Mortgage Watch

13. I'm on the CSST permanently; would it be advantageous to take advantage of an RRSP loan
under the HBP? No, because CSST income is not taxable, it would be impossible to have a
tax return if you did not pay any.


14. I earn $22,000 per year and have two children in my charge, would it be advantageous for me
to make an RRSP loan in order to get a considerable tax return? No, because with the two
children to your office, the tax previously paid will be reimbursed almost in full by year-end,
there would be no other tax saving.

15. I buy a new property, can I use the HBP? Yes

16. I live in Canada; can I buy a property in the United States and use the HBP for my down
payment? No, the property must be located in Canada.

17. I do not intend to go live in the property that I am about to buy, can I use the HBP?

No, there must be intent to move to the property to be eligible for the HBP.

18. I am a tenant, can I buy the building where I live using my RRSP? Yes

19. I take my RRSP under the HBP to buy my first home, do I have to take that money specifically
as down payment on the purchase? No, the withdrawal of money from the RRSP can be used
to pay other expenses related to the purchase of the new house. (Legal fees, furniture, etc)

20. I made a RRSP loan on the 1st
of February, what is the earliest date that I can notarized?
60 days after the date of purchase: March 4th 2009

21. After notarized, what is the deadline to withdraw my RRSP under the HBP? 30 days after the
date of signing of the sale

22. I make a withdrawal from my RRSP under the HBP, what is the maximum date to notarize?
October 1st of the following year

23. Can I defer my RRSP deduction on my later years? Yes

24. How much do I have to repay yrarly to my RRSP if I make a withdrawal from my RRSP under
the HBP? A fifteenth (1 / 15) of the amount withdrawn.

25. If I sell my property, do I have to reimburse my RRSP immediately? No

26. I took advantage of the HBP to purchase my property. Sold it 5 years ago. And I have not
owned a home; I lived in, for 5 years. Can I purchase a principal residence and use the HBP?
Yes, but you need refund all the withdrawn to your RRSP under the first HBP before the 1st

of January of the year when the 2nd HBP will be done.