The federal Home Buyers Plan lets first-time buyers borrow from their RRSP for a down payment. Is it a good idea?By: Adam Mayers Personal Finance Editor, Published on Wed Feb 11 2015
If you want to use your Registered Retirement Savings Plan (RRSP) to help buy your first house or condo, you can borrow up to $25,000 in any one year, with 15 years to pay it back.
For younger readers it’s an attractive possibility, because a couple can borrow up to $50,000 for a down payment. The question comes up frequently in email and comments: Should we or shouldn’t we? The answer is, it depends, but even at the top of a housing market, it can make sense as long as you have a clear understanding of the risks.
Dipping into an RRSP via the federal Home…