Can I Use My RRSP’s to Buy a home?

How does the Home Buyers Plan (HBP) work?

Each purchaser may withdraw up to $25,000 from their RRSP to buy or build a qualifying home. If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $25,000 to a combined maximum of: $50,000. You must be a resident of Canada; you may participate only once in your lifetime and must be considered a first time home buyer. You are considered a first time home buyer if you haven’t owned a home at any time during a specified period. Generally, a five year rule applies. The funds must have been in the RRSP for at least 90 days prior to withdrawal to be eligible under the program. Nothing beats the RRSP vehicle for 1st time buyer’s. The payback is over 15 years, with no interest expense, plus you received a tax deduction each year when making the original contributions. A simple and tax effective way to get your $50,000.00 down payment into the real estate market.

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Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

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An independent Mortgage Specialist associated with the Verico Mortgage Network.