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Using Your RRSP to Maximize Your Down Payment
Posted by Infinity Admin on
Saving a down payment for a house can be a daunting task. In this day and age, it can take years to save up enough money to afford a home, depending on various personal and economic factors. However, the Canadian government has created a Home Buyers’ Plan program, which allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to increase their down payment. If you’re buying with someone who also qualifies for the program, that gives you up to $70,000 to put toward your home purchase.
Essentially, by using your RRSP, you are borrowing funds from yourself to purchase your home. Below, we will explain both how much of a down payment you require and how you can leverage your…
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