It’s RRSP season! If you’re a first-time buyer, consider how the Federal Home Buyers’ Program (HBP) and a tax refund can boost the funds you have available for your purchase.
If you have RRSP contribution room, you should contribute your savings before March 1, 2013 or 60 days after the December 31.
More information can be obtained from Canada Revenue Agency at http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html
You can qualify for a 2012 tax refund based on the amount you contribute and your marginal tax rate. Use Canadian RRSP Tax Refund as Down Payment. Then, after 90 days, you can redeem those funds under the Home Buyer’s Plan (HBP).
The Home Buyers’ Plan (HBP) lets first-time home buyers withdraw up to $25,000 each (or $50,000 for a couple) tax-free from their RRSPs. You’ll need to pay those funds back, of course, on a repayment plan, but this strategy of Use Canadian RRSP Tax Refund as Down Payment can make a substantial difference in the affordability of home ownership!
And while your funds are tied up for those 90 days, the Mortgage Brokers or banks can get you an interest rate hold. To learn more about how to implement this strategy attend upcoming Canadian Real Estate Investment Training Seminar Apprenticeship.
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