Are you looking to invest your retirement savings? AWealth offers RRSP for your investment assets and holding savings. Registered Retirement Savings Plan (RRSP) have many advantages when it comes to taxes as long as they fall within the guidelines of the Canadian Income Tax Act. Bonds, mutual funds, income trusts, mortgage loans, and savings account are all approved assets in RRSPs. RRSP rules will determine the max contributions, allowable assets, and converting RRSP to RRIF at age 71.
Can I use my RRSP towards a down payment?
With the federal government’s Home Buyers’ Plan, you can use up to $25,000 from your RRSPs to use as a down payment on a home. In order to qualify for the Home Buyers’ Plan, the RRSP funds you are using must be on deposit for at least 90 days and provide a signed agreement to buy or build a qualifying home.
The withdrawal is not taxable as long as you repay it within a 15-year period. The payback amount is at least one-fifteenth a year of the amount you withdrew.
*Investments provided as segregated funds through Carte Financial Services Inc. and Kabis & Associates Inc. **Insurance products & services provided through Carte Financial Services Inc. and Kabis & Associates Inc. ***Mortgage products and services provided through Dominion Lending Centre Valko Financial Ltd.