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Your RRSP can help make you a f irst-time homebuyer John Cavan, . Mortgage Agent mort rge élaner Ask your local z 'C Heres a nice thuught for hopeful first- ime homebuyers - if you've been tucking z away money into your RRSP, you may have that elusive duwnpayment. Your RRSP can help you make your bouse dreams come true. Under the Home Buyers' Plan, you can tap your RRSP and borrow from your- self tax-free tu help with your home pur- chase. You then pay yourself back later. 0f course, your RRSP savings are always accessible (ifs your money after ahl), but when funds are withdrawn, they are taxable in the year of witbdrawal uniess you comply with certain rules - and being a first-time homebuyer is une of them. You can withdraw up tu, $25,000, and if yuur spouse qualifies as a first-time homebuyer, he or she wiii aiso be ahle Eu withdraw $25,000. Between the two of you - you couid put togeîher a hefty downpayment of $50,000. Here's how it works: you enter into an agreement to boy or buiid a hume befure making a withdrawai. IL must be for your principal residence (nu rentai properties), and to quaiify as a "first-time hoînebuyer", yuu cannot have owned a hume for four fuit caiendar years. if your spouse did uwn a hume within thaE period, you can stiii withdraw as long as the hume was nut yuur principal residence whiie you were married or living commun iaw. in addi- tion, you must withdraw nu iater than 30 days after the ciosing date. After you make a withdrawai, you must close on your hume by Octoher I of the year that fuliows the withdrawal year, a requ.irerrent that can hcexit'Hd(ctt Linder certain conditions. Almost any kind of home wiii quaiify - single famiîy, semi- detached, condo, under construction - as long as its in Canada. Your mortgage plan- ner can give you more details. The Home Buyers' Plan is une of the most attractive federal programs availabte to Canadian homebuyers. Alter ail, saving up for a duwnpayment takes time and can be a reai challenge when you have su many other expenses. But the Hume Buyers' Plan lets you mesh your RRSP strategy with your homebuying plans. And a solid downpayment can help you gel a hetter mortgage - since downpayment is une fac- tor lenders look for when assessing risk. Keep in mi, of course, that - for your own good and to meet the program's requirements. - yaure expected to pay yourself hack. Repayment hegins the sec- ond year following the year of withdrawat. Su if you with draw in 2010, you have Eu make yuur first payment hack to yuur IRSP starinLy in 201 2, or in effc(t, bv1 the RRSP deadline of that year (i.e. March 1, 2013). You have up to 15 years Lu repay, and each annuai repayment must be at least one-fifteenth of the withdrawn amount. If you want more detaiied information on the program, get a copy of Canada Revenue Agencys bookiet RC4135 - Home Buyers' Plan (HBP), which is avait- able on their web site at www.cra- arc.gc.ca. Also look for Form T 1036, the required form for requesting a withdrawal. Starting to think about buying your first home? Find yourself a mortgage plan- ner and start asking some questions. An independent planner deals with over 50 different iending institutions, and can help you compare mortgages from the banks as weil as non-traditionat lenders. An inde- pendent pianner isn't wurking for the tender, their advice is free (oac), and there is nu obligation. its a great place for a new homehuyer to start!. John Cavon is an Approved Motgage Ptannet ivith, Nhntgage'Ai- hacu-s. .\ntacqtsasanti ueîer ns t an b lîtîc îjon (.asans jjîcc. lcatlu 14 -mat in Si ., îltn. John can be reoched by phone: 905-878-7213 or by emiail:john.cavan@-mtgart..ta.jolni Cavans wthis wwsî'srewîae.ConîaLt John todox' about your si ressfi-ce morrgage opportunities. A Roman shade with a difference The Vignette Modem Roman Shade from Hunter white fahric hacking. Easy to uper- Douglas is the oniy Roman shade with nu exposed rear ate, Vignette shades raise and lower cords. It enhances child safety and delivers a smooth, eventy without adjustmcents and the uniform appearance from inside and outside uf the fabrie fulds do nuE crinkie or sag. home. The shades are beautifuliy designed front and Recentiy intruduced, a stackablc back without gathers, cords or grommets and a neutrat Vignette Tiered design option. This is availabie with a LiteRise cordiess lifting option, which enhances chiid ROYALLEmGfE safety by eiîminating potentiaiiy ~ dangerous operating cords. ht raises .Tand lowers the product with a gen- île touch on the hottom rail. More information is availahie direct: 905-399-2217 onlîne at www.hunterdouglas.ca or tî ree 1-877-822-6900 toit free at 1-800-265-8000. i,.-- LIwww.newscanada.com Spectacular! Luxury finishes for the most discerning buyer. True gourmet kitcheri; double ovens, 13 foot granite island. Master retreat with double-sided tireplace. 60 foot premium lot with walk- out. Luxury at ils finest. $659,000 271 Forbes Terrace. ~WWW.dtmnIsIIucom L CiC un Featured Properties '4e Cali the "i dream team" today!'. " CL I Wh tk" dream fa" for Jreaî ra te f9 m uric " & 1tia fre u Mtagu Mortgae t q tAArhilects '. 878m721 3 John Cavan, ssi' ' www.stesrem rgage.ca mnp0" 14 Martin St., Milton, ON lrd(ý Ç 1itaR-NidflO 41 4-74 MILTON MAÏL FOOD COURTE CLOSE TO SCUOOLS, BUSINESS, RESIDENRL- EMA/.ýrb ýobqllselshmesc0M MINIMAL STAFF REOUIRED VENDOR WILL TRAIN GREAT FOR FIRSI-TIME BUSINESS OWNERS EMAIL ROB TORAY FOR DETAILSI Are you connected to your community Get ail the news from Milton, Oakville, Burlington and surrounding areas quickly and COflveniently online and on your schedule. www.miftoncanadianchampion.com 24/ 7- -j-