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RESP

A Registered Education Savings Plan, or RESP, is a special tax-advantaged investment plan that allows an account holder, or subscriber, to invest for the education of a beneficiary child. There are many benefits to an RESP including a government matching scheme and a versatile tax-advantaged investment opportunity, making them excellent investment choices for your child’s future.

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    A bad credit mortgage provides a viable option for individuals with less-than-ideal credit scores to finance their home purchases. In Canada, credit ratings range from 300 to 900, with lenders assessing these scores to determine the risk involved in offering financing services. A higher score indicates better creditworthiness, which is built through consistent and reliable repayment of debts, including student loans, car loans, and credit card payments. Even if your score falls below the preferred threshold, you may still qualify for a bad credit mortgage, as these scores can often reflect past financial difficulties, such as bankruptcy or challenges in repaying loans.

    As an experienced bad credit mortgage broker, we specialize in helping individuals work through the complexities of securing a mortgage despite their challenges. Our goal is to provide hope and solutions for those who might otherwise struggle to obtain home financing. We understand the unique circumstances that come with such a situation and work diligently to connect clients with financing options that suit their needs, making the dream of homeownership more accessible for everyone.

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    Prime Lenders: Prime lenders may typically prefer applicants with stronger scores, but they can still offer competitive rates to those with scores of at least 600. These lenders are usually well-known financial institutions, including major banks, that many people think of when applying for a mortgage.

    Trust Companies and Bad Credit Lenders: Specialized in serving those with less-than-perfect scores, trust companies offer options for individuals facing such circumstances. These lenders typically work with clients who have scores around 700 or lower and can even assist individuals with scores as low as 550.

    Private Lenders: These can be individual investors or private firms willing to provide loans to those with poor credit histories. Some private mortgage lenders may limit their services to just funding the down payment. Although the interest rates from these bad credit mortgage lenders are generally higher than those from prime lenders or trust companies, they can be a valuable option for anyone with a score below 600.

    If you’re thinking about applying for a home loan, but have a less-than-stellar credit score, there are key points to consider. Lenders will closely examine various aspects of your financial profile, focusing primarily on:

    • Credit Score and Debt History: Your score and debt history provide lenders with an overview of your financial reliability. This score will impact whether you qualify for standard financing or need a bad credit home loan. In Canada, credit scores range from 300 to 900, with higher scores being more favorable. If your score is below 700 or if you’ve missed payments in the past, a bad credit mortgage might be your only option.
    • Income and Employment Stability: Lenders prioritize your ability to consistently repay the loan. Thus, they will review your income and employment history during the application process. If your credit is not ideal and you have a low income or a shaky job record, you may find yourself needing to pursue a bad credit mortgage.
    • Property Condition: When applying for home financing, lenders will assess the property itself. They will evaluate its condition, maintenance needs, location, and overall affordability for you. If you’re seeking a bad credit home loan, be aware that lenders may impose stricter criteria on the type of property they will finance.
    • Down Payment Requirements: In Canada, the minimum down payment is 5%, but this increases to 10% if the property value exceeds $500,000.
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    Because the burden to prove eligibility is greater on self-employed individuals, it pays to be well prepared before applying for a loan. The following should be considered before going into apply for a Self-Employed Mortgage:

    RESP Contribution Limits

    The lifetime maximum for deposits into an RESP account are $50,000 per beneficiary. This can be done at any time however the CESG maximum yearly amount is limited to $500 of government money at a lifetime total of $7,200 so it is generally advised to spread the deposits to maximize the government matching grant. Investments into the account can be made up to and including the year the beneficiary child turns 17.

    RESP Withdrawal Rules

    Withdrawals from an RESP account can only be made by the subscriber, who must provide proof of enrollment to the financial institution. There are two types of withdrawals from an RESP, the contributions made by the subscriber known as Post-Secondary Education Payments (PSE), and that of the government grants and investment income known as Education Assistance Payments (EAP).

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    Commonly Asked Questions

    An RESP is a special tax-advantaged investment plan that allows a subscriber to invest in the education of a beneficiary child. The advantage of the RESP is that investments are matched by the government up to a lifetime total benefit of $7,200, making them excellent ways to save for your child’s future.
     
    The tax-advantaged status of an RESP allows for deposited amounts to be withdrawn tax free and for government grants and investment income to be taxed at the income tax rate of the beneficiary student. Since students usually have low income and have tuition and tax credits there is often no tax paid at all.
     
    There are many benefits to an RESP including a government matching scheme known as the CESG which can give the beneficiary up to $7,200 in free money, a tax-advantaged investment opportunity, and a great deal of flexibility about how they can be used. This makes RESPs excellent tools for investment.
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