TAX-FREE RRSP WITHDRAWALS



WITHDRAWALS FROM RRSP Normally, when funds are taken out of an RRSP, the owner of the plan must include the amount as income in the same year. Ideally, RRSP should be used for income at retirement when vast majority of people are in a lower tax-bracket. There are, however, two exceptions: 1. The Home Buyers' Plan (HBP) It allows you to withdraw up to $20,000 from an RRSP to buy or build a qualifying home a. For yourself (as a first-time home buyer). You may still be Owning a rental property does not disqualify you from being considered a first-time home buyer. Also if you have not recently owned a home; you may qualify for HBP. b. For a disabled relative. Qualifying home:

For the purposes of the Home Buyers' Plan, a qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, 4-plexes, or apartment buildings, all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify. Repayment: When you withdraw funds from your RRSP under the HBP, you must repay the amounts over a specified period of up to 15 years.





Current Mortgage Rates

British Columbia

BC Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Alberta

Alberta Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Saskatchewan

Saskatchewan Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Manitoba

Manitoba Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Ontario

Ontario Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Quebec

Quebec Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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New Brunswick

New Brunswick Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Nova Scotia

Nova Scotia Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Current Mortgage Rates – Prince Edward Island

PEI Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Newfoundland & Labrador

Newfoundland Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Yukon

Yukon Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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North West Territories

NWT Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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Nunavut

Nunavut Mortgage Rates

Rates Updated:

1 yr – Fixed— %3 yrs – Fixed— %5 yrs – Fixed— %10 yrs – Fixed— %3 yrs – Variable— %5 yrs – Variable— %

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