Radio Real Estate Interview February 6 2010
On the weekend I had the great privilege of being invited to speak on the Radio Real Estate Show on AM 650.
This is what I said …. ” There are a number of financial incentives for First Time Home Buyers. As this is RRSP season, I am going to talk about using your RRSP contributions towards buying your first home.
First-time homebuyers who are Canadian residents can withdraw up to $25,000.00 from their RRSP tax free. Through Canada’s home buyers plan you and your spouse can each withdraw up to $25,000 to build or buy a qualifying home.
You can still make an RRSP contribution TODAY! You will get the income tax deduction for 2009 and then use that RRSP contribution 90 days later towards your down payment on the purchase of your first home.
Make sure you are not locking in your RRSP savings into a fixed term investment, such as a 5 year GIC. You need know you can have access the funds when you do buy.
RRSPs are great way to save for your first home purchase and a great way to get yourself into the real estate market”
If you have questions about planning for your first mortgage, call me. I look forward to helping you achieve that goal this year!