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I want to take some money out to buy a house – is it tax free?



Our response:

There are questions that need to be asked before your question can be answered. First – what type of account are you withdrawing money from? If it is a non-registered account, you will be subject to any taxes on your investments – for example, on interest income or capital gains when selling your investments. If it is a Tax-Free Savings Account (TFSA), then you can generally withdraw money at any time for any purpose without paying taxes. If it is a Registered Retirement Savings Plan (RRSP), you may be able to take some money out tax free – more on this below.

Second, is it your first home? If you are withdrawing money to buy your first home, you may be eligible for the Home Buyers’ Plan to withdraw up to $25,000 tax free from your RRSP. Learn more about the Home Buyers’ Plan.

Learn more about saving for a down payment to buy a home. Speak to a registered financial advisor for advice on which option is right for you.

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