QUESTION: I would like to buy a house this summer. I currently have 20K in
my RRSP. My wife can only contribute 5K from her RRSP. First question Can
I supplement the 15K from my RRSP? Second question is it a good idea to
borrow 15K from my line of credit and put on my RRSP to make 35K to allow me
to supplement my wife contribution for the HBP? My RRSP deduction limit for
2005 is 40K. Thanks,
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david ingram replies:
Your wife would have to take the $20,000 out of her own RRSP but it could be
a spousal RRSP.
If you have $15,000 worth of room left (you say $40,000), you could borrow
the $15,000 and buy a spousal for her.
Go for it!.
Just remember the loan for the RRSP is not deductible. To learn how to make
your mortgage interest deductible when you buy this house you should attend
one of the Thursday Seminars at Fred Snyder's office.
answers to this and other similar questions can be obtained free on Air on
the last Sunday morning of each month (Sunday Jan 29, 2006 is next).
On the last Sunday at 9:00 AM on 600AM in Vancouver, david ingram will be a
guest on Fred Snyder of Dundee Wealth Management's LIVE talk show called
"ITS YOUR MONEY"
Those outside of the Lower Mainland of British Columbia will be able to
listen on the internet at
www.600AM.com <http://www.600am.com/> (9:00 AM Los Angeles Time every
Sunday morning)
Call (604) 280-0600 to have your question answered. BC listeners can also
call 1-866-778-0600 free of charge.
Callers to the show and questioners on this board may also attend the
Vancouver Thursday Night seminars on finance and making your Canadian
Mortgage Interest deductible.
There are 17 different topics covered and every Thursday night is different.
They are presented by Fred Snyder at his office at 1764 West Seventh (the
Spence Diamond building at 7th and Burrard) in Vancouver. Call (604)
731-8900 to register and be sure to bring your spouse, significant other or
financial advisor.
I will be at the Thursday evening following my last Sunday appearance. I
will be at the Thursday, Feb 2nd 7 PM seminar to talk for a short time about
mortgage interest as a deduction.
And, of course, we are always here to prepare your US / Canadian and State
returns by emailed pdf files, snail mail, fax or courier.
-------------
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