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Emilie Beaudoin
B.A.A., M. Fisc., Fin. Pl.

Tax Specialist

Your down payment

You’re ready to invest in the purchase of a first home or condo. Home and condo prices in large urban centers continue to rise, which can make the down payment more difficult. And you know that a larger down payment will lower your mortgage amount and, consequently, your payments.

Fortunately, your RRSP can provide the solution.

Your financial leeway

In fact, if you have adopted the good habit of investing in this registered plan, you will be able to borrow up to $35,000 from your RRSP under the federal government’s HBP (Home Buyers’ Plan). This amount was increased in 2019, which gives you more leeway.

The HBP, a good deal!

  • You can withdraw up to $35,000 from your RRSP without paying tax on the amount withdrawn.
  • If you and your spouse will both own the new home, each of you could withdraw $35,000 from your respective RRSPs. Note, however, that certain conditions apply: check them with your advisor.
  • Repayment of the amounts to your RRSP does not begin until the second year following the withdrawal, which gives you some breathing room, and you have up to 15 years to make the full repayment.
  • You do not incur any interest charges if you make the repayments as required.

So stop dreaming and start planning! Your advisor will help you make your project a reality.

Émilie Beaudoin, B.A.A., M. Fisc., Fin. Pl.
Tax Specialist


The information contained herein has been obtained from sources deemed reliable, but we do not guarantee the accuracy of this information, and it may be incomplete. The opinions expressed are based upon our analysis and interpretation of this information and are not to be construed as a recommendation. For any questions, don’t hesitate to contact your wealth management advisor or your tax specialist, accountant or legal advisor.

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