After going thru various posts and articles here, I understand the importance and benefits of RRSP.
Even first time home buyers can withdraw from their RRSPs.
My question, is there any time limit (deadline) for withdrawal from RRSP for 1st home purchase ?
If I purchase a home today, can I withdraw from my RRSP after, say, 3 months ? 6 months ?
Is there any time limit on it ?
Has the withdrawal to be before home purchase ?

Any info is appreciated.

HOME BUYER PLAN

Please follow this link
http://www.cra-arc.gc.ca/E/pub/tg/rc4135/README.html
to know every thing you need to know about Home Buyer Plan. However, if you still have any specific questions, you can PM or email me.

For a general answer to HBP questions;

1. You have to be first ime home buyer.
2. You can only withdraw up to $20,000 each spouse.
3. All withdrawls should be in the same year.
4. The last withdrawl can be with in 30 days after completion of house.
5. If you withdraw any time in 2006, you have to buy the house before Oct 1 of 2007.

Good Luck.

Quote:

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Orginally posted by l5a

After going thru various posts and articles here, I understand the importance and benefits of RRSP.
Even first time home buyers can withdraw from their RRSPs.
My question, is there any time limit (deadline) for withdrawal from RRSP for 1st home purchase ?
If I purchase a home today, can I withdraw from my RRSP after, say, 3 months ? 6 months ?
Is there any time limit on it ?
Has the withdrawal to be before home purchase ?

Any info is appreciated.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Quote:

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Orginally posted by Pramod Chopra
3. All withdrawls should be in the same year.
4. The last withdrawl can be with in 30 days after completion of house.
5. If you withdraw any time in 2006, you have to buy the house before Oct 1 of 2007.

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