How to Use RRSPs as a Down Payment on a Home - RRSP Home Buyers Plan
LeahCoss.ca Hi everyone, how are you? It's Leah Coss with The Mortgage Center. I wanted to do a post about RRSPs. Not just for first time home buyers, but for everybody. Because there is some confusion as to when you can use your RRSPs, and how much of your RRSPs you can actually use. I was talking to some people this morning, they are first time home buyers. Their advantage for being first time home buyers is that they can use their RRSPs without being taxed on it. And they can use up to , 000 each. That means if you are a couple who are buying a house, or two separate individuals buying a house, and you are both first time home buyers, you can use up to , 000 of your RRSPs without getting taxed on it. What if they want to use more than , 000? Or what if you are not a first time home buyer? Well, in that case you can use RRSPs, of course. It is your money, you are allowed to use it. But the trouble is you will be taxed on it. Now, what will you be taxed? Whatever tax bracket you are in. It is going to be considered income for the year, and you will be taxed whatever your tax bracket is. Based on the income that you make in your other means. So there is no straight answer there. You have to look that up. And you can do that on the government website. That is pretty much it. Now, for the first time home buyers, you do have to pay back the RRSP money. It is not something that you can just get and then never have to pay it back. You do have to pay it back. And you ...
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