JayVanular

Jay Vanular
Sales Representative

Right at Home Realty Inc., Brokerage
1032 Brock Street S, Whitby ON
Unit 5&6, L1N 4L8
Cell:905-718-9927
Direct Office: 905-665-2500
Email: jay@jayvanular.com

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How can you use your RRSP to help you buy your first home?

Today, about 50% of first-time home buyers use their RRSP savings to help finance a down payment. With the federal government's Home Buyers' Plan, you can use up to $20,000 in RRSP savings ($40,000 for a couple) to help pay for your down payment on your first home. You then have 15 years to repay your RRSP.

To qualify, the RRSP funds you're using must be on deposit for at least 90 days. You'll also need a signed agreement to buy a qualifying home.

Even if you have already saved for your down payment, it may make good financial sense to access your savings through the Home Buyers' Plan. For example, if you had already saved $20,000 for a down payment - and assuming you still had enough "contribution room" in your RRSP for a contribution of that amount you could move your savings into a registered investment at least 90 days before your closing date. Then, simply withdraw the money through the Home Buyers' Plan.

The advantage? Your $20,000 RRSP contribution will count as a tax deduction this year. Use any tax refund you receive to repay the RRSP or other expenses related to buying your home.

While using your RRSP for a down payment may help you buy a home sooner, it can also mean missing out on some tax-sheltered growth. So be sure to ask your financial planner whether this strategy makes sense for you, given your personal financial situation.

on 22/05/2014 by Super User
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470 BOND ST, Oshawa - $399,990
470 BOND ST, Oshawa
Perfect Home For First Time Buyers, Downsizers Or Investors! Don't Let The Market Leave You Behind--This Is Your Opportunity To Own A Home Cheaper Than Renting! Solid Brick Bungalow Centrally Located With Tons Of Parking. Sunny & Bright, Super Clean
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6 THOMAS WOODLOCK ST, Clarington - $559,900
6 THOMAS WOODLOCK ST, Clarington
Ok So Where Do We Begin? Maybe W/The Upgrades! Cesar Stone Countertops, Marble Ribbon Backsplash, Extended Cabinets & Gorgeous Backyard. Less Than 5Yrs Old, This Stunning Bungaloft Features 9' Ceilings, Open Concept Kitchen O/L Great Room W/Gas Fp.
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#108 -17 BALDWIN ST, Whitby - $469,000
#108 -17 BALDWIN ST, Whitby
Retail Condominium In The Heart Of Brooklin. Bank Anchored Plaza. Hwy 7 And Hwy 12. No Food Prep, Odour Producing Or Wet Uses Allowed As Per Condo Rules And Regulations. It Is Dscc No.280 And Includes Snow Removal, Garbage, And Common Elements. It
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