Thinking about giving money to your child to help buy a home? Here are five things to consider.
OTTAWA — Five things to think about if you're considering gifting money to your child to help buy a home:If you can help your child get to the 20 per cent threshold for their down payment, it will save them the cost of mortgage default insurance. The premiums are calculated based on the size of down payment and are smaller the closer you are to the 20 per cent threshold. The cost is normally rolled into your mortgage which increases the cost of the loan.
If you have more than one child, what will the others think if you help their sibling with their down payment? Will you be able to help all of your children equally, and do they all need the help? Advisers encourage parents to have open and detailed conversations with their children as part of their estate planning.Nobody thinks their relationship with their partner is going to sour when they commit to buying a home, but it happens.
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