You can take money from your RRSP any time, it is just taxable income.
Paying taxes helps you rethink robbing your own future. While it may seem wise to incur debt on behalf of your kids early, remember you could be creating a burden for your family later.
http://www.macleans.ca/economy/surprise-realtors-want-you-to-be-able-to-raid-your-rrsp-to-buy-your-kid-a-house/
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ReplyDeleteI like this idea presented at the end of the article:
ReplyDeleteGordon’s colleague at SFU, Rhys Kesselman, has proposed a one per cent annual tax on homes worth at least $1 million that increases with the value of the property. Importantly, the levy is deductible against income tax paid in the previous year—effectively exempting those who pay income tax in Canada while targeting those who don’t. Such a tax would be more difficult to evade, according to Gordon, even for foreign buyers who use business entities to purchase homes.
Depends on the RRSP. Employer funded ones, like mine, are locked until you either retire, or leave the company. Exceptions are the first time home buyer's plan (which I used when we bought our house) and life-long learning program. But you DO have to pay back whatever you take within 15 years. You also lose whatever gains that money would make over that time. I'm not sure I like the idea of raiding it to buy someone ELSE a house though ... at least buying your own, you get equity out of the deal.
ReplyDeleteYes, I have RRSPs through work the are locked until I retire.
ReplyDeleteYou know only greedy offspring would even ask a parent to cash in RRSPs so they could buy a house.
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