RRSP season is here!

Use the first 60 days of the year to max out contributions to your RRSP. You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund.

There are several advantages in maxing out your contributions to your RRSP. All of the income you earn in the plan is exempt from tax (as long as the funds remain there). Additionally, you can withdraw tax-free funds from your RRSP for qualifying home purchases.

The Home Buyers’ Plan (HBP) is a program that allows Canadians to withdraw up to $25,000 in a calendar year from their RRSPs to buy or build a qualifying home for themselves or for a related person with a disability.

Under this plan, only first-time home buyers are eligible to participate, unless the special rules for persons with disabilities apply.

Each spouse or common-law partner can withdraw eligible amounts under the HBP from any RRSP under which he or she is the annuitant. Each person can withdraw up to the $25,000 limit, or $50,000 if purchasing the property jointly.

Any RRSP contributions made must remain in the RRSP for at least 90 days before they can be withdrawn under the HBP. After 90 days, the RRSP may generate a tax refund, which can then also be applied toward the down payment.

You have up to 15 years to repay to your RRSP from the second year following the year of withdrawal. If the required repayment is not made, the owing amount will have to be included as income in the year of the shortfall.

This is an excellent opportunity to save for your first down payment. Make sure you make use of it!

http://www.reimortgages.ca

Make Sure You Read Chapter 5! :)

Canada’s Leading Experts Reveal Their Secrets for Building and Protecting Real Estate Wealth

“If you’re looking to make money in real estate, you absolutely need to read this book.” Robert G. Allen

Media calls him the “Wealthy Cop”.

Sunil Tulsiani has trained over a half million people around the world on real estate investing and building massive wealth.

He’s shared stages with Brian Tracy, Jack Canfield, Robert G. Allen, Ron Le Grand, and many more.

Now, for the first time, Sunil and his handpicked experts reveal insider secrets
to building generational wealth in this groundbreaking book.

Here’s a short video,

Some of topics covered are:

Should you buy properties in the USA?
Is the Canadian Real Estate Market Crashing?
How to safely build your passive income?
How to buy properties below market value?
How to invest safely in Real Estate?
How to find private money for your properties?

And lot more.

This book is absolutely a gem whether you are starting out in real estate or you are already a pro…you must have this book.

Get your copy today!