How do I bank my savings for a down payment on a house?

I live in Canada am hoping you might be able to answer this My parents had bought 2 lots one of which my sister built a house on. Since I didn't want to live in that town they decided to give me and my long-term boyfriend the property as a gift (apprx value: $40,000). Should we leave the property in my parents name (they'd pay property taxes) and sell it when we want to buy a house OR sell it now and put it in the bank (we currently have a joint account)? We plan on buying within the next 3 years. If I should put it in the bank: --What type of account should I use? (Interest Savings, TFSA, Mutual Fund?) --Could anyone such as creditors or child support programs gain access to this and take it from us? Thanks much! Dana
Question asked by: stokes21

Asked on: 08 May 2009

Best to consult a lawyer or solicitor who works in this area to work out what the best option is and what the answers are to your questions, these areas are quite complicated so i doubt anyone here would be able to give reliable advice!
By: knowitall
Replied at: 26 May 2009
Rate Answer

Comment or provide your answer to this question
No comments have been added to this question "How do I bank my savings for a down payment on a house?".

Ask a New Question

Find out more about Money

Money Questions and Answers

banking Questions and Answers

Next question: Tax deduction

Become a Member! It's Free >>>

Share on Facebook: On Twitter: Twitter Tweet this!

Question Keywords

payment savings bank

More Questions:

How Much Money Should I Invest In Stocks And Shares?
Is Equity Release A Good Idea?
Saving
How Can I Get Better At Managing My Money?
What Is A Guarantor Mortgage And Is It A Good Idea?