The March 1st deadline for RSP contributions is coming up soon, and I thought this would be a good time to dispel some of the myths and legends around using your RSP to buy a home. 

I’m not going to talk about whether RSPs are good or bad, but there are a couple of things that we should definitely know. 

Let’s start with the first time home buyer program. That’s what most people think of when it comes to using your RSP. Yes you most certainly can use it to buy your first home, but that’s not the only time you can use it. 

If you’ve owned a home before, and don’t own one now, you can use your RSP for a downpayment. 

That’s right, it’s not just first time home buyers that can use their RSP. 

There are some limits on how you’re able to use it, like length of time since you’ve owned a home, but you can still use it. 

Second, there can be some major tax advantages using the right strategy. Depending on contribution limit, time of the contribution, and having a good team around you, there’s some major value in knowing how to use it to your advantage. 

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