Whoops. Two days ago, I initiated a $200 transfer into my Condo Down Payment account. Usually, the transfer happens right away … but for some reason, it didn’t. I think it was because I did it pretty late at night and their systems might have been updating. So, not really thinking clearly, I initiated another $200 transfer. Well, both went through, and now I’m stuck with $20 in my chequing account until Friday. Crap.
It wouldn’t really be that big of a deal, but BF and I are going to Costco after work today, and it would take 1 business day to transfer the money back to my chequing account.
Oh well. At least I had enough $$ in my account to cover the double transfer, otherwise I’d be sitting in the red right now, and I would not be a happy camper.
Yesterday I redeemed $2,000 from my non-registered mutual fund account (which were a part of my Condo Down Payment Fund). That will go to help pay off the rest of my RRSP loan. I had planned to have that loan paid off a few weeks ago, but what with losing one job, it’s taken longer than anticipated. Plus, there’s no point in having a Condo Fund at the moment anyway. I’ll start saving again for it once I have a job lined up, but I think the smartest thing to do at this point is face unemployment with no debt whatsoever.
I should have the entire loan paid off by this coming Friday. I’m kind of upset with myself for going with such an aggressive savings plan, and pouring everything into getting that down payment ready, but I guess I really had no way of knowing I was going to be out of a job. Oh well.
The sidebar and the Networth IQ will be updated on Friday, as the funds haven’t cleared to my bank account yet.
Well, I called up my accountant as well as my financial advisor and asked what they thought about the RRSP loan. They both said, for tax purposes, it’s a good way to go because of the $4,000+ tax return I stand to receive.
I would just like to clarify my intentions, since I seem to be all over the place these days: the HBP option was originally what I was thinking of doing strictly for tax purposes, since I’ll be making close to $68,000 this year what with working so many jobs. The only reason I feel like contributing the max amount now is because I want to have the option of using that money for a down payment if I find something I love and can’t pass up. The plan is still to buy come the spring, but at least I’m keeping all doors open by having all my money in there past the 90 day restriction.
So, I took out a loan for $6,500, and I took out $3,500 from my Down Payment fund for a total of $10k to add to my RRSPs (for a total of $13,500 … $12,700 of which has been invested this year). That leaves $2,500 left over to max out my 2007 contribution. I’ll be able to stuff another $2k into there by next Friday’s pay cheque, and then the other $500 will have to come from the final pay cheque of the month. You still following me? :)
Taking into account the loan, I feel like I can confidently destroy the entire amount by mid-October (3 pay cheques/6 weeks) at the latest.
And that would mean the earliest date I could close on a property would be December 1st. Realistically, since no one really likes listing properties during the holidays, I would still be looking at purchasing in the New Year with the rate I’m going … but at least I won’t have to wait an additional 90 days after my last RRSP contribution to do it.