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The Home Buyer's Plan allows you to borrow funds from your RRSP to purchase your first home. Here are some of the key facts:
- You and your spouse can each withdraw up to $25,000 from your RRSP.
- The funds must have been on deposit at least 90 days before you withdrew them.
- At least 1/15 of the funds must be repaid each year, beginning two years after the funds were withdrawn.
- A signed agreement to buy or build a qualifying home is required.
- You can only participate in the program once.
For details see Canada Revenue Agency.
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