How can I use my RRSPs to buy a first home for myself?
With the federal government’s Home Buyer’s Plan, you can use up to $35,000 tax-free in RRSP savings ($70,000 for a couple) to help cover the down payment on your first home. From there, you will have 15 years to repay your RRSP. The RRSP funds you are using must be on deposit for at least 90 days. You will also need a signed agreement to buy a qualifying home in order to qualify under First Time Home Buyer’s plan.