Under the federal government's Home Buyers' Plan, first-time home buyers can use a portion of your RRSP savings to help finance a home down payment.
A First Home Savings Account (FHSA) is a registered plan that allows prospective first-time Canadian home buyers, to save for their first home, tax-free. Work with your advisor to establish your FHSA and start saving for your future home. Like a Registered Retirement Savings Plan (RRSP), ...
While an RRSP is primarily designed to help Canadians save for retirement, the funds can be accessed earlier in some situations, such as through the Home Buyers' Plan. Under theHome Buyers' Plan, you can withdraw up to $35,000 from your RRSP to put towards the purchase or building of a...
Available to first-time home buyers that are Canadian residents between the age of majority (19 years in BC) and up to 71 years. Annual FHSA contribution limit: $8,000 | Lifetime FHSA contribution limit: $40,000. Like an RRSP, contributions made to a FHSA are tax-deductible. ...
The First-Time Home Buyer Incentive is a Government of Canada program designed to help eligible first-time home buyers by providing additional funds to put toward a down payment: An extra 5% of the purchase price for a resale home An extra 5% or 10% of the purchase price for a newly con...
Better than the Home Buyers’ Plan? The FHSA could be more advantageous than the Home Buyers’ Plan, which allows you to use up to $35,000 of your RRSP savings for a first home purchase. Unlike the HBP, the FHSA doesn’t require you to repay the amount withdrawn, and the FHSA’s ...
For those who qualify, there’s the option of using RRSPs for your deposit. As explained by the Royal Bank, “Under the federal government’s Home Buyer’s Plan, first-time home buyers are eligible to use up to $35,000 in RRSP savings per person ($70,000 for couples) for a down ...