Tuesday, February 05, 2008

RRSP withdrawal qualifications under the Federal Home Buyers Program (HBP)

Did you know....Home buyers who qualify for a RRSP withdrawal under the Home Buyers Program (HBP):
  • have up to 30 days after closing to withdraw funds from their RSP;
  • don't need to use all the funds towards the down payment (money can be used for closing costs, home renos etc);
  • are allowed a maximum withdrawal of $20,000/ qualified home buyer;
  • have 15 years to repay their RSP; & Revenue Canada helps keep accounting straight by providing a statement on the annual Notice of Assessment outlining repayment requirements.

Of course, when there is a tax implication, it's always prudent for the client to review the regulations with Revenue Canada.... http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/hbp/menu-e.html

Let me know how I can help. The following list are some of the current 'best' mortgage interest rates you can find.

Mortgage Interest Rate Update
February 1st, 2008

Prime Rate .5.75%
Variable Rate .Prime less .60%
1 year closed .5.65%
3 year closed .5.95%
5 year closed .5.84%
7 year closed .5.98%
10 year closed ...6.05%
25 year closed ...7.10%

See the current online Interest Rates

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

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