BUYING A HOME IN CANADA?
Here in Canada, it's possible to use funds in a RRSP (Registered Retirement Savings Plan)
for the purchase of a home. It's called HBP - Home Buyers Plan.
Who could benefit and why?
1. First-time home buyers can benefit without incurring a penalty
from the CRA (Canadian Revenue Agency) when withdrawing funds
and
2. the funds withdrawn (borrowed) are tax-free.
All in all, first time buyers should take a look at this opportunity.
As with any financial decision there must be a clear understanding of the rules and regulations.
Here are some other resources to check out.
Happy Holidays from Vancouver Island.
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