RRSP – Home Buyers Plan
Tax savings aren’t the only reason to invest in an RRSP. With the Federal government’s Home Buyers’ Plan (HBP), first-time homebuyers have the opportunity to put that tax-free cash towards a new home. Are you buying a new home in Grande Prairie or anywhere throughout Canada call Whalen Mortgages today to see how you can use your RRSP as down payment when buying a home.
Each individual involved in the purchase of the home may withdraw a maximum of $35,000 from their RRSP — provided it is the first home for all parties involved. The home must be used as a principle residence, and all funds must be withdrawn from the RRSP within 30 days of the property’s closing date. Your Grande Prairie home ownership is possible call your Grande Prairie Mortgage Broker Jodi Whalen today 780-357-3993.
You have 15 years to repay your RRSP ‘loan’, and payments must start two years after the initial home purchase. Every year, you will receive a notice of assessment stating the amount you have repaid, your total balance, and the required amount for your next payment. As long as you have not had a home in the last 4 years you qualify to access the program even if it is not your first home or even if you used the program in the past but have repaid all the funds you borrowed. We are your Grande Prairie Mortgage Brokers and we have all the answers. Call Jodi at Whalen Mortgages today to find out how you can get going on buying your new dream home! We know all the lenders and products offered and we explain all this to you through out the process so you are always informed during every step of the way. Why call Jodi ? Because she will fight to get your deal approved and will get exceptions on your deal due to the strengths of it and her ability to point this out to the lenders to get those one off exceptions approved. We not only get you the lowest mortgage rate in Grande Prairie we also get you approved and quickly. No long waiting for an approval in less then 24 hours we have your deal approved with not only the lender/bank but also the insurer. We are your trusted Grande Prairie mortgage brokers and we are here to get you approved and get you the lowest mortgage interest rate. Apply On-Line Today!
For more information about the HBP, visit Canada Revenue Agency’s website.