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TODAY'S RATES

Fixed Rate Mortgages

1 Year	2.74%
2 Year	2.74%
3 Year	2.79%
4 Year	2.99%
5 Year	3.09%
6 Year	3.79%
7 Year	3.99%
10 Year	3.99%

Cash Back Mortgages

5 Year 5% Cashback 4.99%
7 Year 5% Cashback 5.79%

Variable Rates

3 Year Variable Rate Closed
Prime (3.00%)

5 Year Variable Rate Closed
Prime – 0.10% (2.90%)

5 Year Variable Rate Open
Prime + 0.80% (3.80%)

Secured Line of Credit

Minimum payments interest only Prime + 0.50% (3.50%)

Prime Rate Today is 3.00%

Rates subject to change without notice

Updated as of February 1, 2012

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RRSPs

The RRSP Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000.00 from your RRSP (Registered Retirement Savings Plan) to buy or build a qualifying home for yourself or for a disabled related family member. A qualifying home is a housing unit located in Canada or a share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in a housing unit located in Canada. The definition of disabled related family member according to CRA (Canada Revenue Agency) is a person with a disability who is related to you by blood, marriage, common-law relationship, or adoption. The related disabled person does not have to reside with you in the same home.

Who is Entitled To Withdraw

Only the individual who is entitled to receive payments from the RRSP can withdraw funds from an RRSP. You can make withdrawals from more than one RRSP as long as you are the plan owner of each RRSP. Your RRSP issuer will not withhold tax on these amounts. Generally, you will not be allowed to withdraw funds from a locked-in RRSP.

To participate in the HBP, you must either be a first-time homebuyer or are withdrawing the funds to buy or build a home for a related person with a disability. The definition of first-time home buyer is someone who has not owned a home as their principal place of residence during the period of January 1st of the fourth year before the year of withdrawl and ending 31 days before your withdrawal.

Regulations Surrounding Repayment

To repay withdrawals under the HBP, make contributions to any of your RRSPs in the year the repayment is due or in the first 60 days of the following year. You will receive a Home Buyers’ Plan (HBP) Statement of Account each year with your Notice of Assessment or Reassessment. This statement will show the total HBP withdrawals, the amount you have repaid to date, your HBP balance, and the amount you have to repay the following year. Your first repayment is due the second year following the year in which you made your withdrawals. You have up to 15 years to repay the amount that you withdrew under the HBP. Generally, for each year of your repayment period, you have to repay 1/15 of the total amount you withdrew until the full amount is repaid to your RRSPs.

For more information and forms please visit the Canada Revenue Agency website.