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My married daughter is 35; she sold her home eight years ago. Does she qualify for the Home Buyer’s Plan?

Q: My married daughter is 35; she sold her home eight years ago. Does she qualify for the Home Buyer’s Plan?

A: If your daughter is a first-time buyer and has funds in her RRSP she can take out $25,000 tax free and buy a residence with it.

This is a government-sponsored plan to stimulate home purchasing. She must be a first-time buyer. If she has not owned (she and her spouse) a home for five years, she qualifies again!

She and her spouse could both use their RRSPs. Maximum would be $50,000.

She must pay it back over 15 years to her RRSP. (1/15th per year! Or approx. $138.50 per month).

Your daughter also has to buy a property by Oct. 31 of the year when she takes the money out of the RRSP.

If she keeps up the payments back to her RRSP, everybody will be happy. If she does not … it will become taxable and added to income.

Ozzie Jurock is a senior real estate adviser at www.jurock.com. He can be reached by email at oz@ jurock.com.

About Ozzie Jurock

OZZIE JUROCK (FRI) is the author of Forget About Location, Location, Location. Ozzie Jurock is also president of Jurock Publishing Ltd.

Peter C. Newman in his book Titans called him a Real Estate Guru. Vancouver Magazine called him one of the 45 brightest people in Vancouver. Ozzie Jurock appears every 2nd Wednesday on Global TV News Hour. He also authored the book: Forget About Location, Location, Location and has written hundreds of published real estate articles in the Vancouver Sun, Business in Vancouver, the Globe and Mail, the Western Investor and dozens of magazines. (List of published articles.) Several thousand people have subscribed to his monthly and weekly newsletters Jurock Real Estate Insider and Jurock’s Facts by Email.

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