RRSP Home Buyers' Plan Summarized
You are not considered a first time buyer if you or your spouse (including common law) owned a home that you occupied as your principal place of residence during the period beginning January 1 of the fourth year before the year of withdraws and ending 31 days before your withdrawal.
o Property must be intended as principal residence
o Withdraw up to $25,000 per person ($50,000 for a couple)
o RRSP funds must be in plan for 90 days
o Funds must be paid back over 15 years
o Repayment starts the second year after the year that the funds were withdrawn
o RRSP funds withdrawn must be clear of RRSP loans
o "Locked in" RRSP's are usually not eligible
o Must have written purchase agreement before applying for funds
o Your HBP balance on January 1 of the year of the withdrawal is zero
o Repayment starts 2nd year after withdrawal