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Laurentian Bank doesn’t want investors to forget that when it comes to buying a home, RRSPs and the Home Buyer’s Plan go hand in hand.

“The Home Buyer’s Plan was designed specifically for people who wish to use funds in their RRSP to facilitate the purchase of a residence when making an initial down payment,” explains Mr. Denis L’Hostie, senior manager, Financial Planning at Laurentian Bank.

The Home Buyer’s Plan allows first-time home buyers to withdrawal up to $25,000 ($50,000 for couples) from their RRSP to buy or build a home. This withdrawal is not taxable. The amount must have been deposited for at least 90 days and must be repaid into the RRSP within 15 years.

The amount withdrawn for the purposes of the HBP can be used in a number of different ways. The HBP can reduce or eliminate certain costs. For example, an individual who uses the HBP to put down a payment of at least 20% of the value of their mortgage will not have to take out any mortgage loan insurance like that of the Canada Mortgage and Housing Corporation.

Buyers should be aware of the RRSP’s investment terms to avoid any penalties. Also, an individual who is still eligible to make an unused contribution to their RRSP will get a tax refund.

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BMO releases first ‘Busch GPS’ report

BMO Capital Markets has unveiled a new strategy publication, the Busch Global Political Strategy Report (Busch GPS).

The bi-weekly report will explain the impact of political events on global financial markets, and be written by Chicago-based Andy Busch, global currency and public policy strategist at BMO Capital Markets.

In the inaugural edition, released today, Busch comments on the U.S. Senate jobs bill, the Obama budget, financial regulatory reform, and Chinese lending.

Busch is a regular contributor on U.S. business news network CNBC. He joined BMO’s foreign exchange group in Chicago in 1990.

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Manulife establishes separate committees

Manulife’s board of directors is creating separate committees for Audit and Risk.

As a result of the increased volatility in the financial markets and the changing risk environment, the board has increased its focus on risk oversight.

It is anticipated that the first Risk Committee meeting will be held on April 7, 2010 and the first meeting of the newly constituted Audit Committee will be held on May 5, 2010.

(02/11/10)