{"id":2214,"date":"2013-04-08T06:00:00","date_gmt":"2013-04-08T10:00:00","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/the-rrsp-homebuyers-plan\/"},"modified":"2020-02-17T20:38:47","modified_gmt":"2020-02-18T01:38:47","slug":"the-rrsp-homebuyers-plan","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/the-rrsp-homebuyers-plan\/","title":{"rendered":"The RRSP Homebuyers Plan"},"content":{"rendered":"<p>By <a href=\"mailto:jesse.merson@rbc.com\" target=\"_blank\">Jesse Merson<\/a><\/p>\n<p><!-- [if gte mso 9]><xml> <o:DocumentProperties>  <o:Template>Normal.dotm<\/o:Template>  <o:Revision>0<\/o:Revision>  <o:TotalTime>0<\/o:TotalTime>  <o:Pages>1<\/o:Pages>  <o:Words>624<\/o:Words>  <o:Characters>3557<\/o:Characters>  <o:Company>Zoocasa<\/o:Company>  <o:Lines>29<\/o:Lines>  <o:Paragraphs>7<\/o:Paragraphs>  <o:CharactersWithSpaces>4368<\/o:CharactersWithSpaces>  <o:Version>12.0<\/o:Version> <\/o:DocumentProperties> <o:OfficeDocumentSettings>  <o:AllowPNG\/> <\/o:OfficeDocumentSettings><\/xml><![endif]--><!-- [if gte mso 9]><xml> <w:WordDocument>  <w:Zoom>0<\/w:Zoom>  <w:TrackMoves>false<\/w:TrackMoves>  <w:TrackFormatting\/>  <w:PunctuationKerning\/>  <w:DrawingGridHorizontalSpacing>18 pt<\/w:DrawingGridHorizontalSpacing>  <w:DrawingGridVerticalSpacing>18 pt<\/w:DrawingGridVerticalSpacing>  <w:DisplayHorizontalDrawingGridEvery>0<\/w:DisplayHorizontalDrawingGridEvery>  <w:DisplayVerticalDrawingGridEvery>0<\/w:DisplayVerticalDrawingGridEvery>  <w:ValidateAgainstSchemas\/>  <w:SaveIfXMLInvalid>false<\/w:SaveIfXMLInvalid>  <w:IgnoreMixedContent>false<\/w:IgnoreMixedContent>  <w:AlwaysShowPlaceholderText>false<\/w:AlwaysShowPlaceholderText>  <w:Compatibility>   <w:BreakWrappedTables\/>   <w:DontGrowAutofit\/>   <w:DontAutofitConstrainedTables\/>   <w:DontVertAlignInTxbx\/>  <\/w:Compatibility> <\/w:WordDocument><\/xml><![endif]--><!-- [if gte mso 9]><xml> <w:LatentStyles DefLockedState=\"false\" LatentStyleCount=\"276\"> <\/w:LatentStyles><\/xml><![endif]-->&nbsp;<\/p>\n<p><!-- [if gte mso 10]>\n\n<style> \/* Style Definitions *\/ table.MsoNormalTable  {mso-style-name:\"Table Normal\";  mso-tstyle-rowband-size:0;  mso-tstyle-colband-size:0;  mso-style-noshow:yes;  mso-style-parent:\"\";  mso-padding-alt:0cm 5.4pt 0cm 5.4pt;  mso-para-margin-top:0cm;  mso-para-margin-right:0cm;  mso-para-margin-bottom:10.0pt;  mso-para-margin-left:0cm;  mso-pagination:widow-orphan;  font-size:12.0pt;  font-family:\"Times New Roman\";  mso-ascii-font-family:Cambria;  mso-ascii-theme-font:minor-latin;  mso-hansi-font-family:Cambria;  mso-hansi-theme-font:minor-latin;} <\/style>\n\n<![endif]-->&nbsp;<\/p>\n<p><!--StartFragment-->&nbsp;<\/p>\n<div><b>The RRSP Homebuyers Plan: An Excellent Way to Save for the Down Payment on Your First Home.<\/b>&nbsp;<\/p>\n<\/div>\n<div><b>\u00a0<\/b><\/div>\n<div><a href=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/blogger\/-Wnj6WhlH6y0\/UVHk4eFZCdI\/AAAAAAAAAUw\/KxaCF5Z-nH8\/s1600\/istock_000006987567small.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/blogger\/-Wnj6WhlH6y0\/UVHk4eFZCdI\/AAAAAAAAAUw\/KxaCF5Z-nH8\/s640\/istock_000006987567small.jpg\" width=\"600\" height=\"400\" border=\"0\" \/><\/a><\/div>\n<div><b>\u00a0<\/b><\/div>\n<div>Let&#8217;s face it; saving money for the down payment on your first home can be an overwhelming task.\u00a0These days, you are required to put down a minimum of 5% of the purchase price of your first home, the minimum that mortgage insurers <a href=\"http:\/\/www.cmhc-schl.gc.ca\/en\/\">CMHC<\/a> or <a href=\"http:\/\/www.genworth.ca\/content\/genworth\/ca\/language.html\">Genworth<\/a> will allow.<\/div>\n<div><\/div>\n<div>If you are looking at buying a home for $300,000, you will need a minimum down payment\u00a0of $15,000. Buying a home for $500,000?\u00a0You will need a minimum down payment of\u00a0$25,000, and so on.<\/div>\n<div><\/div>\n<div>When I meet with first time homebuyers, more often than not we have a thorough discussion around the federal <a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/rrsp-reer\/hbp-rap\/menu-eng.html\">Home Buyers Plan<\/a>. There seems to be a few misconceptions out there when it comes to the details of the plan and how it actually works. The Home Buyers Plan\u00a0is an excellent way to maximize your current savings and help you start saving towards your down payment.<\/div>\n<div><\/div>\n<div>What is the Home Buyers Plan? It is a government program that lets you withdraw money from your RRSP savings (even if you don&#8217;t have any), to put towards the down payment on your first home, tax-free and without paying a penalty. You can also use the Home Buyers Plan to help a relative with a disability buy a home.<\/div>\n<div><\/div>\n<div>If you fall into either of the following scenarios, you may be able to take advantage of the Home\u00a0Buyers Plan\u00a0and benefit from significant tax breaks:<\/div>\n<div><\/div>\n<ul>\n<li>You do not have enough money for a down payment, but have money in a Registered Retirement Savings Plan (RRSP).