RRSP – Home Buyers Plan
Tax savings aren’t the only reason to invest in an RRSP. With the Federal government’s Home Buyers’ Plan (HBP), first-time homebuyers have the opportunity to put that tax-free cash towards a new home. Do you have some down payment but not the full amount and want to put your down payment into RRSP’s to get the tax savings and have that much more to access for your new home in Fort McMurray? Call Jodi your Fort McMurray Mortgage Broker / Specialist to get all informations to plan for your new home purchase today.
Each individual involved in the purchase of the home may withdraw a maximum of $25,000 from their RRSP — provided it is the first home for all parties involved. The home must be used as a principle residence, and all funds must be withdrawn from the RRSP within 30 days of the property’s closing date. Your Fort McMurray home ownership is possible call your Fort McMurray Mortgage Broker Jodi Whalen today 780-715-7533.
You have 15 years to repay your RRSP ‘loan’, and payments must start two years after the initial home purchase. Every year, you will receive a notice of assessment stating the amount you have repaid, your total balance, and the required amount for your next payment. Are you wanting to buy a home in Fort McMurray and have RRSP’s you can access? If so call me today to get you approved on your new mortgage in Fort McMurray. We have many options for your situations call Jodi Whalen your local Fort McMurray Mortgage Broker to get the process started and be in your new home that much sooner.
For more information about the HBP, visit Canada Revenue Agency’s website.