First Time Home Buyers can obtain an RRSP loan up to $25,000 to be used for down payment on the purchase of a home and withdraw it Tax-Free!

How does it work?

We can assist clients with setting up an RRSP loan. The borrowed funds are placed into an RRSP account and can be withdrawn 90 days after the funds have been sitting within the RRSP, under the Canadian First Time Homebuyer’s Plan. The rate, term, and repayment of the loan are determined by the issuing lender on a case-by-case basis.

Requirements:

Clients MUST have great credit, be able to afford the monthly loan repayment, and the payment is used in their debt qualifying ratios.

Advantage of purchasing/using an RRSP:

Clients will get themselves into the spring market and a 2018 personal tax adjustment!

The RRSP deadline is Friday, March 1, 2019. Contact me for more details about this program or with any other questions you may have.