• Last Updated:
  • Jun 12th, 2019 6:39 pm
[OP]
Newbie
Jun 11, 2019
1 posts

RRSP Withdrawal

Hi
I have a question regarding rrsp withdrawal. I have bought my first property in Canada. But I will be renting out from day 1 and I do not intend to use my RRSP for this property. My question is can I use my RRSP when I buy my second property? I intend to stay in my second property.
2 replies
Deal Fanatic
User avatar
Nov 19, 2004
8538 posts
1610 upvotes
Cambridge, ON
You can use your rrsp withdrawal for anything you want. You withdrew the money. If you mean the HBP, that is different. You will have filled out the form for the HBP withdrawal and it must meet the eligibility criteria, including the intention to actually live in the home. Since you are planning to rent, it won't qualify and therefore your rrsp withdrawal will be counted as income for the tax year.
Newbie
May 24, 2018
82 posts
41 upvotes
Ontario
Looks like you can because the first property is a rental, not your home. But it is just an opinion.

Link - "You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you or your current spouse or common-law partner owned."

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