Your savings accumulated over several years are without a doubt the best and easiest way to make a first purchase. You had planned this purchase and you were right in saving your money, congratulations!
Did you know that you can use the money in your registered retirement savings plan (RRSP) to buy your first home? You can withdraw $ 35,000 from your RRSPs and another $ 35,000 for your spouse, all tax free! The second tip with this product is to take out an RRSP loan. To accomplish this strategy, money must remain in your RRSP for 90 days before you can do the HBP. In both cases, you will have two years of grace and, thereafter, you will have 15 years to reimburse your HBP. Therefore, you must reimburse 1/15 of the amount per year, failing which the amount will be added to your income for the year.