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First time homes buyers RRSP withdrawl


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Blog by Liz Penner | October 7th, 2015


Home Buyers’ Plan: Registered Retirement Savings for down payments

Canada Revenue Agency’s Home Buyers' Plan lets qualifying home buyers use up to $25,000 of their Registered Retirement Savings Plan (RRSP) to buy a home. Couples can use up to $50,000. The home must be the principal residence, the home buyers must not have owned a home within the past five years and the loan must be repaid with 15 years.

Disabled home buyers upgrading to a more accessible home also qualify as do relatives helping disabled home buyers. Home buyers who have already used the plan and have fully repaid their RRSP may be eligible to use the plan a second time.

Canada Revenue Agency For information: Home Buyers' Plan 1-800-959-8287

 

Information Courtest of the Vancouver Real Estate Board

To purchase your next home call Liz Penner with Greyfriars Realty at 604-376-3350.

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