Free Money for First Time Buyers
How would you like to get free money? Well, if you are a First Time Buyer or you haven't owned a home in the last 5 fiscal and you have not previously participated under the Home Buyers' Plan, here is a strategy to FREE MONEY. Simply use your unused RSP limit, with your own savings or getting an RSP loan and keep it for at least 90 days. If you fall in the 40% tax bracket, on a $3,000 RSP, you would get a $1,200 income tax refund. Once you are ready to buy, and 90 days have passed, you can remove it under the Home Buyers' Plan. If you had a RSP loan, simply collapse the RSP and pay off loan, but you're still getting the income tax refund.