How To Use RRSP's to Buy a Home (Mortgage Broker) - RRSP Home Buyers Plan
mortgagesinvancouver.com Many of use have been taught to save our money in an RRSP every year to help us reduce our taxes owed and to help us save for retirement. This is a very good thing of course but it seems a shame to have all this money just sitting and sitting in an account, never to be touched for 20-50years for some people. So what can you do with it? How can you use it without losing your tax benefits and not get penalized in the process? Simple, the Government allows us to use our RRSP's, up to a maximum of 000, towards the purchase of a new home. Here's another great benefit. You wont get taxed on this money when you use it so long as you follow the rules. Ah, Rules. So what are they? They actually aren't that bad considering all that you are getting in return. First off, the money that you pull out has to be paid back into your RRSP's gradually. How much? 1 of however much you pulled out of your RRSP's must be paid back every year. So for example, if you used 000 of RRSP's towards the purchase of your home by using it as a down payment then you will only owe 00 a year until it is paid back. If you do this then you will get dinged with taxes and no interest is applied to using these funds. On the flip side, if for some reason you cannot come up with a yearly contribution to your RRSP's to pay back the funds then you are simply charged tax on the payment amount. Using the same example of a 000 RRSP pull out, you would be charged taxes on the 00 ...
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