Personal Finance

LIRA for downpayment on a home?

  • Last Updated:
  • Oct 22nd, 2010 8:27 pm
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[OP]
Sr. Member
Sep 26, 2007
842 posts
18 upvotes

LIRA for downpayment on a home?

I switched jobs/companies about 6 months ago and moved my LIRA from Standard Life to TD (who I bank with). I was recently also preapproved for a mortgage and was told that I cannot roll my LIRA into something like an RRSP and then use it as a first time home buyer (I am using my RRSP's, but that's besides the point). While I understand that, I was also told by someone else that the government CAN make exceptions under certain circumstances where you can use your LIRA for something other than retirement. Is it possible to use this money to contribute towards my downpayment?

Thanks.
1 reply
Deal Addict
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Mar 29, 2008
2629 posts
167 upvotes
TooSoonJr wrote:
Oct 22nd, 2010 8:14 pm
I switched jobs/companies about 6 months ago and moved my LIRA from Standard Life to TD (who I bank with). I was recently also preapproved for a mortgage and was told that I cannot roll my LIRA into something like an RRSP and then use it as a first time home buyer (I am using my RRSP's, but that's besides the point). While I understand that, I was also told by someone else that the government CAN make exceptions under certain circumstances where you can use your LIRA for something other than retirement. Is it possible to use this money to contribute towards my downpayment?

Thanks.
Pretty specific circumstances in Ontario under which you're permitted to unlock. For details/info check out FSCO's website...
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