Buying - First Time Home Buyers Plan (RRSP)
First time home buyers can use their RRSP savings as their down payment. With the federal government's Home Buyers' Plan, you can use up to $20,000 in RRSP savings ($40,000 for a couple) to help pay for your down payment on your first home. You then have 15 years to repay your RRSP. To qualify, the RRSP funds you're using must be on deposit for at least 90 days. You'll also need a signed agreement to buy a qualifying home. For more information, visit Canada Customs & Revenue Agency Web site .
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