RRSPs and First Time Home Buyers

RRSP contributions are not only important to help secure one’s future but can also help with growth right now! Did you know that first time home buyers can use up to $25,000 from their RRSPs as a contribution to the down payment on their first home TAX FREE!?! This means a couple could access up to $50,000. Once these funds have been accessed they must be paid back within 15 years using yearly contributions. If you would like more information, go to www.cra.gc.ca and search “Home Buyer’s Plan”.