If you are trying to determine how to accelerate your downpayment, you can obtain an RRSP loan to help you towards this goal.
After you qualify for your RRSP loan, you will then use this RRSP contribution and submit this to Revenue Canada when you file your taxes. With a substantial RRSP loan, you should also be entitled to receive back a good tax refund. Once the loan is funded, you will have to wait out a 90-day period and then after this 90-day time period, you should seek to negotiate your property closing date.
Ensure you receive your income tax refund money first so that you can assess how much actual cash you will have available for your downpayment and closing costs.
Canada Revenue Agency has published a detailed document describing the HBP or Home Buyer's Plan and you can access this document by clicking here
Elizabeth Blair, Mortgage Edge
Phone: 905-510-5785
email: eblair@mortgageedge.ca
web: www.missmortgage.ca
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