RRSP's & your Downpayment

Did you know that you can take up to $25,000 out of your RRSP to buy your first home? 

 

Before applying to withdraw funds under the HBP you must meet the following conditions:

  • You have to enter into a written agreement to buy or build a qualifying home for yourself, for a related person with a disability, or to help a related person with a disability buy or build a qualifying home.
  • You have to intend to occupy the qualifying home as your principal place of residence no later than one year after buying or building it. If you buy or build a qualifying home for a related person with a disability, or help a related person with a disability buy or build a qualifying home, you must intend that that person occupy the qualifying home as his or her principal place of residence.
  • you have to be considered a first-time homebuyer.
  • In all cases, your HBP balance on January 1 of the year of the withdrawal has to be zero.

Note
Even if you or your spouse or common-law partner have previously owned a home, you may still be considered a
first-time homebuyer.

 

 

When a withdrawal is made you must meet the following conditions :

  • Neither you nor your spouse or common-law partner or the related person with a disability you help buy or build the qualifying home can own the qualifying home more than 30 days before the withdrawal is made.
  • You have to be a resident of Canada.
  • You have to complete Form T1036 for each eligible withdrawal.
  • You have to receive all withdrawals in the same calendar year.
  • You cannot withdraw more than $25,000.

 

Visit the CRA website for more details http://www.cra-arc.gc.ca 

sarnia real estate, Sarnia real estate, sarnia homes for sale, real estate sarnia,  sarnia homes for sale, sarnia houses for sale, sarnia properties for sale, Sarnia real estate, sarnia real estate agent, Sarnia real estate, sarnia realty, exit realty sarnia, sarnia houses, corunna real estate, new homes sarnia, lambton county real estate, Sarnia real estate, sarnia real estate