Are you a first time home buyer?

Have you been contributing to an RRSP?

Well you are in luck! Did you know that you can withdraw your RRSP (first time home buyer only) up to an amount of $25,000 tax free to purchase or build a home? Of course there are some conditions but it’s possible and a great way to contribute towards your down payment especially if you haven’t saved for one! Remember you need a minimum of 5% of the total purchase price as your down payment.

You will have to pay back the amount you took out back into your account but that doesn’t start until the 2nd year after taking it out and the government gives you  up to 15 years to pay it back. Pretty good deal to me!  This great program is making home ownership more affordable to a lot of people.

Check out Service Canada website for more information

Translate »