**ADD ON - RRSPS & How You Can Use Them for the Down Payment on Your Home - RRSP Home Buyers Plan
MortgagesInVancouver.com This is just a quick add on to my video on RRSPs and how you can use them as a down payment to buy your next home. I failed to really make clear the difference between a first time home buyer and how and how much they can use for RRSPs and the difference between a non first time home buyer. As well, You CAN use more than 000 of your RRSPs to buy our next home however you WILL be taxed on it. So, to recap, here is how RRSP's work. If you are a First Time Home Buyer then you can use up to 000 of RRSP's Tax Free as your down payment. You are required to make annual payments of 1 of what you borrowed to pay this back. If you are a First Time Home buyer and want to use MORE than 000 then you can do this but you will be taxed on this money in your tax bracket. If you are NOT a First Time Home Buyer then you unfortunately WILL be taxed on Any RRSP's that you take out right away. I'm sorry for any confusion but there you go. Let me know if I can answer anything else about this topic or anything having to do with financing. I'm here to help 7 days a week. mortgagesinvancouver.com
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