First time buyers have long enjoyed the benefits of using their RRSP savings towards a downpayment for a home. As of January 1, 2020, both married and common law couples who are divorcing or separating can use up to $35k from their RRSP's towards a downpayment, without being taxed.
We hope you never have to deal with this but if you do...
Of course, no one goes in with the plan to divorce. Sometimes things happen and the best laid plans don't always work out. One of the biggest struggles for families in this situation is pulling funds together to assist them in their next purchase. We're happy to see this long overdue change to the tax rules.
If you're in this situation and would like more information about using your RRSP's towards a downpayment, or more information about how to go about dealing with the family home, just give us a call or shoot us a note.
We'll answer all the questions we can - and find you to someone who can answer the ones we can't:)
Hey and if you and your partner are still in crazy love, we can assist you too!
Always available to answer your questions and assist you with your real estate plans.
The Mulholland Ross Group (416) 230 - 8500
Call in confidence and without obligation.