In April, the federal government announced their budget, which included a couple of things designed to aid first-time home buyers; here’s how it can help.
Increased Allowable Limit for RRSP Withdrawals
One significant change the federal government made is the increase in the allowable limit you can take from your RRSP (Registered Retirement Savings Plan). Currently, you can borrow up to $35,000 if you’re a first-time home buyer or if you’ve had a relationship breakdown and are looking to buy a new home. However, this limit is now increasing to $60,000.
The question arises: who has $60,000 in their RRSP? Will this really be helpful for people? It’s hard to say. However, every little bit potentially helps, it’s another source of money for down payments.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.
