If you’re buying your first home, the Federal Home Buyers’ Program (HBP) and a tax refund can boost the funds you have available. Make as big an RRSP contribution as you can before the March 1 contribution deadline for the 2017 tax year – up to your contribution limit or the maximum $25,000 per person. Use your downpayment savings if you can because you want as big a 2017 refund as possible. After 90 days you can redeem your contribution under the HBP program, giving you your original downpayment funds back PLUS a nice fat tax refund. You’ll need to pay the withdrawn funds back on a repayment plan, but this strategy can make a substantial difference in the affordability of home ownership!
For information contact the experts at MiMortgage.ca at 1 866 452-1100 now!