Can I use RRSP funds for my down payment (Home Buyers' Plan)?
Quick Answer
Short answer: Yes—up to $35,000 per person, repayable to your RRSP over 15 years.
Detailed Explanation
The Home Buyers' Plan lets first-time (or 'reset') buyers withdraw RRSP money tax-free for a down payment. Couples can combine for $70,000. You must have the cash in the RRSP for at least 90 days before withdrawal and start repaying 1/15th annually two years after the purchase year.
Failing to repay a scheduled amount adds that slice to your taxable income.
- RRSP withdrawals don't affect credit scores
- You can use FHSA and HBP together
- Must be first-time buyer or not owned a home in past 4 years
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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