Buying a new home can be both exciting and stressful. If you are someone who has never purchased a new home, you can get a little help with your down payment by using some of your savings from an RRSP.
We have quick possession homes available and with the government of Canada’s Home Buyer’s Plan, you can be well on your way to moving into a brand new home sooner than you think. So, how does the First Time Home Buyers RRSP incentive get you closer to owning your first house?
RRSP Savings
If you have money saved up in an RRSP, you can qualify to use some of the funds towards the purchase of your first home, which can be a condominium, townhouse, semi-detached (duplex), or single-family home. Aside from condos, we currently have each type of home available so we can accommodate a wide range of budgets and housing needs.
According to the CRA’s website, the Home Buyer Plan allows you to withdraw up to $35,000 from your RRSP without paying any tax as long as you repay the amount within 15 years. This is an excellent program that has helped many clients purchase one of our new homes in Cochrane, Chestermere and Airdrie.
Qualifications for the incentive
Other qualifications for the first-time home buyer’s RRSP Incentive can be found on CRA’s informational page here. One of the main qualification criteria is that you must be a first-time homebuyer. This means you have never purchased a home before or have not bought one in the past 4 years either by yourself or with a co-signer. You must also not currently reside in a home that you own during the aforementioned 4-year period and that you must be a resident of Canada at the time you use the funds from your RRSP.
Perfect time to buy an available home
With people spending more time than ever at home, now is a great time to start your search if you are tired of renting, or looking for more space both inside and outside of your home. If you are currently living in a condo, our townhomes in Waterford or Marina Paradise, Chestermere are great options as they have no condo fees and come fully equipped with a landscaped yard, deck, and double car garage.
In addition to townhomes in Chestermere, we have many quick possession homes under construction in Cochrane and Airdrie so you can move in sooner. With mortgage rates at an all-time low, the first time homebuyer’s RRSP incentive, and flexible work-from-home arrangements, it’s time to stop renting and start owning a home you can call your own in Chestermere, Airdrie or Cochrane.