3

You can withdraw the funds, you'll just have to pay tax on them as you would any other RRSP withdrawal, and you would be unable to recontribute the funds at a later date. The only exception is for payments made for a first time home buyer. Without getting into the idea of whether reno costs count for that in general, if you have owned the home for > 30 days,...


3

The plan works regardless of your bracket - it is one of the most tax-effective things you can do if you are planning on buying your first home, and are looking to maximize your down payment. Effectively you take a deduction from your income tax this year, and only need to contribute to your RRSP over the next 10 years [Well, really you contribute today, ...


2

Depending on the ratio of the value of the home and the equity you have uncovered, you could qualify for a Home Equity Line of Credit (HELOC). Typically, Canadian banks will give HELOC loans if your loan to value ratio is below .8; in other words if you have at least 20% equity.


1

I'm pretty sure the answer is Yes, as when you get your RRSP tax form you are able to allocate a portion of that towards repayment of HBP. When contributing towards your RRSP you do not have to identify whether it is repayment of HBP.


1

You will be able to use the subsequent 4% matching contributions as repayments toward the HBP in the same tax year. You can designate it as such when you do your tax return for the year. Note that the first payment for HBP will be in the second year after you withdraw from your RRSP, but you are free to designate any contributions before this time toward the ...


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