Another Stream of Income

February puts a spotlight on contributing to RRSP's, thinking about your retirement and planning ahead.  Tax Free Savings Accounts might be another way to provide a source of income - now or in the future.

In 2014, perhaps you could consider revenue property as a possible source of income. Revenue properties are a good way of attaining strong capital growth and/or monthly cash flow. The main requirement to afford buying rental property is to have a 20% down-payment. There are ways this can be achieved that may not have as big an impact on your budget!

Being a landlord isn't everyone's cup of tea but hiring a property manager may be a great way to still reap the financial benefits of property ownership. Property managers typically charge 8- 10% of the rent being charged per month. Real estate values have steadily been rising over the past few years and diversifying your income sources is always a wise decision.

Give us a call if you are interested in finding out more. 204-453-7653


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