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Short on a downpayment?

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If you are a first time buyer looking to purchase a home, Revenue Canada has a program available that you may not know about.  The Home Buyers Plan allows qualifying buyers to withdraw money from their RRSP’s to use as their downpayment up to $25,000 per year.
The RRSP’S withdrawn must be repaid in a period of 15 years with a certain amount (generally 1/15th) being repaid each year.  If the yearly amount isn’t repaid, the amount will then be applied to your income for that year.

Certain qualifications must be met including;
-you must be a first time home buyer
-you must be the plan owner of the RRSP
-the house must be your primary residence
-you must reside there for a minimum one year period
-you can’t own the home for more than 30 days before the withdrawal is made.
-you must be a resident of Canada and the home must also be located in Canada.

This is a great program that allows first time buyers to own their own home if they are short on a downpayment.  A 5% downpayment may not seem unreachable anymore as long as you have been putting money aside in your RRSP’s.
If you are interested in buying a home and in the Saskatoon real estate market, contact me and I will assist you with all aspects of your purchase.  My goal is to make your transition into homeownership as seamless as possible.

 

Kari Calder

Saskatoon Real Estate Agent

Century 21 Fusion

kari@saskatoonrealestate.net

 

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