Dear SFUFA Executives
Can one withdraw money from the BCCPP towards a first-time home, akin to the RRSP Home Buyer Plan (HBP) ?
As a reminder, the HBP allows one to withdraw up to $25,000 from one's RRSP ( to be repaid over time), towards a first home. You do not pay tax on this at the time of withdrawal. It may not sound like a lot of money, but to young colleagues it is - if one put 200 per month into an RRSP, after 5 years one had something to put towards a down payment.
cheers
Nilima
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Nilima Nigam
Professor
Dept. of Mathematics
Simon Fraser University