CTV Morning Live: Mortgage Minute- February 5, 2019

Date Posted: February 6, 2019

There are certain qualifying criteria a pruchaser needs to meet in order to withraw from their RRSP under the home buyers plan. Visit our Mortgage Info Centre here to find out if you meet that criteria: RRSP Home Buyers Plan

Once the money is withdrawn from your RRSP, it will need to remain in your account for 90 days prior to using it as a down payment. Funds do need to be repaid as 1/15 of the amount over a 15 year period. For example, if you withdraw $15,000, each year you will need to repay $1,000. Any year the repayment is not made, it will count as income on your taxes.

Looking to learn more? Contact your Mortgage Broker today. 

Watch the full segment from CTV Morning Live here.