Calgarypuck Forums - The Unofficial Calgary Flames Fan Community
Old 02-27-2017, 08:28 AM   #1
Mortgage Made Easy
Scoring Winger
Mortgage Made Easy's Avatar
Join Date: Sep 2014
Location: Calgary, AB
Thumbs up RRSP Season Is Here! Get A Higher Tax Refund

RRSP: Registered Retirement Savings Plan Season Is Here!

You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund.

Making the Most of your RRSPs
  • You can claim your RRSP contributions as a deduction on your tax return. For example, if you’re in the top tax bracket in Alberta, every $1,000 you contribute reduces the tax you pay by approximately $480.
  • You won’t pay any tax on investment earnings as long as they stay in your RRSP. This tax-free compounding allows your savings to grow faster.

  • If you earn more money than your spouse, you can help build their tax-free savings by contributing to a spousal RRSP.

  • Additionally, you can withdraw tax-free funds from your RRSP for a down payment on a qualifying home purchase.

The Home Buyers Plan (HBP) is a program that allows Canadians to withdraw up to $25,000 in a calendar year from their RRSPs to buy or build a qualifying home for themselves or for a related person with a disability.

Under this plan, only first-time homebuyers are eligible to participate, unless the special rules for persons with disabilities apply.

* You can be considered eligible for this program “again” if you have not lived in a home that you own. Call if you require more information 403-648-1541.

Each spouse or common-law partner can withdraw up to $25,000 (combined $50,000) under the HBP from any RRSP under which he or she is the annuitant.

This is an excellent opportunity to save for your first down payment. Make sure you make use of it!

Contact us for more information!
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Mortgage Connect

If you have any questions please feel free to PM me or email

Click here to View current Mortgage Rates

Mortgage Made Easy is offline   Reply With Quote

calgary , home buying , mortgage , mortgages , rrsp , tax season

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

All times are GMT -6. The time now is 09:53 AM.

Calgary Flames

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
Copyright Calgarypuck 2021