RRSP and Mortgages

Close your real estate transaction with confidence. Available for virtual and in-person closing, we bring legal expertise to you in the most convenient and affordable way.

Using RRSP for Mortgages​ Refinancing

An RRSP is a retirement savings plan that you establish, that is registered, and to which you or your spouse or common law partner contribute. Deductible RRSP contributions can be used to reduce your tax. Our lawyers make land title transfers and mortgage transactions legal. Axess Law online real estate lawyers close the deal quickly and efficiently. Our low-cost legal services for buying a new home or getting an RRSP mortgage to change residences are easy to afford.

Making your first down payment or moving to a newer subdivision, let your RRSP do the talking when it comes to mortgage financing. Toronto area home buyers know just how expensive housing can be. At Axess Law, we understand you’ve sacrificed to get this far. We appreciate your home is a major investment. Pursuing your ambition to be a homeowner is emotionally and financially challenging at times. Using your RRSP for the down payment takes some of the stress out of saving for a home by putting income you’ve already saved to work achieving your ambitions. Withdrawing money from a RRSP before you reach retirement usually triggers withholding tax. But when you use your RRSP to buy a home, you take advantage of your retirement savings now. Your money is still available when you need it, while your dream of having a home to call your own is closer than you realize.

How It Works


Request Quote

Click on ‘Get Started’ button to receive a quote from us. If you decide to proceed, our customer care team will reach out to you within minutes to discuss the next steps.


Upload Files

You will receive a secure intake link in your inbox to submit your closing documents. After receiving your documents, we will work with the lender to prepare for closing while keeping you informed at all times.


Sign Agreement

Once your closing documents are ready, we will book an appointment to review and sign the documents with you. Depending upon your convenience and location, you can meet your lawyer in person or virtually. 

Documents We Need

Axess Law makes land title transfers and mortgage transactions legal. Use our virtual real estate lawyers anywhere in Ontario or make in-person appointments to close your property deal quickly and efficiently.

Prior to closing, Axess Law will ask you for two pieces of ID. Proving your identity is obligatory to prevent mortgage and title fraud. You may use either two pieces of primary ID (Ontario driver’s licence, passport, Ontario photo card, Canadian citizenship card with photo or Canadian permanent resident card with photo) or one primary and one secondary ID (birth certificate, social insurance card or major credit card with your name on it).

Bring a draft or signed agreement of purchase and sale from the buyer or private seller to your initial appointment.

Whether you are buying, selling or refinancing your mortgage, Axess Law will need the name and contact information of your mortgage lender. Information your lawyer may require includes:

  • mortgage loan agreements
  • payoff amounts showing balances owing
  • expiration dates for mortgages
  • and per diems, which is the daily interest rate for a mortgage.

If you are paying off a home equity line of credit (HELOC), tell us the outstanding amount owing. Your mortgage lender can provide copies of mortgage documents on request.

Property tax assessments and utility bills assist your lawyer to assess the buyer’s share of these expenses. The property tax bill and final utility payments will be adjusted prior to possession.

Leveraging RRSP Down Payments

Axess Law helps first-time home buyers leverage their RRSPs to make down payments for Ontario homes or land. You saved hard to build up your RRSP. Now put your money to work buying or building a home. Canada’s Home Buyers’ Plan allows you and a legally married spouse or common law partner to use up to $70,000 from your pooled RRSP accounts towards the purchase of a principal residence. On your own? Withdraw up to $35,000 from your account to buy a detached or semi-detached home, townhouse or condo, mobile home or apartment (duplex, triplex or four-plex units allowed), or purchase co-op housing shares. Cottages or commercial properties are excluded.

Take Up to 15 Years to Pay

Take advantage of the purchasing power in your RRSP by using it to buy a home or land. When you use your RRSP to buy Ontario property, you are borrowing from yourself. Like any loan, you’ll eventually need to repay it. The fortunate news is you can repay the full amount in one lump sum or take up to 15 years to contribute it back to your RRSP. You pay no RRSP withholding tax when you repay the amount in equal annual repayments. And, if you need the extra income or suffer a job loss, you can defer the annual repayment. You’ll be taxed by Canada Revenue Agency on only the amount you defer (1/15th of the total you borrowed). Home Buyer’s Plan withdrawals do not affect annual RRSP deduction limits.

Qualifying for the Home Buyer's Program

Canadian citizens and first-time home buyers can buy or build homes sooner with the federal Home Buyers’ Plan.              You qualify if:

You move in within a year of buying or building
You or a relative with a disability will live there
The home is your principal residence
You owned your RRSP for 90 days or more

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Convenient Appointments

Make an appointment by calling +1.877.402.4207 or fill out our online booking form. Axess Law gives you the choice of booking an online or in-person appointment. Our lawyers are available 7 days a week, at times convenient for you. We can meet in person, by phone, email, or via a remote video call. In addition to these, there are 5 Axess Law offices located across the Greater Toronto Area – all with onsite parking or easily accessible by public transit.

Some FAQs

If you have a substantial self-directed RRSP and don’t mind paying higher interest rates, consider holding your principal residence mortgage in your RRSP. You get a low ratio mortgage in return (with a 20% down payment), but pay yourself interest instead of your banker.

Axess Law recommends RRSP mortgages as part of a diversified portfolio. You’ll have to factor in setup fees and charges to administer the RRSP annually, Plus CMHC mortgage loan insurance is mandatory, an extra expense for you.

Axess Law lawyers are notary publics and can witness and sign statutory declarations or mortgage discharge papers you may need to finalize your new home’s financing. Your mortgage registration or discharging a mortgage in Ontario is complete in a week or so.
We research your property title and point out problems like mistakes on property surveys or records that can cost you dearly, now or in the future when you go to sell.

Only a lawyer or notary lawyer can complete real estate deals in Ontario. Axess Law is available when you are, 7 days a week, day or evening, online or in-person for sage mortgage and home buying legal advice.

Our mortgage lawyers partner with your bank or lending institution to make your housing dreams a reality and close real estate transactions using RRSP investments.

You can maximize your RRSP withdrawal by applying for a Canada Mortgage and Housing Corporation (CMHC), Sagen, or Canada Guaranty high ratio mortgage and keeping your down payment as low as possible. You’ll pay more interest than with conventional mortgages, but have the added advantage of knowing your payments are more affordable, just when you need mortgage relief the most.

Co-sharing makes the most of your mortgage money. As long as you have a strategy for how shares in your new investment will be divvied up or bought out in case of a split-up, co-sharing can keep your home buying expenses way down. Just in case, protect your interests by having Axess Law draft a cohabitation agreement for you.