Wednesday, December 13, 2017 15:07

Financial-Advisor-Video7

Q. How Much Can I withdraw and how do I pay it back?

A. The government of Canada will allow every owner of the home to withdraw up to $25,000. So if you were to purchase a home with a spouse or with a spouse and your parents, if you qualify as an eligible first time home buyer you can each withdraw up to $25,000. The repayment period essentially starts 2 years after the year of withdraw and you have up to 15 years to repay the amount you have withdrawn. There are a few conditions that can trigger the repayment prior to that 15 year period. For example if one of the participants passed away or you become a non-resident sometime after you purchase the home.  Those are conditions that would require you to repay the funds in advance, but for most people it is a 15 year pay back interest free.

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