Minister suggests allowing first-time homebuyers to use pension savings

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Sukhendu Sekhar Ray (TMC) raised the issue through a Zero Hour mention after broad consensus among members led to functioning of the House for the first time during. Bihar Chief Minister Karpoori.

Changes to the Home Buyers’ Plan (“HBP”) The HBP is an existing program that allows a Registered Retirement Savings Plan (“RRSP”) annuitant who is also a first-time home buyer to withdraw a maximum of $25,000 from their RRSP on a tax-free basis when purchasing or building a home.

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Should Pension Savings Fund First time buyer deposits? The current Ministry of Housing, Communities and local government secretary, James Brokenshire, has claimed that first-time buyers (FTBs) should be permitted to use their pension pot to help fund the deposit needed to buy their first home.

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First-time homebuyers should be allowed to access their pension savings to help them get on to the property ladder, Housing Minister, James Brokenshire has suggested. Speaking at the Policy Exchange, Brokenshire said: "We should be looking at allowing an individual to use part of their pension pot as a deposit on a first-time home purchase.

To qualify: Term is 5 years with no penalty to close after 6 months, providing you the flexibility to save for as short or as long as you need. If the First-Time Home Buyer Savings Plan Account is closed and not used to purchase a principal residence, a penalty equal to the loss of interest at 4.00% APY will be assessed.

Under the pension benefits act (Ontario) and regulations, former pension plan members who terminate employment before retirement are allowed to commute the value of their deferred pension but must transfer the value to a permitted retirement savings vehicle, such as a Locked-in Retirement Account or a Life Income Fund, transfer it to another.