^ Maverickstruth if you need help with the homebuyers plan let me know. You have the jist of it there. Basically you contribute to your RRSP and pay if off over the next 15 years interest free. Those repayments are not tax deductible like your normal RRSP contributions (because you are repaying the loan). If you take out $40k then you would have to contribute about $2600 per year back to your RRSP's and desginate it to the homebuyers plan repayment. If you don't designate this, or contribute it back then you are taxed on that amount as additional income.
In order to borrow the money from the RRSP it has to be in there for 90 days prior.
Like I say any questions feel free to ask!
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