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Home Buyers’ Plan (Using RRSPs as Down Payments)

The Home Buyers’ Plan is a program run by the Government of Canada, in which homebuyers can withdraw funds from their registered retirement savings plan (known as an RRSP) to be used as a down payment for buying a home.

Eligibility for the Home Buyers’ Plan

Criteria for eligibility include:

  • Be a first-time home buyer
  • Have a written agreement to buy a home
  • Be a resident of Canada at the time you withdraw from your RRSP
  • Must intend to make this home your principal place of residence within one year of purchasing it


Withdrawing & Repaying Funds From RRSPs

VIP Condos Toronto has provided a page that explains this process in greater detail.


Cancelling Your Participation

Under a very limited set of scenarios, you can cancel your participation in the Home Buyers’ Plan. Eligibile reasons for cancellation include:

  • You did not buy home that qualifies for the plan
  • You became a non-resident of Canada before buying a qualifying home.

If you choose to cancel your participation and repay the withdrawn funds back into your RRSP, then your withdrawal will not be taxed. Withdrawals can be returned to either an existing or new RRSP, and any portion that is not repaid must be included in your income tax return.


For more information on this topic, visit the Canada Revenue Agency’s page that discusses it.

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