RRSP – Home Buyers Plan
Although the savings on income tax from RRSP contributions are a great incentive, there are down payment options for first time home buyers that the RRSP’s can be used for. 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 the information to plan for your new home purchase today.
Each individual involved in the purchase of the home may withdraw a maximum of $35,000 from their RRSP, which just recently got increased from the $25,000 previous amount the government allowed. The home has to be your primary residence, and all funds must be in the RRSP for a min of 90 days before you can pull them out with the first time home buyer RRSP form. You can not have owned a home in the last 4 years and if you accessed the First Time Home Buyer RRSP’s in the past you would have had to pay them back in full and not owned a house for at least 4 years to qualify for this again. 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 this RRSP loan in full. 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. Apply On-Line Today!
For more information about the HBP, visit Canada Revenue Agency’s website.