Can I Use My RRSP For My Down Payment?

WHAT IS THE HOME BUYERS’ PLAN? – RRSP WITHDRAWAL If you are a qualified first time home buyer, you can withdraw up to $25,000 in a calendar year from your RRSP to buy or build a qualifying home.  There are no penalties for early withdrawal but you must...

What Is The Minimum Down Payment to Buy?

WHAT IS THE MINIMUM DOWN PAYMENT TO BUY? The minimum down payment needed to purchase a property is varies depending on the purchase price. When buying an owner-occupied home: For any purchases between $1 – $500,000, the minimum down payment is 5%. Amounts on...

Can My Parents Gift Me My Down Payment?

CAN MY PARENTS GIVE ME A GIFTED DOWN PAYMENT? Yes, generally speaking, parents can gift you all or part of your downpayment towards your purchase. In order to satisfy lender conditions around gifted down payments, a few things required: 1. You must get a signed gift...