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 RRSP
First Time Home Buyer - Overview
The First Time Home Buyer’s
Plan allows an individual to withdraw an amount of up to $25,000
from one’s Registered Retirement Savings Plan (RRSP) to buy or
in some cases to build what is known as a qualifying home. The
RRSP First Time Home Buyer’s Plan itself can be somewhat complicated
to understand and one should talk to an experienced financial
planner, mortgage agent, mortgage broker or another first time
home buyer professional to ensure the plan is fully understood.
 TS
Wealth and Guaranteedinvestments.com
can help you with obtaining the right mortgage and help you with
The RRSP First Time Home Buyer’s Plan. The advisors at TS Wealth
(tswealth.ca) and Guaranteedinvestments.com can help you obtain
the right mortgage, at the best rate, and at the same time help
you with The Home Buyer’s Plan, the withdrawal of funds under
the plan, and the addition of funds back into the plan, over the
next 15 plus years.Contributions to RRSPs must remain in the RRSP
for at least 90 days before an individual can withdraw them under
the Home Buyer’s Plan. If the contributions do not remain in the
RRSP for a minimum of 90 days, a deduction is not allowed for
RRSP purposes. In most cases, individuals have to repay all the
withdrawn funds back to the RRSP over a period of 15 years. If
an individual does not repay an amount due in one year, it is
added to one’s taxable income for that year.To be eligible for
the First Time Home Buyer’s Plan, individuals must meet a variety
of conditions
contact TS Wealth (tswealth.ca) for additional information.
“RRSP First Time Home Buyer’s
Plan is available and you should contact tswealth.ca to obtain
information on how the plan works”
Guidelines
• If you don’t repay
1/15 of the borrowed amount per year, that amount is added to
your taxable income for that year.
• At the time of withdrawal, you must be a resident of Canada
and a first time home buyer.
• You will have to buy or build the home before October 1st after
the year of withdrawal.
• RRSP contributions of at least 90 days before the date of withdrawal
may be used towards the HBP.
 We
Can Help with the RRSP First Time Home Buyer’s Plan
When deciding to withdraw money
from your RRSP under the first time home buyer’s plan, you must
also make decisions on other important financial and mortgage
matters.
Our advisors will help you structure your Mortgage, help you understand
the benefits of Short-Term versus Long-Term Mortgages, Current
Mortgage Rates, Mortgage Rate Trends, Mortgage Insurance and whether
there is a need for it, Prepayment options and much more. The
RRSP First Time Home Buyer’s Plan is just one thing you need to
consider – receive unbiased professional help from Guaranteedinvestments.com
and Tswealth.ca
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