Buying a property in Toronto: The Home Buyers Plan

Looking for a down payment on a home? Check your RRSPs.

If you are a first-time homebuyer, with the Home Buyer's Plan you may be eligible to withdraw funds from your registered retirement savings plan (RRSP) for a down payment when buying or building a qualifying home. Under the program you can withdraw up to $20,000 (or, up to a maximum of $40,000 per couple) without tax penalties.

Here is a basic overview of some of the rules:

No RRSPs? An Invis Mortgage Consultant can show you how to establish an RRSP with borrowed funds, and use the resultant tax refund for a down payment.

Be sure to talk to an Invis Mortgage Consultant about how to make this program work for you.

Courtesy of Jim Rawson of Invis Mortgage, 416-972-6336 ex. 30 e-mail