Tories would up RRSP cash-out for new homebuyers

The Conservatives would let first-time buyers take $35,000 from their RRSPs to pay for homes if they’re re-elected.

Under the Home Buyers’ Plan, new buyers can currently take $25,000 from their registered retirement plans, tax free, to purchase their starter homes. Owners must pay the money back within 15 years of the withdrawal.

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The Conservatives say skyrocketing home prices in cities such as Toronto and Vancouver are making the increase necessary.

If re-elected, a Conservative government would also collect data on how foreign investors are impacting the Canadian housing market.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.