An RRSP to help with your down payment.
Saving for a Down Payment for your home in Mississauga is difficult especialy for First Time Home Buyers - and as a Realtor its my job to help find all the government programs available to squeeze every dollar I can for my clients.
One way to increase your down payment on a home is to put your RRSP's to work. By taking the available cash saved so far for your house's downpayment and purchasing an RRSP, the Government will provide a sizable tax credit on your next tax return. But timing is everything! When buying an RRSP in September through to February, you don't have to wait long for your TAX CREDIT. When you file in March or April the credit will come fairly quickly. However if you miss the February deadline - you will have to wait until the next fiscal tax year to receive the credit on your next return.
Taking an RRSP loan out is also a good way to help build a downpayment for your new home.