Thursday, 17 May 2012

First Time Home Buyers can RRSP to purchase or build a home

Expansion of the Home Buyers' Plan (HBP)

To provide first-time homebuyers with greater access to their RRSP savings to purchase or build a home, the Government of Canada has increased the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000 per person for withdrawals made after January 27, 2009.
To obtain more information on the First-Time Home Buyers’ Tax Credit and the Home Buyers’ Plan, call 1-800-O-Canada or visit the Canada Revenue Agency website at www.cra.gc.ca.

Looking for More Homebuying Information?

When it comes to buying your home, nothing is more valuable than peace of mind. That’s why for more than 60 years, CMHC has shared a wealth of knowledge and housing expertise to contribute to a positive homeownership experience for Canadians. Browse through our wealth of homebuying information. You’ll find everything you need, from homebuying videos, to mortgage calculators, to home hunting worksheets.
CMHC also provides mortgage loan insurance that enables you to buy a home with a minimum down payment of 5%” — with interest rates comparable to those with a 20% down payment. Obtain a 10% premium refund and extend the amortization period without a premium surcharge when using CMHC-insured financing to purchase an eligible energy-efficient home. This can add up to savings of $1,688 for a typical $250,000 mortgage with a 5% down payment amortized over 35 years. Ask your mortgage professional about CMHC.

3 comments:

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