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| Answer | · If I have lived in a home with my spouse but was never on title am I considered a first time home buyer?
Yes, If you have not held title to your pricipal residence you would be qualified as a 1st time home buyer. There are two programs that would affect you.
1) RRSP homeowner’s plan - allows you to withdrawl up to $20,000 from your rrsp tax free* ( you have 15 yrs to pay this money back into an rrsp)
2) Property Purchase TaX Excemption - if you have not owned any real estate as your principal residence anwhere in the world you would be excempt. (Province of British Columbia) Top
| · If I want to put 5% down what are the limitations?
The only limitation is that you can only buy a home up to a $250,000 price, anything in excess of this the minimum amount down is 10% of the price. Top
| · How long does it take for my RRSP’s to be writhdrawn?
It largely depends on the RRSP issuer. If you have money in cash accounts, typically you can get access to these monies right away but if your money is in mutual funds it can take up to 3 weeks for the request to be processed. I recommend that you contact your issuer to get the accurate amount of time so that you are prepared. Top
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