Leanne Drolet

Royal LePage Sterling Realty

Office 604-421-1010

Cell 778-840-7211

Email: Leanne@realtygal.ca

Categories

Canadian Government's Home Buyers Plan! Using your RRSP's!

WOW!


Did you know if you are a first time buyer of a home that you can borrow up to $25,000.00 from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home!


The Canadian Government’s Home Buyers Plan (HBP) allows you to borrow up to $25,000.00 from your RRSP for a down payment, tax-free.  If there are two people buying the home together and you are both first time buyers, each of you can withdraw up to $25,000.00! 


Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw it. 


Since the HBP is considered as a loan, it must be repaid within a period of no more than 15 years.  You have to repay an amount to your RRSP each year until your HBP balance is zero.  If you do not repay the amount due for a year, it will be included in your income for that year.


For more information give me a call!

Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.