RRSP and Buying a Home

An increase to the RRSP withdrawal limit to $25,000 from $20,000 for eligible homebuyers. The plan, first introduced in 1992, has not had a withdrawal limit increase. Eligible couples can now withdraw up to $50,000.
The Board estimates indicate that a couple buying a townhome in Metro Vancouver with a benchmark price of $423,338 will save $7,448 on their mortgage (at a five per cent rate amortized over 25 years) as a result of being able to use an additional $10,000 of their RRSPs.


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