Saturday, 25 February 2012

First Time Buyers in Toronto Real Estate - Use your RRSP for First Home Purchase

Help for the first time home buyer in Toronto.

Even if your spouse or common-law partner has owned a property previously, you can still qualify as a first time buyer and for the Government of Canada's first time home buyers' programme (HBP) and use your RRSP for your purchase. Check out the rules .

The amount of money that you can withdraw from a Registered Retirement Saving Plan (RRSP) without a tax penalty has been increased. Now first-time buyers can withdraw $25,000 tax-free from a Registered Retirement Savings Plan (RRSP) to purchase or build a new home (up from $20,000).

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