Hi all,
I am planning on buying my first home this year. I have saved up about $20k for a downpayment on a home sitting in a TFSA and online account. I met with a realtor who suggested that I put the $20k into an RRSP and use the first time home buyer's plan. I want to know if this is a good idea? I have nothing saved in my RRSP right now so I would have to postpone buying for 90 days. I don't know if it's worth it to get that (approximately?) $6k refund when I file next year since I'd have to repay it and get taxed later on during retirement. I have a great job and pensions (when I retire) actually are comparable to what I make now, so I'm afraid I'm not really saving anything in the long run.
Any advice would be appreciated.
I am planning on buying my first home this year. I have saved up about $20k for a downpayment on a home sitting in a TFSA and online account. I met with a realtor who suggested that I put the $20k into an RRSP and use the first time home buyer's plan. I want to know if this is a good idea? I have nothing saved in my RRSP right now so I would have to postpone buying for 90 days. I don't know if it's worth it to get that (approximately?) $6k refund when I file next year since I'd have to repay it and get taxed later on during retirement. I have a great job and pensions (when I retire) actually are comparable to what I make now, so I'm afraid I'm not really saving anything in the long run.
Any advice would be appreciated.