Saturday, July 22, 2017 06:58

Financial-Advisor-Video6

Q. May I use my RRSP funds that I’ve withdrawn for closing costs, furniture and renovations to my new home?

A. Absolutely.  The money that you withdraw from your RRSP does not need to be used towards the purchase of your home in any way. As long as you have a written agreement and are eligible under all the conditions of the Plan you can use that money to landscape your garden, go on vacation. In fact you can actually use that money for a down payment on a new home, a different home than you are withdrawing the money for.

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