First time home buyer and RRSP question in Canada? - rrsp first time home buyer
For those who live in Canada, we know that RRSPs can be used for a maximum of 20,000 to afford a down payment to buy the first time at home. I wonder if I should buy a house in the coming months to make a payment from other sources and then on the road when my RRSP adults (as some are addressed even in the field units, which ends in RRSPs 5 years) able to use RRSP money to more than I paid for the first time in my house at this time.
Or is that to bring the RRSP funds only for payment in advance before the purchase of the house as the down payment.
Regards
Friday, January 1, 2010
Rrsp First Time Home Buyer First Time Home Buyer And RRSP Question In Canada?
1 comment:
It can be used for payment. You do not pay taxes in order to remove it. That's what makes something special, and is therefore limited to about $ 20,000. Take as much cash as your RRSP, but you have to pay tax on any amount over $ 20k. You need to 1/15th (to be paid to the value or more if desired) of the amount withdrawn each year for 15 years until his return. Sorry, you must use other sources RRSPs are more liquid.
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