Sold first home to buy second home. Mistakes were made, how do I minimize the damage?
Not sure if this should be in real estate or personal finance but we bought our first home 5 years ago using the first time home buyers plan to withdraw RRSP. Last month my wife got a new job and we moved.
The mistake, was buying the second home before selling the first home. We semi panicked with the Covid market madness and I didn't understand bridge loan details well enough. We are in semi rural NS.
To buy the second home, I withdrew $45,000 RRSP and paid the withholding tax. I was laid off the end of last year and been on unemployment/cerb.
We have sold our first home now and have $95,000 in the bank and want to put money back into retirement, have a down payment for car and upgrade the new house slightly.
How do I figure out the best use of that money, What do we need to know about finding a fee only financial advisor in Nova Scotia?
The mistake, was buying the second home before selling the first home. We semi panicked with the Covid market madness and I didn't understand bridge loan details well enough. We are in semi rural NS.
To buy the second home, I withdrew $45,000 RRSP and paid the withholding tax. I was laid off the end of last year and been on unemployment/cerb.
We have sold our first home now and have $95,000 in the bank and want to put money back into retirement, have a down payment for car and upgrade the new house slightly.
How do I figure out the best use of that money, What do we need to know about finding a fee only financial advisor in Nova Scotia?