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How to Use Your RRSP to Buy a Home in March 2022
March 28, 2022 | Posted by: Marc Crossman
Have you been forced to continue renting, paying your landlord more money in rent than your mortgage would be?
Many Canadians simply don't have access to the required funds for a down payment in a traditional savings account. Fortunately, if you have a Registered Retirement Savings Plan (RRSP), you might just be sitting on a down payment goldmine without even knowing it.
What is the RRSP Home Buyers Plan (HBP)?
The gist of the home buyers plan is quite simple. You are allowed to withdraw a particular amount of money from your RRSP to fund the purchase of your principal residence. In return, the government simply asks that you repay the capital over the duration of 15 years.
However, there are plenty of stipulations the Canada Revenue Agency places on the Home Buyers Plan, and if you're not careful, you could end up either owing money or even worse withdrawing unqualified money.
See the full article here to answer all the questions you need to know: https://lnkd.in/g8FSy9HN
