Great Mortgages Canada RRSP Program

Get a tax refund of up to $10,000 or more when you purchase your new home.

Who is eligible?

  • If you or your spouse have not owned/lived jointly or individually in a home after Jan. 1/2013.
  • Qualified for Mortgage
  • Resident of Canada
  • Have not previously participated
  • Have a written agreement to buy or build a qualifying home
  • Existing RRSP (Lock-in RRSP not eligible) or cumulative elibility RRSP
  • Other terms and conditions outlined by Revenue Canada

Here’s How to Get Your Tax Refund

Step 1 – Get your Pre-approved mortgage with Mortgage Alliance and review your “tax refund” with your Mortgage Agent.  Note: No fee to qualified clients.

Step 2 – Check your maximum RRSP contribution amount.  Confirm amount on your 2017 notice of assessment from your last tax return from Revenue Canada.

Step 3 – Calculate your tax refund based on your 2017 income.

Step 4 – Mortgage Alliance can arrange a RRSP loan, up to your cumulative eligible RRSP limit. (maximum $25,000 individual/ $50,000 couple)  NOTE: This contribution must remain in your RRSP for a minimum of 89 days before withdrawal  E.G. Contribution to your RRSP Dec.30, 2017. Cannot withdraw funds before March 30/2018.

Step 5 – E-File your 2017 Tax Return with your RRSP contribution slip – received from Lender (For quick refund)

Step 6 – The tax refund is to assist with your “New home purchase” and closing costs, new appliances etc.

Step 7 – After a minimum of 89 days, withdraw funds from your RRSP to payoff the RRSP loan.
NOTE: This withdrawal cannot be more than 30 days after the closing date of your new home. (Other Revenue Canada restrictions could apply)

Step 8 – Your RRSP withdrawal has to be repaid to your RRSP over 15 years starting as late as Jan. 1/2019. Example: $15,000 withdrawn, a repayment of $1,000 per year over 15 years – this is a great way to save for your future retirement.

Step 9 – Enjoy your new home as your RRSP grows!