Anyone aware of any tax benefits of taking out money from RRSP under Home Buyers Plan?
I don’t need the cash for down payment or anything and my RRSPs are earning around 7% annually. Someone told me that’s its still advantageous to take it out of you get the chance.
Why would I do that and lose out on 6 to 7% compounding interest when I have funds to make my downpayment? Doesn’t make sense to put larger downpayment since my mortgage interest is below 3%. Doesn’t make sense to invest in a non registered account since I’ll incur capital gains when it comes time to repay that money
Is there a tax advantage or some loophole that I’m missing?
Statistics: Posted by Rusty8 — Dec 10th, 2019 10:09 pm