RRSP's and mortgage downpayments

[shane_c]

Hi there,
I planned on using my RRSP's as a partial downpayment for our house. My RRSP's are currently with RBC and I don't plan on getting a mortgage through them because their mortgage rates are high. If I was to go with PC Financial or ING for the mortgage, how would I go about using my RBC RRSP's?

[Neeper]

The company that you are using for the mortgage will help you with that. All you are basically doing is withdrawing the money into your normal account and you will write a check for downpayment.

[V]

It's been a couple years since I've done this, but the home buyer's plan is a canandian government thing and it doesn't matter where your RRSPs are, or where your mortgage is. I think there's info all over the net that talks about this plan, and how to sign up for it.

Just remember that you have to pay at least 1/15 of those RRSPs back every year until they're paid off. This means that those RRSPs you pay back into the plan aren't tax deductible.

[V]

Originally posted by fotze@Mar 3 2005, 10:59 AM
Being with PC financial I would avoid them, their penalties are far more prohibitive than other banks which I am painfully realizing right now. They have my balls in their grip for a five years and they know it.

Also never actually dealing witha a person is a sever pain in the ass. I am definately going somewhere else in the future.

Can't you just go to CIBC to talk to a person? I have my bank account with PC because there are no fees, and if I ever need to talk to a teller I just go to CIBC.

[@theCBE]

Originally posted by Dominicwasalreadytaken+Mar 3 2005, 06:09 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Dominicwasalreadytaken @ Mar 3 2005, 06:09 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-fotze@Mar 3 2005, 10:59 AM
Being with PC financial I would avoid them, their penalties are far more prohibitive than other banks which I am painfully realizing right now. They have my balls in their grip for a five years and they know it.

Also never actually dealing witha a person is a sever pain in the ass. I am definately going somewhere else in the future.

Can't you just go to CIBC to talk to a person? I have my bank account with PC because there are no fees, and if I ever need to talk to a teller I just go to CIBC. [/b][/quote]
I was with PC too (not for a mortgage, just banking) and I had the same problem as fotze.. I was NEVER able to get a real person on the phone..

You are allowed to use CIBC's Atm machines but when I went to the a CIBC teller for something they looked at my card and told me point blank they could do nothing for me... you get what you pay for with PC.. nothing