SahotaHomes

Is it that time again for YOUR Mortgage Renewal?

An independent Mortgage Professional can help YOU by offering advice, and lay out options to help YOU get ahead and succeed in YOUR financial accomplishments.

Contact me today at (778)-883-2260 or DM me here; if you would like to learn more about investment opportunities or customized mortgage options that work for you!

Stay Blessed and Remember That With Me, Transactions are ALWAYS served with Honesty, Integrity and Trust.



Chris Sahota
(778)-883-2260
Real Estate/Mortgage Broker: [email protected]
Team 3000 Realty: Real Estate
Krimson Mortgages: Mortgage Broker

Contact me today at (778)-883-2260 or DM me here; if you would like to learn more about investment opportunities or customized mortgage options that work for you!

Stay Blessed and Remember That With Me, Transactions are ALWAYS served with Honesty, Integrity and Trust.



Chris Sahota
(778)-883-2260
Real Estate/Mortgage Broker: [email protected]
Team 3000 Realty: Real Estate
Krimson Mortgages: Mortgage Broker

As of today, About 50% of New Home Buyers use their RRSP funds as a down payment on the purchase price. If your a First Time Home Buyer, the First-Time-Home-Buyers-Plan (HBP) allows YOU to withdraw money from your Registered Retirement Savings Plan (RRSP) tax-free, in order to make your down payment. Keep in mind; that the HBP rule applies to a mortgage amount not more than $500,000 CAD. The HBP is created and administered through the Canada Revenue Agency (Federal Government).

To qualify for the HBP, there are certain criteria that one needs to meet. For further HBP explanation and criteria; please contact Canada Revenue Agency (CRA) at 1-800-959-8281.
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The HBP is a government program that lets first-time home buyers borrow up to $35,000 each from their RRSPs, tax-free. First-time home buyers who use the HBP must pay the money back to their RRSP within 15 years (starting the second year after the funds were withdrawn). If they don’t, the amount for that year is considered income and subject to tax.

The HBP is an excellent program for first-time home buyers looking to pay less mortgage default insurance and increase the size of their down payment. But it’s not without its drawbacks. The caveats include only being able to access funds that were deposited more than 90 days before withdrawal and potentially depleting your retirement savings in the name of homeownership—even if it’s only temporarily.

Source: MoneySense; https://www.moneysense.ca/spend/real-estate/how-to-benefit-from-being-a-first-time-home-buyer-in-b-c/