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If you‘re thinking of buying a home, but lack the funds for the required downpayment, you may want to conâ€" sider taking advantage of the RRSP Home Buvyers‘ Plan. This article is provided by local Realtors and the Ontario Real Estate Association (OREA) for the benefit of consumers in the real estate market. Recently extended by the federal government for an additional year, the plan allows home buyers to withdraw up to $20,000 from their Registered Retirement Savings Plan (RRSP) to purchase or build a home. The beauty of this special plan is that no income tax is deducted from these funds, as long as they‘re repaid to an RRSP according to the governâ€" ment‘s repayment schedule. Both firstâ€"time home buyers and existing home owners can participate in the plan. To take advantage of the plan, you must enter into an agreement to buy or build a qualifying home and withdraw funds from your RRSP before March 2, Take advantage of RRSP plan maintained hardwood 1 EXAMPLE: Home Purchase â€"$140,000 Take the first step, phone me for an appointment to help you tErough the home buying process. 5% of purchase price as downpayment onl OHOSP tax (‘I’L“Ji)l & landtrans;:: tax refunJ CAECILIA GOETZE* 847â€"3030 or 842â€"9077 House prices extremely attractive Interest rates appealingly low Use of RRSP, as downpayment 5% of purchase price as downpay for eligible buyers. INâ€"LAW SUITE ON QUIET CRES. WHY PAY RENT? DREAM OF OWNING A HOME into a inspiring reasons to turn your wholesome REALITY: SUFE HODGE* 338â€"2201 OR 845â€"6164 approx NFED ONLY $5,000 DOWN *w ;i After entering the agreement, you must complete a Home Buyers‘ Withdrawal Application form available from Revenue Canada. Once you‘ve completed the form, you should submit it to your RRSP issuer (bank, credit union, life insurâ€" ance company, trust company or broâ€" kerage firm). Once approved, the form gives you permission to withdraw funds from your RRSP without any taxes being withheld. You can make contributions to the plan from more than one RRSP, as long as the $20,000 limit is not exceeded. However, if you have a spouse who is also eligible, you can each withdraw up to $20,000 towards the downpayâ€" ment, for a total of $40,000. A real estate professional can provide you with details on how to withdraw funds from your RRSP. Since the purpose of the plan is to provide access to existing RRSP funds, vyou can only withdraw RRSP contribuâ€" 1994 FREEKHOLD TOWNHOUSE $187,900 LAKEFRONT CAECILIA GOETZE* 847â€"3030 JUDITH FORTIN O LA LA! tions made prior to December 2, 1992 The home you intend to purchase must also be occupied as your principal place of residence, and the closing of the deal must take place by September 30, 1994. They include detached or semiâ€" detached homes, townhouses, condoâ€" miniums, mobile homes or apartments in a duplex, triplex, fourplex or apartâ€" ment buildings. Shares in coâ€"operative housing corporations are also eligible under the plan. To be eligible under the plan, homes must be located in Canada and cannot be previously owned by yourself or your spouse. Both existing and newly built homes are eligible. ELIGIBILITY CRITERIA B. 84 SUE HODGE* 338â€"2201/845â€"6164 HELLO YOUNG FAMILY LUXURY CONDO â€"$139,000 CAECILIA GOETZE* 847â€"3030 $030, R. 82 mo pmeLl en. irlin barm n [ inoram| n suite in indition 615 FIFTEEN INSTALMENTS The money you withdraw must be repaid in at least 15 equal yearly instalâ€" ments to retain your taxâ€"deferred status. If you choose to pay less than your scheduled annual payments, the amount that you don‘t repay must be reported as income on your tax return for that year. Your RRSP payments have to be made on or before December 31 of each year, with the repayment period beginning in 1995. These repayments do not have to be made to the same RRSP from which you withdrew the funds. You do not receive a second tax break when you make an annual repayâ€" ment. So, you must inform your RRSP insurer that it‘s not a regular contribuâ€" tion and complete an RRSP repayment form, available from any Revenue Canada district office. Talk to a Realtor if you would like more information on how to repay your RRSP. NEAR UPPER MIDDLE RD Ne RUTH CHASTY* B. 847â€"3030, R. 847â€"0259 t iL it LUXURY AT LAKE POINTE BERN CROWLEY** $38â€"2201 OR 844â€"8083 ooms, den, fam. rm. th walkâ€"in pantr?/. d on a quiet, sate nt. Imm. ;)ossession! rice $269,900. ENNISCLARE II ds in upgrades hroughout H $449,000 it â€" 6 rms aths 000