You will have to pay it back over the next 15 years without incurring any penalty. For a couple that means $50,000.
However, since the dollar amount has been stuck at $25,000 since 1999 .... the house prices have continued to escalate. At $50,000, you’re barely making the minimum down payment in some ares across Canada.
If you know you are buying your first home in the next 90 days, you make a $25,000 contribution or $50,000 for two people. That means a big refund in April. You then withdraw the $25,000 or $50,000 to pay for that initial home.
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