Hello,
after reading one of the post in here about 5% down and rent it to relative. I am going to ask another question in here.
my daughter will be leaving home to Montreal for her University study next year. i am planning to purchase a Condo under our names, myself, my wife and my daughter. since she will be there for at least 4 years or more ( if she decided to do her master there, that will be even longer), it would be wise to purchase the condo and for her to live in it. this way, she have a nice place to stay and it also save up on equity and property appreciation.
may be some of you will have the answer for me. I had purchase RESP for my daughter these years to prepare for her education. Can i use her RESP to pay a portion of the mortgage ( like monthly rental at a fair market price ). the condo will be under her name as well, can she pay rent to herself??
many thanks
after reading one of the post in here about 5% down and rent it to relative. I am going to ask another question in here.
my daughter will be leaving home to Montreal for her University study next year. i am planning to purchase a Condo under our names, myself, my wife and my daughter. since she will be there for at least 4 years or more ( if she decided to do her master there, that will be even longer), it would be wise to purchase the condo and for her to live in it. this way, she have a nice place to stay and it also save up on equity and property appreciation.
may be some of you will have the answer for me. I had purchase RESP for my daughter these years to prepare for her education. Can i use her RESP to pay a portion of the mortgage ( like monthly rental at a fair market price ). the condo will be under her name as well, can she pay rent to herself??
many thanks