For first time home buyers coming up with a down payment for a house can be a challenge. A great way to start saving for this is through RRSPs. It’s not too late to start. The deadline for 2016 is March 01, 2017.
Start Early
Starting as early as possible is best. Even if you are not thinking about RRSPs in your early 20s, it’s a good time to start. You are likely to have more disposable income in your 20s.
Automate
Automating your RRSP contribution is a good way to make it easy and more manageable. Rather than having to worry about coming up with a large lump sum at the end of the year. The money can add up fast and it’s fun to watch it grow!
Home Buyers Plan
The Home Buyers Plan is a program that allows first time home buyers to withdraw up to $25 000 in a calendar year from their RRSP toward their first home TAX FREE. If purchasing a home with a spouse, provided they are also a first time home buyer, they can also withdraw up to $25 000.
Financial Advisor
Meet with someone a professional to discuss your options. Banks are not the only ones that can advise about RRSPs. Our family uses Brian Moist with Edward Jones in Surrey.
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