Understanding The Home Buyers’ Plan Program
Did you know? You have access to the money in your RRSPs to take advantage of the Canada Customs and Revenue Agency’s (CRA) Home Buyer’s Plan.
Taking Advantage of the Home Buyers’ Plan
In fact, first-time homebuyers purchasing a home may withdraw up to $35,000, tax-free, from their RRSP. They can use it as a down payment, or to cover other purchase-related costs.
Spouses and partners are also able to do the same, for a combined total of $70,000.
This is a great opportunity to leverage your RRSP into a purchase that sets you up for success down the road. It’s money you have access to, right now, that can be put toward your first transaction today.
Interested In Learning More?
If you’re interested in learning more about the Home Buyers’ Plan, and how you can make it work for your purchase, please feel free to reach out to us today.
We’ll help you determine if you apply, exactly how much money you may have access to, and what you can do with it to make the right purchase for you.
Best of all, we can help you make sense of all your options. Simply use the form below.