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STEP 1:
Get your Pre-Approved Mortgage with Great Mortgages Canada and review your "Tax Refund" with your
Mortgage Consultant
Note: No fee to qualified clients
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STEP 2:
Check your cumulative RRSP contribution
amount
(Confirm amount on your notice of assessment from your last tax
return or by calling Revenue Canada at 645-4211)
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STEP 3:
Calculate your tax refund based on your
cumulative RRSP contribution
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STEP 4:
Great Mortgages Canada will arrange a RRSP loan, up to your cumulative
eligible RRSP limit. (maximum $25,000 individual/ $50,000 couple)
NOTE: This contribution must remain in your RRSP for a minimum of 89 days
before withdrawal
E.G. Contribution to your RRSP Feb. 1/
Cannot withdraw funds before Apr. 30/
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STEP 5:
E-File your Tax Return (For
quick refund)
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STEP 6:
The tax refund is to assist with your "New
home purchase"and closing costs, new appliances etc ...
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STEP 7:
After a minimum of 89 days, withdraw funds
from your RRSP to payoff the RRSP loan.
NOTE - This withdrawal cannot be more than 30 days after the closing
date of your new home. (Other Revenue Canada restrictions could apply)
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STEP 8:
Your RRSP withdrawal has to be repaid to
your RRSP over 15 years starting as late as Jan. 1/.
E.G. - $15,000 withdrawn, a repayment of $1,000 per year over 15
years - this is a great way to save for your future retirement
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STEP 9:
Enjoy your new home!!!
As your RRSP grows!
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