The RRSP Home Buyers' Plan: A downpayment boost for first-time homebuyers.
May 18 2016 Posted by
If you’re buying your first home now and it’ll be at least 90 days before your move, let’s talk. The Federal Home Buyers’ Program (HBP) and a tax refund can boost the funds you have available for your purchase. First, make as big an RRSP contribution as you can – up to your contribution limit or $25,000 per person. You can even use your downpayment savings for this. Big RRSP contribution means a great 2015 refund. Then, after 90 days, you can go back into your RRSP and redeem your contribution under the HBP program. So you’ve got your original downpayment funds back PLUS a nice fat tax refund. You’ll need to pay the withdrawn funds back on a repayment plan, but this strategy can make a substantial difference in the affordability of home ownership!
Give me a call to discuss how you can take advantage of the Home Buyers' Plan:
AB: 587.224.3636 OR SK: 306.850.7017