Using your RRSP Funds

Home buyers plan HBP and Under the "HBP", Revenue Canada allows you to use your RRSP funds towards the purchase of a new home. There is a maximum of $20,000 that can be withdrawn from one individual's RRSP. If you buy the qualifying home together with your spouse or common-law partner, or another individual, each of you can withdraw up to $20,000.

The RRSP must be repaid within 15 years with minimum annual payments of 1/15th of the withdrawn amount If you do not repay the amount due for a year, it will be included in your income for that year. The purchased home must be owner occupied.

You can participate in the HBP more than once in your lifetime if: your HBP balance for your previous participation is fully repaid at the beginning of the year you want your participation in the next HBP to occur.

You must be a Canadian citizen.

To tap into RRSP funds through the Home Buyer's Plan, funds must be on deposit in the RRSP for at least 90 days.