The Home Buyers’ Plan allows a first time home buyer to withdraw up to $25,000 from their registered retirement savings plan (RRSP), without taxes. This comes with the following conditions:
The withdrawn amount must be repaid within 15 years.
Your funds in the RRSP must have been deposited for at least 90 days before the time of withdrawal.
You must have a signed agreement to buy or build a qualifying home.
You must withdraw the funds within the first 30 days of owning the home.
More information and the required forms can be found on the CRA page.
