What You Need to Know Before Helping Your Child With a Home Down Payment

With the benchmark prices for a home in Toronto or Vancouver at over a million dollars, the prospect of saving enough for a down payment to enter the real estate market can be a daunting task for first-time buyers. That’s why a growing number of parents look to help by gifting cash. Natalie Gill, a senior financial planner at Royal Bank, says she’s always seen parents and grandparents help in different ways. “But it’s just that I feel now people are wanting to help more and they’re more aware of it,” said Gill, who has 25-years of experience as a financial planner....