Edmonton Mortgage Blog
Your Edmonton Mortgage Broker: Natalie Wellings
Save on your income taxes and save for a down payment at the same time!
December 28, 2016 | Posted by: Natalie Wellings
Did you know? If you are a first time buyer, you are able to withdraw up to $25,000 from your RSP account, tax free. The funds can be used for the down payment on your new home. The program stipulates that you have 15 years to re-pay the money back into your RSP account. If you don't have an RSP, or have not made a contribution for 2015 tax year, this might be the time to persue this down payment strategy! You have until February 29th to contribute to an RSP for a tax deduction for 2015. Please get in touch with me at 780-722-6287 or natalie@youredmontonmortgage.com if you want to discuss this program in more detail! For more information on the Home Buyer's Plan click HERE.
