Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Parents assisting children with first house

RogerWilco · 01-04-2014, 08:50 AM

I saved for a few years in my RRSP so that I could take the max, out on the new home buyers program. In fact if you give your kids up to $25,000.00 have them put it into RRSP and then take it out in the new home buyer and get a good tax credit at the same time. You have 15 years to pay it back into your RRSP.

This is assuming they have enough room to put $25000 into RRSP, which may not be the case if they just started working.

01-04-2014, 08:50 AM	#47
RogerWilco First Line Centre Join Date: Mar 2004 Exp:	I saved for a few years in my RRSP so that I could take the max, out on the new home buyers program. In fact if you give your kids up to $25,000.00 have them put it into RRSP and then take it out in the new home buyer and get a good tax credit at the same time. You have 15 years to pay it back into your RRSP. This is assuming they have enough room to put $25000 into RRSP, which may not be the case if they just started working.