning:

  • TFSA: Contributions are not tax-deductible, but withdrawals are tax-free. The TFSA has a lifetime contribution limit and is not income-dependent.
  • RESP: The government offers up to $7,200 in grants for your child’s education. To maximize benefits, contribute $2,500 annually by December 31 for 14 years after your child’s birth.

Final Thoughts

By following this tax checklist, you can ensure a stress-free tax season while maximizing deductions and avoiding penalties. Whether you’re planning for the current tax year or setting yourself up for financial success in the future, proper preparation is key.

Need help navigating your taxes? Consult a professional to ensure you’re making the most of your tax-saving opportunities!

Saving a Down Payment in Canada: Best Accounts & Strategies

General Cassey Bush 14 Mar

Best Savings Accounts for a Down Payment

Canada offers several tax-advantaged accounts that can help you grow your down payment faster. Here’s what you need to know:

1. First Home Savings Account (FHSA)

  • Designed specifically for first-time homebuyers.
  • Contributions are tax-deductible (like an RRSP), and withdrawals for a home purchase are tax-free (like a TFSA).
  • Maximum contribution of $8,000 per year, up to a lifetime limit of $40,000.
  • Can be combined with the Home Buyers’ Plan (HBP) for even more savings.

2. Tax-Free Savings Account (TFSA)

  • Contributions are made with after-tax income, but investments grow tax-free.
  • Withdrawals (including investment gains) are also tax-free.
  • No restrictions on how funds are used, making it flexible for a down payment.
  • 2024 contribution limit: $7,000 (with cumulative room from previous years if unused).

3. Registered Retirement Savings Plan (RRSP) – Home Buyers’ Plan (HBP)

  • Allows first-time buyers to withdraw up to $35,000 tax-free for a down payment.
  • Must be repaid over 15 years to avoid tax penalties.
  • Good for those who have been saving in an RRSP but need to access funds early.

4. High-Interest Savings Accounts (HISA)

  • No tax benefits, but offers easy access and higher interest than regular savings accounts.
  • Safe and liquid option for short-term saving.
  • Can be used alongside other accounts to diversify savings.

Tips to Maximize Your Savings

  • Automate Contributions: Set up automatic transfers to your savings accounts to stay consistent.
  • Reduce Unnecessary Expenses: Cut down on discretionary spending and put that money into savings.
  • Invest Wisely: Consider low-risk investments to grow your savings over time without excessive risk.
  • Take Advantage of Government Incentives: Programs like the FHSA and HBP can significantly reduce your tax burden while growing your savings.

Insured vs. Insurable Mortgages: What’s the Difference?

When saving for a down payment, it’s important to understand how your mortgage will be classified:

  • Insured Mortgage: If your down payment is less than 20%, you’ll need mortgage default insurance (CMHC, Sagen, or Canada Guaranty). This protects the lender but increases your overall cost.
  • Insurable Mortgage: If your down payment is 20% or more, mortgage insurance is not required. However, if you meet certain lender criteria, you may still qualify for lower interest rates.

Knowing which category you’ll fall into can help you set realistic savings goals and plan for additional costs.

Final Thoughts

Saving for a down payment is all about using the right tools and staying disciplined. Take advantage of tax-efficient accounts like the FHSA, TFSA, and RRSP, and keep your savings strategy on track with automated contributions and smart budgeting. The sooner you start, the closer you’ll be to homeownership!

Need help planning your mortgage? Let’s chat about your best options and how to maximize your savings for a smooth home-buying process.

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