Thursday, October 28, 2021 02:28


Q.  How would you recommend saving for my first home?

A. A great way to save for your first home is to invest in Registered Retirement Savings Plans. Not only do you get the immediate personal tax deduction but the Government of Canada has a program called the First Time Home Buyers’ Plan that allows you to withdraw up to $25,000 from your RRSP, tax free and interest free.  It is important that you understand all the conditions associated with making that withdrawal. The conditions are fairly simple to achieve. Conditions , like you must be a resident of Canada, you need to have maintained a balance in your account at least 90 days prior to your withdrawal, you need to be the person to occupy your home at least within one year of the withdrawal. Conditions like that need to be met but it’s a great way to get more bang for your buck.