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RRSP’s and Mortgages

The 2008 Federal Budget increased the conversion age for 2008 and subsequent years for RPPs, RRSPs and DPSPs to 71 years of age from 69 years of age, giving more time to use up available contribution room.

The RRSP limit for 2016 is $25,370.

Home Buyer’s Plan (HBP)

The Home Buyer’s Plan is a program allowing you to withdraw up to $25,000 from your RRSP to buy or build a qualifying home. You must be considered a first-time homebuyer and intend to occupy the qualifying home within a year after buying or building it. Withdrawals that meet all of the plan’s conditions will not be included in your income and your RRSP issuer will not withhold tax on these withdrawals. This is available to both you and your spouse, providing up to $50,000 of tax free dollars. The amount withdrawn must be paid back to your RRSP within a period of no more than 15 years.

Lifelong Learning Plan (LLP)

Guide RC4112 discusses the Lifelong Learning Plan (LLP) which permits a person to withdraw up to $10,000 in a calendar year (maximum $20,000 over four years) from their RRSP to finance full-time training or education for you or your spouse. You have 10 years to make repayments to your RRSP.