Taking money out of several RRSP accounts for a Home Buyer's Plan.
>
> My question is: Canadian-specific
>
> QUESTION: We are 1st time home buyers and we want to use our RRSP. If we
> have a RRSP at work, and at several banks, can we withdraw from all of them
> as long as its less than $20,000 each? My question is can I use the RRSP
> from several institutions or just from one? Thank you.
>
> ---------------------------------------------------------------------------
david ingram replies:
You can take them out of as many RRSP accounts as you have. However, I
would just roll them all over into one and take it out of that one for
convenience sake.
And, in my opinion, you are better off paying down your mortgage an extra
bit than you are paying back the HBP at 1/15th a year for fifteen years.
_______________________________________________________________
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
> My question is: Canadian-specific
>
> QUESTION: We are 1st time home buyers and we want to use our RRSP. If we
> have a RRSP at work, and at several banks, can we withdraw from all of them
> as long as its less than $20,000 each? My question is can I use the RRSP
> from several institutions or just from one? Thank you.
>
> ---------------------------------------------------------------------------
david ingram replies:
You can take them out of as many RRSP accounts as you have. However, I
would just roll them all over into one and take it out of that one for
convenience sake.
And, in my opinion, you are better off paying down your mortgage an extra
bit than you are paying back the HBP at 1/15th a year for fifteen years.
_______________________________________________________________
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 10 PM 7 days a
week Vancouver (LA) time - (please do not fax or phone outside of
those hours as this is a home office)
email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation
email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation
David Ingram gives expert income tax &
immigration help to non-resident Americans & Canadians from New York to
California to Saudi Arabia to Mexico to China or Chile - Cross border, dual
citizen - out of country investments are all handled with competence &
authority.
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