Home Buyers Program
This program offers down payment programs via an RRSP where you can withdraw up to $25,000, completely tax free, towards the down payment of your new home. The full amount will be paid back by you, into your RRSP within 15 years of the withdrawal.
If you have a spouse, they can also withdraw up to $25,000 as well to go towards a mutual home down payment, so a couple can withdraw a total of $50,000 from their RRSP. You need to have good credit score, you have to qualify through your bank or mortgage broker but it’s an excellent way to get into your new home if you do have good credit. Your RRSP also has to be opened for at least 90 days prior to withdrawing with the home buyers program.
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This is a great option if you want to quickly move into a new home, if you want to stop having to pay rent, for starting a family with your spouse, or even on your own.
Re-payments are made over a time of 15 years. 1/15 of the withdrawal amount must be paid back annually until it has been paid back. Payments are paid back by making contributions to your RRSP’s account during the year that payment is due, or up to 60 days until the following year.
The conditions and requirements for participating in the Home Buyers Program include: A written agreement must be made, you must use the new home as your primary place of residence, you must be seen as a first time house buyer, neither you nor your spouse may own the property can own the home for more than 30 days before the withdrawal occurs, you must be a Canadian resident, you must complete the T1036 form for each withdrawal you apply for, you cannot receive all withdrawals in the same year, $25,000 is the maximum that can be withdrawn, you have until October 1st of the following year after the withdrawal to buy or build the new home, and you must file an income tax & benefit return form.
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