Online Reports


Quick Tip Sheet on Government Programs for First Time Home Buyers - Check Mark the Report You Wish and complete the form.

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More About RRSP's


For First Time Buyers ... To Buy or Not to Buy An RRSP to help with your down payment.

Saving for a Down Payment is difficult for most First Time Buyers - and as a realtor its our job to help find all the government programs available to squeeze every dollar we can for our clients.

One way to increase a downpayment is to put RRSP's to work.  By taking available cash and purchasing an RRSP the Government will provide a sizable tax credit on a buyers next tax return.   But remember timing is everything!     When purchasing an RRSP in September through to February, you don't have to wait long for your TAX CREDIT -- when you file in March or April the credit comes fairly quickly.   However if you miss the February deadline - the buyer will have to wait until the next fiscal tax year to receive the credit on his next return.

Taking an RRSP loan out is also a good way to help build a downpayment.   

 
Here are some helpful calculators to analyse a buyers options:

Basic Calculator to figure out how much rrsp rebate you will most likely get - see what tax credit to expect on a $10,000 RRSP:
 

 
 
Royal Bank RRSP Loan Calculator - Rate to Borrow estimated at 4.75% (as of Oct 2012)
 
 
 
Loan calculator - what monthly payment suits you best - keep in mind you will receive a big tax credit that can be put towards paying off the loan faster:
 
 
 
Ontario Tax Calculator to see your tax bracket (general purposes only for tax planning):