The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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Ask MoneySense
I have a question regarding the RRSP Home Buyers’ Plan. I am a first-time home buyer. I need to use my RRSP, but the property I want to buy is a mixed-use property. We pay two kinds of taxes for this property: residential and commercial. I want to use the residential part of the property as my principal residence. Can I withdraw from my RRSP as a first-time home buyer?—Punita
I have a question regarding the RRSP Home Buyers’ Plan. I am a first-time home buyer. I need to use my RRSP, but the property I want to buy is a mixed-use property. We pay two kinds of taxes for this property: residential and commercial. I want to use the residential part of the property as my principal residence. Can I withdraw from my RRSP as a first-time home buyer?—Punita
Home-buying programs for mixed-use properties
Home ownership is a significant milestone for many Canadians. A home is one of the largest purchases you will make in your lifetime, so saving for one requires a lot of thoughtful financial planning. In fact, 32% of Canadians say saving enough for a planned major purchase is one of their biggest sources of financial stress, according to FP Canada’s 2023 Financial Stress Index. Luckily, there are programs offered by the federal government to help make home ownership a reality.
What home-buying programs are available?
Until recently, the Home Buyers’ Plan (HBP) was one of the few programs available to assist Canadians with saving for a home…
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