Thursday, December 19, 2013

Selecting The Perfect Place To Live In Ottaw

Housing is one of the most basic needs that every person has to satisfy, one way or another in their life.

Usually, during the first few years of independence, most people move around from place to place depending upon the place’s affordability and the person’s job situation.

Most people try to make the best of what they have with each place they live in, whether that place be owned or rented.

However, almost everyone at one time or another aspires to eventually have his or her own perfect Ottawa home – their “Dream Home” - and that’s when and where the search begins for the perfect place to live.

Location, Location, Location

Just about everyone has an ideal location for where they want to live. For some, it is the peace and quiet of the countryside; while others prefer the hustle and bustle of the big city. There are yet others who want a little bit of both, so they move into the suburbs.

Generally speaking, where a person chooses to live will dictate the type of housing they want and how much it will cost. Hence property evaluation is hugely impacted by “Location, Location, Location:

There are pros and cons to each and every environment or location, and, in a nut-shell,  here are a few of them:

City/Urban – Cities are always the cultural hubs for any region. Many younger people, when they first live on their own, tend to flock toward city living for the multitude of things to do and people to do them with. Depending on the city, noise, crime, traffic patterns and congestion, population densities and smog can be negative factors for people who are starting families or prefer some quiet.  For other folks, however, those factors, coupled with numerous restaurants, clubs and social events are a great lure to locate there.

Rural – Small town and country living account for a large number of residences across Canada.  Small towns are surrounded by large tracts of land or water.  Farming and industry comprise the major structure of such communities, and the culture that exists in these small towns most often results from or revolves around those activities.  This is the best locale for people who prefer peace and quiet, open spaces and cleaner air; as well as for those who seek a simpler environment in which to raise their kids. But in order to enjoy the excitement of what a city has to offer or to go to one’s downtown office requires a commute – sometimes of considerable distance and time - and often through less-than-desirable weather.

Suburban – This type of residence location is the so-called “happy medium” between the above two extremes. Suburban settings have reasonably-ready access to the cultural highlights of city living, usually have their own small sets of businesses, while maintaining a semi-placid atmosphere for those who desire it. Suburbs can vary from being quite city-like to almost rural depending upon how close it sits to either the city or the country.

Of course, the cost of living is directly affected by the location chosen. Typically cities and suburbs will cost more to live in because of the amenities and services these communities provide as well as because of the income level and spending habits of the majority of people who choose to live or work there.

Type of Housing

As we all know, different people have different needs and wants – or as it’s summed up colloquially:  “Different strokes for different folks”.

A person with a need or desire for less space usually doesn’t buy a big house. And equally true is the exact opposite.

Condominium-living is a great option when looking for a place for one or two people. After all, for a myriad of historical and economic reasons, condos are often all a person can find or afford in a downtown setting anyway.

Historically, as industrialization and crime sullied inner city environments, the desire for safer, cleaner, quieter and more family-friendly areas sprang up and so the “urban sprawl” started.  This migration from the city core to houses in the near-city countryside provided these homeowners with more space, more quiet – but also created greater demand for roads, vehicles and a myriad of home maintenance products – and all of this extra commuting and property maintenance ate up a lot of the home-owners’ free-time and budget.  Nowadays, the resurgence of people into the centre of cities is in part due to the suburbanites’ kids’ desire not to spend their time commuting and maintaining the property surrounding a suburban home as the new generation’s dream is not the same as was their parents’ or grandparents’.   It also reflects the desires of the aging population to be closer to the entertainment and health amenities or facilities (restaurants, museums, hospitals, etc.) that they now value more.


The Bennett Property Shop Realty knows that the ultimate decision in finding the “perfect” place to live comes down to each person’s personal preference based upon their specific life-style and economics situation whether they currently be a renter or a home-owner.

They strongly recommend that each person consider or investigate several different types of locations and different Ottawa homes for sale before deciding what is “right” for them because, quite succinctly, there is no black or white in housing selection, but rather only a balancing of one’s attraction to a specific place in light of and balance with one’s personal needs, personal preferences and personal affordability.

Tuesday, December 17, 2013

5 Reasons Why You Should Open an RRSP

The RRSP or the Registered Retirement Savings Plan is a Canadian account registered with the federal government and the accounts characteristics are based on holding investment assets and savings. The RRSP was first introduced in 1957 to encourage employees to save for their retirement. However, there are certain rules and regulations that determine the timing of the contribution, the tax credit, the claim of the contributing value, the asset allowed, the maximum contribution and the conversion to RRIF (Registered Retirement Income Fund) during retirement.

There are a lot of benefits of having an RRSP as a savings options for retirement and here a just a few:

Tax Deductions on Contributions
Your RRSP contribution is basically a claim for a deduction on your tax returns. For instance, you’re positioned on the top tax bracket and every $1,000 that you contribute decreases your tax amount by approximately $460. However, if you find yourself with lower income, in a year you can carry forward your deductions for your contribution to the next year when your income increases. This way even though you would be in a higher tax bracket your tax savings would be greater.

Tax Free Savings
As long as your investment earnings stay within the RRSP you won’t have to pay any tax. Instead this investment earning is tax free; since it is compounded, your savings increase much faster.
Converting Your RRSP to Regular Payments during Retirement
If you’re looking for regular payments then you can convert your RRSP tax free savings into an annuity or a Registered Retirement Income Fund (RRIF) which pays out regular payments when you retire, but you’ll have to pay tax on the regular payments that are made.

Reducing Your Combined Tax Payment by Opting For a Spousal RRSP
If you’re thinking about helping your spouse with their tax free savings account, you can easily contribute especially if you earn more than your spouse. The both of you can go for a spousal RRSP, where on retirement the amount will be split equally amongst you two and thus reduces the total tax amount that you have to pay.

To Pay For Your Home or Education You Can Borrow From Your RRSP
If you’re thinking about borrowing money from your RRSP, you can take out up to $20,000 for the payment of yourself or your spouse’s education according to the Lifelong Learning Plan (LLP). You can borrow up to $25,000 as a down payment for your home according to the Home Buyers Plan (HBP). You won’t have to pay any tax.

If you already have an RRSP and it is not performing, the Bennett Team has a great program that can use your RRSPs to invest in real estate and generate a 8% secured annual return - that's better than any bank at the moment! Are you tired of loosing money in your RRSPs or STRESSED about your retirement visit for details on this innovative program.

Visit for all your real estate needs.