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First-time buyers – take advantage of the RRSP downpayment boost by March 1

Using your RRSP money for your downpayment is a great strategy for some first-time buyers. It may help you achieve the 20 per cent downpayment needed to avoid mortgage default insurance premiums, or simply give you a financial boost when you need it most.  First-time homebuyers can withdraw up $25,000 per person under the Federal Home Buyers’ Program (HBP).  If you have saved $25,000 and have enough RRSP contribution room, you can contribute that amount to your RRSP by the March 1 deadline. Then after 90 days, you can redeem those funds under the HBP. Since your contribution counts as a tax deduction, you may get a nice tax refund this spring to further assist you with your homebuying plans. You will however need to pay the withdrawn funds back on a 15-year repayment plan. Contact the experts at MiMortgage.ca at 1.866.452.1100 to for more information on how you can access your RRSP money for a downpayment for your first home.

 

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Tap Into Your RRSP

First Time Home Buyers

Use your RRSP as a downpayment.

If you have RRSP savings you have a down payment that you can access now and take up to 15 years to repay. You may also be able to save on CMHC Insurnace when buying your home, but using your RRSP funds to put down more than 5% of the purchase price.  You and a spouse can use up to $25,000 each as a down payment if neither of you has owned a home in the past.

First Time Buyer

Include renovations in your mortgage.

 

We are pleased to provide you with valuable information about using your RRSP so you can buy a home now!     Here is the information RRSP as a down payment

If you wish to take advantage of historically low mortgage rates, please apply now using our secure online mortgage application today!

Do you have a question about using your RRSP as a down payment? Use the handy form below to reach out to us and we’ll be happy to answer your inquiries. If this article is helpful, pleases share it with your Facebook friends!