RRSP Plan

First Time Buyer's ToolBox...

FIRST TIME HOME BUYER RRSP PLAN

Funds may be withdrawn tax free from you RRSP up to a maximum of $20,000 per person for a down payment on your first home under the following conditions:

1. Married couples are considered first time buyers if neither has owned a principal residence in the last five years. Notes:

2. Buyers may own or have owned investment property.

3. In certain cases only one spouse may qualify.

4. Cannot have participated in the Plan previously. You can only use the plan once.

5. Must be a resident of Canada. You do not have to be a Canadian Citizen.

6. The home must be located in Canada and be the principal place of residence.

7. You must repay your RRSP withdrawal over a period of 15 years with minimum payment of I/ 1 5 of the total amount withdrawn.

Other conditions may apply. For further information please call Sheila & Terry at 604-945-6365
or contact us here

This information is believed to be accurate but is not guaranteed to be so.