You must also provide a signed agreement to buy or build a qualifying home. The best part is the withdrawal is not taxable as long as you repay it within a year period. The payback amount is at least one-fifteenth a year of the amount you withdrew from your RRSP. Even if you already have enough money for your down payment, it may make sense to access your RRSP savings through the Home Buyers' Plan.
Then, simply withdraw the money through the Home Buyers' Plan. The advantage? Use any tax refund you receive to repay the RRSP or other expenses related to buying your home. But remember, you will have to pay that amount back to your RRSP over the next 15 years.
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Stay informed for a lot less, cancel anytime. The first repayment will be due no later than December 31 of the second year after the withdrawal. If not, they will be taxed on the remaining balance. However, they have to be common-law partners, married or have a child together. Contact us. Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada.
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