Tap into your RRSP to BUY a home!
According to the Federal Government HOME BUYER'S PLAN, you can use up to $25,000 of your RRSP to help finance a DOWN PAYMENT or use for closing costs.
The RRSP funds must be on deposit for at least 90 days, and you have 15 years to repay it all back.
You must be a FIRST TIME buyer, however, even if you owned a home previously, you can be considered a first time home buyer if in the previous 4 years, you did not own a home.
Before withdrawing the RRSP funds, seek appropriate advice from an accountant, banker or financial planner.
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