Given the current state of the global economy, many Canadians are becoming much more aware of the importance of having a solid RRSP investment. That old adage of “saving for a rainy day”, has renewed emphasis and importance for Canadian investors. An RRSP investment isn’t merely investing for retirement. It’s a tax haven for Canadians and provides an immediate return on investment in the form of tax deductions in the current tax year. However, there are other benefits to an RRSP investment and they have as much impact on someone’s finances today, as they do when they retire. Interested in knowing what these benefits are?
Canadian Home Buyers Plan (HBP)
Many young investors tend to shy away from thinking about retirement. They tend to be caught in the now, rather than to dwell on the future. However, one key benefit of an RRSP investment is how it allows first time home buyers to use $25,000.00 of their RRSP as a down payment towards the purchase of their home. This withdrawal must be reimbursed back into the RRSP plan over a period of 15 years. However, there is no penalty for withdrawing the $25,000.00 from the RRSP investment, provided you repay that amount over the predetermined period.
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