money unit principle

money unit principle
First home buyer time and request an RRSP in Canada?

For those who live in Canada, we know that RRSPs can be used for up to 20,000 of the down payment to purchase their first home. I wonder if I should buy a house in the coming months, make a payment by other sources and then along the road when my RRSP mature (I have some self-directed RRSP in field units, which will end in 5 years) I use RRSP money to pay more than my first in my house at that time. Or is that the RRSP funds are applied only for payment in advance before buying the house called the downpayment. refers

It can be used Deposit. You do not pay taxes to remove it. That's what makes it special, and is limited to $ 20,000. You take as much cash as you like RRSPs, but must pay tax for any amount greater than $ 20K. You must pay 1/15th of the value (or more if desired) the amount charged annually for 15 years until his return. Sorry, you must use other sources RRSPs are more liquid.


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