| Mortgages & Financing - RRSP's |
Should you use your RRSP's to Purchase a New Home?
Registered Retirement Savings Plans (RRSP) were created to encourage Canadians to save money for their retirement. In 1992, the government hoped to stimulate housing sales with the creation of the Home Buyers' Plan. The plan allows qualified homebuyers to use up to $20,000 each from their RRSPs to purchase a home. In effect, people are borrowing tax-sheltered money from themselves. The questions many people have are what are the requirements of the plan and what impacts will the loan have on retirement savings. [ read more ]
Federal Government Extended the RRSP Home Buyers Plan
The recently announced federal budget has introduced modifications to the Home Buyers Plan which allows more flexible use of registered savings - including the purchases of homes built for those with disabilities. [ read more ]
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