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moneysense.ca, 1/01/10
RRSP Q&A: Using funds to purchase an income producing property
Answers to your RRSP questions.
Current issue:
From February 16 to 19, 2010, MoneySense.ca’s top financial planners are answering your RRSP questions. For the full list of questions answered — or to submit a question of your own — click here.
Is there a way of withdrawing funds out of an RSP to use as a down payment on an income producing property, such as a triplex? If not, can such a property be held within the RSP? — G.V.
Karin Mizgala: If you withdraw funds from your RSP, you will pay tax on the amount you withdraw unless the withdrawal qualifies for the home buyers program or the lifelong learning plan. To qualify for the Homebuyers plan, the property must be your principal residence within 1 year from the date of the purchase of the property.
You can hold a mortgage on a property in your RSP but not the property itself. For a list of qualified investments that you can hold in your RSP, check out: cra-arc.gc.ca/E/pub/tp/it320r3/it320r3-e.pdf
Next question: When can I retire and what will my income be?
Have another idea? Let us know in the comments.
moneysense.ca, 1/01/10
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