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 This is withdrawn at your financial institution immediately prior to closing and you complete form T1036.
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