Buying a Home
Keep in mind that buying a home will cost you more than the purchase price. Be prepared to pay closing costs, such as land transfer taxes and lawyers' fees, plus ongoing costs, such as property taxes, home insurance, maintenance, and possibly condo fees and home improvement costs. Make sure you have enough cash and financing to cover all of these costs. As well, if this is your first home, you could consider using the RRSP Home Buyers' Plan to help you save the down payment. The plan allows eligible individuals to withdraw up to $25,000 tax-free from their RRSPs to purchase a home.