- Joined
- Sep 14, 2007
- Messages
- 40
Hello All,
I just spoke with a potential tenant buyer who asked if he could use his RRSP`s as an Option "deposit".
If I understand correctly, you can use your RRSP`s as down payment for your personal residence and not be taxed on them, as long as you pay them back within a certain time frame, correct? Would this work for a lease option tenant?
While I`m on the topic, how about buyers using RRSP`s as a down payment when you are going to finance them via Seller Financing?
Any insights here are much appreciated, thank you!
Cheers,
Gord
Stay informed by joining our monthly email newsletter! Free reports, market updates, properties for sale, investment opportunities and much more. Join us today! Click here.
I just spoke with a potential tenant buyer who asked if he could use his RRSP`s as an Option "deposit".
If I understand correctly, you can use your RRSP`s as down payment for your personal residence and not be taxed on them, as long as you pay them back within a certain time frame, correct? Would this work for a lease option tenant?
While I`m on the topic, how about buyers using RRSP`s as a down payment when you are going to finance them via Seller Financing?
Any insights here are much appreciated, thank you!
Cheers,
Gord
Stay informed by joining our monthly email newsletter! Free reports, market updates, properties for sale, investment opportunities and much more. Join us today! Click here.