How to use your RRSPs when buying your first home
Buying your first home is exciting, but it can feel overwhelming at times. Here are some details on the RRSP Home Buyers’ withdrawal Plan and how you can access your RRSP savings to purchase your new home.
Home Buyers’ Plan (HBP)
A Federal government program that allows you to borrow up to $25,000 from your RRSP tax free to fund your first home purchase. If both you and your spouse qualify, you can each borrow up to $25,000 from your RRSPs, for a total of $50,000. The money must have been in your RRSP for at least 90 days.
Here’s how it works:
Don’t forget, there are 3 main programs to help out first-time home buyers
With the help of your real estate lawyer, we can go through all of these incentives when purchasing your
first home. Contact us today!
We just sent you an email. Please click the link in the email to confirm your subscription!
OKSubscriptions powered by Strikingly