- 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.
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
Mark
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
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com
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