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Thursday, 26 January 2012
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| RRSP Down Payment Mortgage Program |
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The Federal Government's First-Time Home Buyers' Plan (HBP) permits the use of RRSP funds for the purchase of a home by first-time buyers. (Refer to Revenue Canada document P150 (E) for further details concerning the program). Withdrawal of RRSP Funds for down payment: The current HBP permits the first-time home buyer to withdraw up to $25,000 from their RRSP to buy or build a home. The amount withdrawn is treated as a loan and must be repaid within a 15-year period, starting in the third year after the withdrawal. If the annual payment is not made it is treated as taxable income for that year. Establishing an RRSP with borrowed funds and using the tax refund as the down payment: * The HBP also permits establishing an RRSP with borrowed funds and using the tax refund as the down payment. In this case, the home buyer contributes to an RRSP with borrowed funds and after a 90-day period collapses the RRSP and repays the loan. The home buyer receives a tax refund that may be applied to the purchase of a home. * We consider the refund an acceptable source of down payment provided that the tax refund is in the home buyer's possession at the time of closing. The lender must also verify that the home buyer has proven liquid assets equal to at least 5% of the purchase price. |
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