First Time Home Buyers and RSPs!

Being a first time home buyer has benefits! One of those benefits is the ability to withdrawal funds from an existing RRSP (funds that have been in the plan over 90 days) and put them toward the purchase of a new home. You can withdraw up to $25,000 in a calendar year. Over a period of no more than 15 years, you have to repay to your RRSPs the amounts you withdrew under the Home Buyers Plan. Generally, for each year of your repayment period, you have to repay 1/15 of the total amount you withdrew, until the full amount is repaid to your RRSPs. Full information can be found on the Canada Revenue Agency website or by using the link below:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/

Blog Archives

Tags