<\/li>\n<li>You have money for a down payment and have unused RRSP contribution room.<\/li>\n<\/ul>\n<p><b>How does the Home Buyers Plan work?<\/b><\/p>\n<div>\n<ul>\n<li>If you fit into the first scenario above, you and your spouse or common law partner, can each withdraw up to $25,000 from your RRSP&#8217;s to help build or buy the same first home for a combined total of $50,000.<\/li>\n<li>If the second scenario is more like your current situation, consider contributing the money you have saved into an RRSP and potentially benefit from\u00a0a substantial tax refund. The contribution must be within your RRSP contribution limit,\u00a0which can\u00a0be found\u00a0on your most recent Notice of Assessment from the Canada Revenue Agency.<\/li>\n<\/ul>\n<\/div>\n<div><b>Let&#8217;s look at an example of how to use the Home Buyers Plan to your advantage.<\/b>\u00a0We will assume RRSP contribution room of $25,000 each and a 35% tax bracket for you and your partner, assuming you are both eligible for a tax refund and you&#8217;ve saved $50,000 for a down payment on a first home.<\/p>\n<div><\/div>\n<div><i>STEP 1<\/i> &#8211; Use your savings to each contribute $25,000 to your RRSP&#8217;s. (Contributions made prior to March 1<sup>st<\/sup> in a particular year, can be reflected on the prior years tax return).<\/div>\n<div><\/div>\n<div><i>STEP 2<\/i> &#8211; Retain your contribution receipts until it is time to file your tax return and claim your respective RRSP contributions.<\/div>\n<div><\/div>\n<div><i>STEP 3<\/i> &#8211; Based on a 35% tax bracket and $25,000 each in contributions, you and your partner could receive\u00a0income tax refunds of up to $8,750 each, for a total of $17,500.<\/div>\n<div><\/div>\n<div><i>STEP 4<\/i> &#8211; 90 days after making your contribution, withdraw your RRSP funds through the Home Buyers Plan program.<\/div>\n<div><\/div>\n<div>Now you and your partner have $67,500 ($17,500 tax refund + $50,000 Home Buyers Plan withdrawal) to use towards the down payment on your first home!<\/div>\n<div><\/div>\n<div>It is important to remember that\u00a0funds must\u00a0be in your RRSP for at least 90 days, prior to being withdrawn under the Home Buyers Plan. Also, any amount you withdraw under the Home Buyers Plan must be repaid to your RRSP. Repayments must begin in the second year after the withdrawal and the full amount must be paid back within 15 years &#8211; full details can be found at the <a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/rrsp-reer\/hbp-rap\/menu-eng.html\">Canada Revenue Agency&#8217;s website<\/a>.<\/div>\n<div><\/div>\n<div>Every year\u00a0you will\u00a0receive a Home Buyers Plan account statement, with your Notice of Assessment. The statement will show in detail, the amount you withdrew under the plan, any repayments you&#8217;ve made, the outstanding balance and the minimum amount you must repay the following year.<\/div>\n<div><\/div>\n<div>As you can see, the Home Buyers Plan is a simple way to get the most from your savings and get you in your first home sooner rather than later.<\/div>\n<div><\/div>\n<div>&#8212;<\/div>\n<div><\/div>\n<div>\n<div><a href=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/blogger\/-W9uanF0_O84\/UVH3bSvrsAI\/AAAAAAAAAVA\/KpIIkzIC-yU\/s1600\/Screen%2BShot%2B2013-03-26%2Bat%2B2.57.44%2BPM.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/blogger\/-W9uanF0_O84\/UVH3bSvrsAI\/AAAAAAAAAVA\/KpIIkzIC-yU\/s200\/Screen%2BShot%2B2013-03-26%2Bat%2B2.57.44%2BPM.png\" width=\"111\" height=\"200\" border=\"0\" \/><\/a><\/div>\n<p>Jesse Merson is an award winning Mortgage Specialist, with over 10 years experience in the Toronto market. He can be reached at\u00a0<a href=\"mailto:jesse.merson@rbc.com\" target=\"_blank\">jesse.merson@rbc.com<\/a>\u00a0or on Twitter\u00a0<a href=\"http:\/\/twitter.com\/#!\/@jesseamerson\">@jesseamers<\/a><a href=\"http:\/\/twitter.com\/#!\/@jesseamerson\">on<\/a><\/div>\n<p><!--EndFragment--><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Jesse Merson &nbsp; &nbsp; &nbsp; The RRSP Homebuyers Plan: An Excellent Way to Save for the Down Payment on Your First Home.&nbsp; \u00a0 \u00a0 Let&#8217;s face it; saving money for the down payment on your first home can be an overwhelming task.\u00a0These days, you are required to put down a minimum of 5% of [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[4,487],"tags":[],"class_list":["post-2214","post","type-post","status-publish","format-standard","hentry","category-first-time-home-buyer","category-guest-posts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The RRSP Homebuyers Plan | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"By Jesse Merson &nbsp; 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