The First Home Savings Account lets you contribute up to $8,000 a year, to a $40,000 lifetime limit. Contributions are tax-deductible and qualifying withdrawals are tax-free. The RRSP Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSP, repaid over 15 years. You can use both toward the same purchase.
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Corrections or tips for Bello Olaseni?
editorial@financecanada.ca · We respond to corrections first.
If investors expect a rate increase in December, bond yields may rise in advance. Mortgage lenders can respond by increasing fixed rates even while the overnight policy rate remains unchanged.
“What happens on October 28th effectively showcases next year’s rate environment for Canadian mortgage borrowers.”