RRSP Season
Wednesday, February 27th, 2013Don’t forget that the RRSP contribution deadline for 2012 is a mere two days away, on March 1.
For first-time homebuyers, RRSPs are a great source of down payment funds thanks to the government’s Home Buyers’ Plan: essentially you are able to borrow up to $25,000 from your RRSP, then repay it interest-free over 15 years and maintain the tax savings you realized when you made the contributions in the first place.
If you’re considering 2013 as the year you enter Calgary’s housing market – and property is more affordable than it has been in years – make sure you consider this excellent money-saving opportunity. While your RRSP funds won’t be earning interest for you until you repay them, a larger down payment on your first home means lower mortgage payments and often better terms.
