RRSP withdrawals for HBP
Hi -
My wife and I are both first time home buyers. As per the guidelines, I understand that both of us can withdraw upto $35,000 from RRSP to use as a downpayment for the house.
My wife, since she moved to Canada 3 years ago doesn't have the $35k limit in her RRSP but I have enough to make up for a combined $70k. One of my friends told me that I could withdraw more from my RRSP as long as the combined is $70k for us, but I am a bit skeptical about how it would work.
Our combined RRSP limit is over $70k but my wife's is about $15k. So, I am looking for the best way to take advantage of HBP to withdraw money for my downpayment. Any advice?
P.S: Sorry if the questions are silly and very basic but I couldn't find answers online.
My wife and I are both first time home buyers. As per the guidelines, I understand that both of us can withdraw upto $35,000 from RRSP to use as a downpayment for the house.
My wife, since she moved to Canada 3 years ago doesn't have the $35k limit in her RRSP but I have enough to make up for a combined $70k. One of my friends told me that I could withdraw more from my RRSP as long as the combined is $70k for us, but I am a bit skeptical about how it would work.
Our combined RRSP limit is over $70k but my wife's is about $15k. So, I am looking for the best way to take advantage of HBP to withdraw money for my downpayment. Any advice?
P.S: Sorry if the questions are silly and very basic but I couldn't find answers online.
