|
Using Your RRSP to Buy Your First Home
For many first-time homebuyers, the question of how to come up with a down payment can be a concern. Many of you could actually be saving for this amount without even realizing it. The Canada Revenue Agency has a program to help potential homeowners with a down payment. The Home Buyers Plan (known as HBP) allows participants to withdraw up to $20,000 in a calendar year from their registered retirement savings plans (RRSP's) to buy or build a qualifying home. The advantage of this program is it allows first-time homebuyers to build a down payment without the trouble or stress of borrowing the amount. Participants of this program have up to 15 years to repay the RRSP balance without a penalty. The Home Buyers Plan is a great way to leverage your retirement money today, and still grow your RRSP tax free! Contact a Mortgage Specialist in your area for more details. Townhouses | Team Bios | Testimonials | Contact Us | Home |