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.

• Property must be intended as principal residence

• Withdraw up to $20,000 per person ($40,000 for a couple)

• RRSP funds must be in plan for 90 days

• Funds must be paid back over 15 years

• Repayment starts the second year after the year that the funds were withdrawn

• RRSP funds withdrawn must be clear of RRSP loans

• "Locked in" RRSP's are usually not eligible

• Must have written purchase agreement before applying for funds

• Your Home Buyer's Plan balance on January 1 of the year of the withdrawal is zero