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DID YOU KNOW…

 

 

 

Taxpayers can now withdraw up to $35,000 from their RRSP for
a home purchase. This is an increase from the previous maximum
of $25,000. The Taxpayer must begin repaying minimum annual
amounts to their RRSP in the second year after the withdrawal,
and they must have it fully repaid within the next 15 years. They can
repay all of it at one time if they wish. If they do not make a payment
in a year, they will have that minimum annual amount included in income.