Does RRSP withdrawal have to go to the down payment? Or can it cover monthly payments afterwards instead?
Or, could I start contributing smaller amounts monthly to my RRSP, roughly equivalent to what the mortgage payment will be, then roll those funds back out again 90 days after each deposit, to pay the mortage payments? Is that allowed? Or does it have to go towards the down payment at the time of purchase?
Or... should I just use my TFSA money towards the down payment (which I understand results in me freeing up that same amount to contribute back into my TFSA at any point in the future), and realize the tax savings of my RRSP contributions later when I'm earning a higher income?
My wife's money has been in RRSP funds long enough thankfully, so it's not a concern for her.
Seems like I should have been more on top of this and transferred over the $35K maximum into RRSP to get the tax credit and put it towards the down payment. I'm worried I may be missing that boat.