Thursday, April 19, 2012

RRSP First Time Home Buyers Plan


This program allows First Time Home Buyers to “loan themselves” previously claimed RRSP contributions tax free to assist in the purchase of a home.
To Qualify for the RRSP First Time Home Buyers Plan:
  • You must have entered into a binding agreement to build or buy a home
  • You intend to occupy your home as a principal residence and be a resident of Canada
  • You are a first time home buyer
  • You must not have a “repayable Home Buyers Plan” balance on your tax return
  • You must repay the loan over the next 15 years
  • This program will allow you to withdraw up to $25,000 from your RRSP to assist in your home purchase. This is withdrawn at your financial institution immediately prior to closing and you complete form T1036.

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