The funds aren't taxed as long as you repay the total amount to your RRSP over the next 15 years. If eligible, you and your spouse may withdraw up to $20,000 each from funds that have been in your RRSPs for at least 90 days. And like many people, you may also consider savings or investments to be purely optional.cibc.com.Use GICS to help you save. So, here are a few tips on how to get your downpayment together:Invest in yourself first.

GICs offer you competitive rates of return and offer a safe, secure way to grow your savings. Your payments don't have to start until the second year after the initial withdrawal.(NC)-For many first-time homebuyers, the thought of saving a substantial amount of money for a downpayment can seem overwhelming.Saving for a home doesn't mean you have to put your retirement planning on hold.Re-organize your finances and you may find the money you need. Choose non-cashable GICs and you won't be tempted to dip into your savings.

However, if you can commit yourself to paying everyone else, you can make the same commitment to yourself. Certain buyers may qualify for the government-approved CIBC RRSP Home Buyers Plan that allows you to use cable with plug your RRSP savings toward the purchase of a home.Mutual funds. For flexibility, you can choose from a variety of terms. Set up a savings or investment plan and start making payments to it, just as you do for your other creditors.RRSPs are a good way to secure your financial future while enjoying tax benefits today.Often, finding extra money for savings is as easy as reorganizing your budget.

Lower-risk savings mutual funds are great for achieving short term goals like saving for a downpayment, while other funds can offer higher returns for a longer-term investment. . But there are several ways to make a downpayment a lot easier and have you into your new home faster than you'd ever imagined.Consider tapping into your RRSPs. Managing your money a little differently, perhaps by consolidating your debts, can sometimes free up the extra money you need.For more information on home buying, mortgages or these unique government approved programs, contact CIBC.No doubt you think that paying your monthly bills is an important financial commitment

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