HomeMy WebLinkAboutThe Citizen, 2008-03-06, Page 10PAGE 10. THE CITIZEN, THURSDAY, MARCH 6, 2008.
(NC)—There is no question that
the earlier you start saving for
retirement, the more you stand to
benefit in the long-term.
However, many young investors
procrastinate saving for retirement
because, to them, it seems like a
lifetime away.
“It’s not surprising that many
Canadians in their 20s aren’t
thinking about retirement, but that
shouldn’t stop them from regularly
contributing into an RSP,” says
Linda Knight, president and chief
operating officer, BMO Mutual
Funds. “While retirement may be
decades away, RSPs are also a great
way to save for immediate goals like
purchasing a first home.”
The federal government’s Home
Buyers’ Plan (HBP) allows first-
time home buyers to withdraw up to
$20,000 per person from their RSPs
to buy a home. In order to qualify
for the HBP, individuals must not
have owned a home for the past five
years.
Before funds from an RSP can be
withdrawn, participants must have
entered into a written agreement to
build or purchase a home to be used
as a principal residence.
Through the HBP, RSP funds can
be withdrawn tax-free as long as
they are paid back within a 15-year
period. Many investors who use the
HBP generally repay 1/15 of the
total amount owing each for 15
years. If a required yearly amount is
not repaid, that year’s repayment
amount would be added to annual
income and taxed.
For first-time home buyers,
climbing the property ladder can
sometimes be overwhelming and
stressful. By working with an
investment professional, you can get
a better understanding of the options
available and how to best achieve
your goal of home ownership.
Regularly contributing to an RSP is
not only a great way to save for a
down payment on your first home,
but it is also key to helping you save
for your retirement – even if it is
many years down the road.
RSPs not just for retirement
Most improved
Shayna Toll was the recipient of this year’s
Most Improved CanSkater award at Blyth
Skating Club. Making the presentaiton was
Patty Cooke. (Vicky Bremner photo)
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Award
Kelly Cooke was the recipient of the Most
Improved Senior Skater for Blyth Skating Club.
She received her award from Cathy
MacDonald. (Vicky Bremner photo)
In the family
Dwight Chalmers presented the award for
Most Improved Intermediate skater to Kathryn
Chalmers. (Vicky Bremner photo)
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