Can I withdraw from RRSP under HBP plan?

Am I a first-time home buyer?

Normally, you have to be a first-home buyer to withdraw funds from your RRSPs to buy or build a qualifying home.

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

Note
Even if you or your spouse or common-law partner has previously owned a home, you may still be considered a first-time home buyer.

The four-year period:

Begins on January 1 of the fourth year before the year you withdraw funds; and

Ends 31 days before the date you withdraw the funds.

For example, if you withdraw funds on March 31, 2015, the four-year period begins on January 1, 2011 and ends on February 28, 2015.

If you have a spouse or common-law partner, it is possible that only one of you is a first-time home buyer.

Can you participate in the HBP later?

If you are not considered a first-time buyer now, you may be considered a first-time home buyer later, once the four-year period has passed.

For example, if in 2009 you sold the home you lived in before, you may be able to participate in 2014. Or if you sold the home in 2010, you may be able to participate in 2015.

tew wrote: ↑If you already have enough for the downpayment why do you want to do this? You only have 2 years to pay it back and mortgage rates are very low. You will save a little money on interest but will lose out on any gains in your RRSP so you could easily lose money depending on the stock market.