I’ve got 100k from inheritance. I understand the notion of prioritizing all the tax-sheltered investment accounts such as TFSA but I am also debating on using it as a down payment (20% for a 500k condo). My TFSA only has about $1000 in it and this would be my first home purchase in Greater Vancouver.
- 30 yrs old
- 50k salary before tax
- $1000/month for rent
- $5000 in checking
- $1000 in TFSA
- no RRSP
- no debt
As an accountant in industry, I would need to jump ship if I want to increase my salary. I am also exploring a career with the CBSA because accounting is boring and low paying. My rent payments are lower than market rate because I am living with a friend (he’s my landlord). In two years time, my girlfriend and I will be living in a brand new condo and will be paying below market rate rent – thanks to her parents who owns the new unit.
My plan is to buy a pre-sale condo which will be done in 4-5 years OR fill up my TFSA using index funds couch potato. What would do you in my shoes?
Any input is much appreciated.
Statistics: Posted by epinephrine — Nov 25th, 2019 1:10 am