RIE4 - The Canadian Champion, Tuesday, July 7, 1998 How to save for a down paym ent for a home ~iding Icale REALY LTD). BROKER Canîpblvlille Country oit R. a tontre t On a R 2 simatreyli acre plus loi wiih tnlaw suite potential. Oniy minutes to Campbottsitte and watk Csraton rdaea CsrafodLae Ofiered ai oiy $217,900 Cali Brad Watson, Sales Rep. for your personal viewing. 854-0401 The dream of owning a home of your own will more easily tum mbt reality if rou t;îk>:s> ii>pri ctciii srcp> r> >5 ir ris s.r ing tor a dose payrrrirt. lb makes good financial sense 10 put as mueh money as you can imb your down payment. The bigger the down payment, the less you will have 10 borrow for a morigage. This means smaller monîhly morigage payments, and also lowers the coul of inieresi over the morigage term. Saving for a down paymenî can be a challenge, and il oflen means sacrifice, but ihere are programs designed specifically 10 help firs-ime buyers meet the challenge. If you've been puîing money into a Registered Retirement Savings Plan (RRSP), the RRSP Home Buyer's Plan COU ltI WIde Ed &Norma lb«n Cubte RealIt a 88-9100»M Sales Reps Juit Listed 3 bedroom unit recenfly renovated. Move in, relax and enjoy. To view cali Ed Proveau. 878-9100 A CampbeiIviIIe Beauty. Super Family Home. Close to A 9 room beauty on 2 ac schools, large tastefully land- wooded lot only 5 min. to scaped lot. Windows, doors, 401. Laundry, family rm & shnglas and decorating reoently upgraded. Main floor family office on main floor. room. 4 Bedrooms Ed & Norma Proveau. 878-9100 Ed & Norma Proveau. 878-9100 I allows you t0 withdraw up 10 $20,00 trom the plan to buy or build a hrruse. Youi >>~eciais>> e rhrmv(11)p $20,000 tior w>lus or RSI' t1orr,kca total ot $40.000 available for a down pay- ment. Therc will be no incomc tax dcducted from this money, provided it's repaid to an RRSP within 15 years, according to a gov- emment repayment schedulc. Thc money you take out must also have been deposit- cd at leasi 90 days before withdrawal. You can take part in this plan if you, or your spouse, have not owned a home and lived in it as principal residence tor tîve years before you take the money out of' your RRSP. You have to enter into an agreement 10 boy or build a home in Canada that will be your principal place of residenee within a year of buying or building. You can boy a new or established detached or semi- detached home, a townhouse, condo, mobile home or an apartment in a duplex, triplex, fourpiex or apartment building. Shares in a co-operative housing corpora- tion also qualily. Once you've entered mbt the agreement, Revenue Canada's Form T1306 must be completed and handed over to the financial intuti>ii itýt issed otr rRRSV' Fi> rnoncy esthout taxes beîrîg withhieid. Yrîu can take money lrom more then one RRSP, as long as you dont exceed the $20.000 limit. You have Io boy the home belore October of' the year following the year of' withdrawal, although in some circum- stances you may get an extra year 10 acquire your home. The benefit of the Ontario Home Ownership Savings Plan (OHOSP) lies in the tax credits il offers people who are sav- ing f'or their fîirst home. lits open 10 Ontario residents over 18 who have neyer owned a home belo.re and who eans less than $40000 a year, or couples with a combined income of less than $80,000). You can put as much as you like mbt your OHOSP, but you'll only gel OI-OSP tax credits on annual deposits of $2000, or $4,000 a couple. You cao eam up 10 $500 individually or $1,000 a couple in OHOSP tax credits, depending on your annual Continued on page RE5 IDES AU. FURNITURE $379,OOO COOL POOL, COUNTRY $279,900 dn, fin"se on 3 " i- main Nior dlnlng roca, îI. 3 bedroe ranch, 2 full "ah. Gracie level rec montwlttwod burning steve and pool table, dletached 2<car mm wlh malrenut. Walkot rm lve garag fl e. A beaulifl inground swimming pool, solar heated , wth large cedar dedi, ideal for outde entertainlng. ,9 ft cefllnson main LeueLTiple car garagle, lm Lot approa. 140' s 144' baddng onto mIne. Close ta bulilngton, Oakeille, Moln, commute ta Toronto. CaH oplar etedslan M . Cag 1.1. Wdde oaWee8446M0. m