If you are looking to purchase a home and are having some trouble saving a down payment a great option is to use your registered retirement savings plan also know as an RRSP to purchase a home. The Canadian goverment has implemented some options for consumers to use a portion of their rrsp as a down payment on a home, and also provides some very flexible options on paying back the rrsp.
By using your rrsp as a downpayment, it provides you some flexibility especially if you’re trying to save a downpayment and are having some trouble. Some people don’t know how to withdraw their rrsp for this purpose, when the rrsp has to be paid back, and even how long withdrawing the rrsp takes.
Watch this episode with mississauga real estate agent Joe Terceira and financial planner Jeff Gregory of Desjardins Financial where Jeff will explain how to use your rrsp to purchase a home, how to pay back your rrsp, withdrawing your rrsp, and more on Real Estate 101
For more information on financial planning, or if you need the help of a top financial planner contact Jeff Gregory
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