It’s tax season and Canadians are thinking about investing some of their hard-earned money into their Registered Retirement Savings Plans (RRSP). I’ve put together this quick blog post today to let you know how you can use your RRSP savings to help you buy your first home.
One of the biggest hurdles that first time home buyers face is coming up with the funds for a down payment. Many Canadians are unaware that they can access the savings in their RRSP to put towards the down payment on their first home.
Here are the basics you need to know:
- Up to $25,000 can be borrowed from your RRSP to put towards a down payment
- Your partner can borrow an additional $25,000 from their RRSP for a combined total of up to $50,000
- The funds need to be repaid to your RRSP within 15 years of borrowing
Alternatively, this is something that your Mortgage Broker can help you with when you apply for mortgage pre-qualification. If you need help finding a Mortgage Broker then please get in touch and I can refer you to some fantastic professionals that I work with in Vancouver.
Chris Lambert | 604.340.6457 | firstname.lastname@example.org | www.chrislambert.ca |