CTV Morning Live: Mortgage Minute - June 24
Frank Napolitano of Mortgage Brokers Ottawa joins Jeff Hopper on CTV Morning Live to discuss the RRSP Home Buyer Plan in the latest Mortgage Minute.
On this week's episode of the Mortgage Minute, Mortgage Broker Frank Napolitano talks to Jeff Hopper about first time home buyers and the RRSP Home Buyer’s Plan.
The RRSP Home Buyer's Plan (HBP) is a federally instituted government program that allows you to withdraw up to $25,000 from your RRSPs to buy or build a 'qualifying home’ (as a first time home buyer) or for someone who is related to you and is disabled. You may still be able to be considered a first time home buyer if you own a rental property (which you have never occupied) or you have not recently owned a home. Only the individual who is entitled to receive payments from the RRSP can withdraw funds from an RRSP. Please note that you are unable use locked in RRSP's for the purpose of a HBP.
You must repay all withdrawals from your RRSPs within a period of no more than 15 years. Generally, you will have to repay an amount to your RRSPs each year until you have repaid the entire amount you withdrew. If you do not repay the amount due for a year, it will be included in your income for that year.
Talk to your Ottawa Mortgage Broker for more details.
Click here for the full video.