RRSP contribution deadline is Monday February 29th.

The RRSP contribution deadline to enjoy the tax break for 2015 is Monday February 29th

If you are a FIRST TIME HOMEBUYER and are holding/accumulating down payment funds in cash or a non tax savings structure AND don't think you'll be buying for at least 90 days, consider putting up to $25,000 of your down payment into a RRSP before the deadline.

WHY? Well, if you put your $$ into an RRSP by February 29th, technically you can withdraw up to $25,000 of your RRSP on or after May 30th to use towards your down payment as a first time homebuyer AND reap the tax break for against your 2015 or 2016 taxes!

YESSIREE - that's a legitimate double dip. The KEY is that the funds need only be vested in a RRSP a minimum of 90 days before withdrawal to realize both benefits.

Like more info? Or a referral to a financial advisor that can assist you with this?

Call Sharon Davis 604-220-2343 today!

sharon@myimsmortgage.com

105-1061 Ridgeway Avenue
Coquitlam, BC V3J 1S6
Canada
Comments:
No comments

Post Your Comment:

Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.