FIRST TIME BUYER:
You must be a first time home buyer or you (or your spouse or common
law spouse) must not have owned a home that you occupied in the last five
(5) years. Provided you satisfy all requirements, you may re-activate
the program. Before withdrawing RRSP funds, you must have a written agreement
to purchase a home.
PRINCIPAL RESIDENCE:
You must use the home as your principal residence in Canada within one
year of completing the purchase.
RESIDENT OF CANADA:
You must be a resident of CANADA for the period between the date of withdrawl
of RRSP funds and the closing date of the house purchase.
ANY HOME (NEW OR RESALE):
The home can be new from the builder or resale.
NO MONEY OWED FOR PRIOR RRSP BORROWINGS:
At the time of the RRSP withdrawal, you must NOT owe any money
to your RRSP for a prior borrowing from RRSP to buy a home.
90 DAY DEPOSIT;
R.R.S.P. funds must have been on deposit for at least 90 days before
they can be used under the program.
WITHDRAW RRSP WITHIN 30 DAYS OF COMPLETING HOME PURCHASE:
RRSP funds cannot be withdrawn later than 30 days after the house purchase
is completed and if multiple withdrawals, they must be made in the same
calendar year or in January of the next year.
FUNDS FOR ANY USE:
The funds can be applied to the downpayment, land transfer tax, legal
fees and disbursements, improvements to the home, even furniture and appliances.
