for your quality of life.
|
|
Developed by: ©Copyright. |
Home Buyer's Plan The Canadian Real Estate Association (CREA) promoted the use of RRSP funds as an instrument of housing finance. The Home Buyers Plan was created in 1992 allowing first time home buyers the opportunity to use their RRSP investments to purchase a home.The Home Buyer's Plan allows first time home owners (link to First Time Home Owners page) to withdraw up to $20,000 of their RRSP contributions to buy or build a qualifying home. Where there are 2 first time home buyers, each of you can use up to $20,000 making up to $40,000 down-payment. You will have to repay the total withdrawal amount over a period of 15 years or report the unpaid portion as income on your tax return. You may still be considered a first time home buyer even if you have recently owned a home under special circumstances (contact us to find out) or even if you own a rental property which you do not live in. If you have any amount (no limit) in your RRSP's / LIRA's and you are not a first time home buyer, we can still help you to access the total dollar value of your RRSP's / LIRA's to purchase a real estate property. Click here to find out how. Detailed information can be found on the Government of Canada's website: http://www.cra-arc.gc.ca |