Thinking of buying a home? Here is a smart way to start investing.
Normally, any amount you withdraw from your RRSP is considered taxable income However, the government allows you to borrow up to $25,000 from your RRSP to help pay for your home as long as you qualify as a first-time buyer. In order to meet this requirement, you must not have purchased a home within the last four years or also not have lived in a home owned by your spouse during this time.Importantly, any funds borrowed from your RRSP for your down payment must be repaid. These repayments must begin two years after your purchase and you have up to 15 years to make these payments.
For more information copy and paste the link below: