| Visit
Our Official Website : http://www.guaranteedinvestments.com
 The
First Time Home Buyer’s Plan (HBP) allows an individual to withdraw
up to $25, 000 from Registered Retirement Savings Plans (RRSPs)
to build or purchase a qualifying home for him or herself – As
a First Time Home Buyer. Individuals may still be considered eligible
as a First Time Home Buyer if you only owned a rental property
or have not recently owned a home of your own.
HBP is known as a temporary loan drawn from your RRSP and must
be paid back within 15 years or it will be added to your taxable
income.
How does the First Time Home Buyer’s Plan Work?
• The First Time Home Buyer’s Plan allows you to
withdraw money from your RRSPs for a down payment on a residence.
• You may utilize up to $25,000 being single or $50,000 as a couple
of your RRSPs to purchase a home but as long as the funds are
not locked in. Example: an RRSP from a pension plan that cannot
be accessed before the age of 55 would not qualify.
• You must meet governmental requirements as a First Time Home
Buyer to complete the withdrawal and you or your spouse must not
have owned a home in the past 5 years.
• Withdrawals are not deemed to be taxable income in the taxation
year in which the withdrawal was made.
• There is a no-penalty, 15 year payback period for the RRSP withdrawal
money.
• Under the terms of the First Time Home Buyer’s Plan, you are
required to re-contribute 1/15 of the withdrawal each year.
TS Wealth Inc. and Guaranteed Investments.com
– First Time Home Buyer’s Plan RRSP
TS Wealth (tswealth.ca)
and Guaranteedinvestments.com
can help you with obtaining the right mortgage and help you with
The RRSP First Time Home Buyer’s Plan. The advisors at TS Wealth
(tswealth.ca) and Guaranteedinvestments.com can help you obtain
the right mortgage, at the best rate, and at the same time help
you with The Home Buyer’s Plan, the withdrawal of funds under
the plan, and the addition of funds back into the plan, over the
next 15 plus years.
When deciding to withdraw money from your RRSP under the first
time home buyer’s plan, you must also make decisions on other
important financial and mortgage matters.
Our advisors will help you structure your Mortgage, help you understand
the benefits of Short-Term versus Long-Term Mortgages, Current
Mortgage Rates, Mortgage Rate Trends, Mortgage Insurance and whether
there is a need for it, Prepayment options and much more. The
RRSP First Time Home Buyer’s Plan is just one thing you need to
consider – receive unbiased professional help from Guaranteedinvestments.com
and Tswealth.ca
|
