RRSP's For A Down Payment-- Really?

 

 

If you are a first time home buyer you can borrow from yourself using your RRSP for your downpayment.  Every year you pay 1/15th  back and it goes right back in your RRSP without tax penalties.

 

Up to a maximum of $25000.00 for each partner.

 

If you have always worked and never bought RRSP's, you have a  lifetime of RRSP that you can borrow to buy RRSP's to catch up. 

 

 If you do not repay the amount due for a year, it will have to be included in your income for that year.

 

Additional reading  http://www.cra-arc.gc.ca/E/pub/tg/rc4135/README.html

 

Call or email me for specific information regarding your circumstances.

250-650-4182

akroemer@mortgagegroup.com

 

www.KROEMERmortgages.com

 

I am paid by the Lender.