Using your RRSP Fund for          Down-Payment

(April 26, 2013 )

If you are a first-time home buyer, the Home Buyers' Plan allows you to withdraw up to $25,000 per person from your Registered Retirement Savings Plan (RRSP) tax-free to make your down payment.

Here are some conditions that you must meet to be eligible for this program:
  1. You can't have owned a home in the last 5 years
  2. You must sign an agreement to buy the home and you must intend to live in the property within one year
  3. If you've used the HBP in the past, you can't have an outstanding balance
  4. You must make the withdrawal within 30 days of taking title to the home
  5. The money has to be in the RSP account for a minimum of 90 days prior to withdrawal.

For more information Please go to CRA's Site for Home Buyer's Plan