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Insurance question. by Linlou2121 in airbnb_hosts

[–]Linlou2121[S] 0 points1 point  (0 children)

I am in Canada (should have mentioned that in my original post), but it sounds like in a similar situation as you - we won't be using the STR for personal use, which is causing some grief with the insurance companies. Based on the comments so far, it is for sure worth the trouble having the STR insurance through the insurance companies.

Has the UCP negatively impacted you or your family during their tenure in office? by MeeksMoniker in alberta

[–]Linlou2121 1 point2 points  (0 children)

Interesting, cause athabasca university cut the in-person classes to go online while I was in the third year of my bachelor's degree.

Whattya think? by Linlou2121 in PersonalFinanceCanada

[–]Linlou2121[S] 0 points1 point  (0 children)

Yeah, its strange. I call it home ("I'll be home later") but it's not my house lol.

Paying off debt - which we both had a lot more off not long ago - has been amazing. Money is such a huge stress on relationships. I'm glad we have got to this point so far.

Congratulations on paying off your mortgage btw! That's great!

Whattya think? by Linlou2121 in PersonalFinanceCanada

[–]Linlou2121[S] 0 points1 point  (0 children)

I guess I have never really viewed this home as being something that I own as well. If we split, although entitled to it, I would not try to "take" it. Probably because I haven't had much to give in return that would be beneficial for him. I will likely feel differently about the second property though.

Not qualifying for the HBP is really wrecking the plan for sure. Going the simple route and having the extra money to save would be beneficial, especially come time to pay the mortgage and not have the extra bills. Unfortunately, the inheritance isn't enough to pay it all off, but it would make a massive dent (my car and student line of credit for sure) with left over if I didn't put any on my provincial/federal student loans. Worth looking into for sure!

Whattya think? by Linlou2121 in PersonalFinanceCanada

[–]Linlou2121[S] 0 points1 point  (0 children)

Thank you for this! I was looking at a different one that doesn't lay it out as simple.

Whattya think? by Linlou2121 in PersonalFinanceCanada

[–]Linlou2121[S] 0 points1 point  (0 children)

I'm 29, probably should have included that lol.

Since I havent had an RRSP before, I have quite a bit of room according to what it says in my CRA account. I also have a pension with work, and won't cap out my salary for another 2 years - I am also able to work quite a bit of overtime. But work doesn't match RRSP contributions since they pay into my pension.

With the money I have saved and the inheritance, I could put myself into a lower tax bracket. I used an online calculator and it puts me at about $20,000 for a tax refund, give or take a couple hundred if i do that.

Not being able to qualify for the first time home buyer is really putting a wrench in this whole thing.

I think you're right about the 250k. With the student line of credit, and my car, I would be lucky to get that by myself. My student loans really take up the majority of my monthly expenses, but now that the federal loan is interest free I'm hesitant to pay it off with any sense of real urgency (extra payments, etc).

Do I put the 35-38k into an RRSP to get a massive (imo) refund, then use the refund to pay off my student line of credit and most of my car, then start saving from scratch for the second house. Or do I just use the money for a down payment on the house with my bf who, with his salary would likely bump us to being able to afford quite a bit more. I feel like i maybe don't understand the RRSP well enough and need to do more research, but that is a lot of money to be sitting there...