Calgary Real Estate Agent Miranda Moser

10-8544 48th Ave.N W, Calgary AB
Saturday, July 31st from 2pm-4pm

For first-time home buyers, the process of purchasing a house and financing the down payment can be daunting. Fortunately, the Government of Canada supports home ownership by allowing first-time home buyers to withdraw up to $20,000 to finance a down payment to build or buy a home. And, if you meet the requirements of the Home Buyer's Plan, you do not have to pay taxes on the amount you withdraw from your RRSP plan. Furthermore, your spouse can also allowed to withdraw up to $20,000 to contribute to the same down payment. In simple terms, some of the requirements that must be met are as follows:

1) You or your spouse must not have owned a house in the last four years.

2) You must pay back the withdrawal amount within 15 years, with payments made annually.

3) You must occupy the property after possession and it must then be your primary residence.

4) The RRSP that is to be withdrawn, must have been deposited 90 days prior to withdrawal.

I would suggest that if you are a first-time home buyer and you are interested in taking advantage of the Home Buyer's Plan, you should first consult a competent financial advisor. Also, there are other requirements and information that can be viewed at acfc.gc.ca.