Date Posted: February 6, 2019
There are certain qualifying criteria a pruchaser needs to meet in order to withraw from their RRSP under the home buyers plan. Visit our Mortgage Info Centre here to find out if you meet that criteria: RRSP Home Buyers Plan
Once the money is withdrawn from your RRSP, it will need to remain in your account for 90 days prior to using it as a down payment. Funds do need to be repaid as 1/15 of the amount over a 15 year period. For example, if you withdraw $15,000, each year you will need to repay $1,000. Any year the repayment is not made, it will count as income on your taxes.
Looking to learn more? Contact your Mortgage Broker today.