Real Estate

RRSP First Time Home Buyer Advice

  • Last Updated:
  • Dec 15th, 2019 11:09 pm
[OP]
Deal Addict
Nov 20, 2012
1138 posts
775 upvotes

RRSP First Time Home Buyer Advice

My presale house currently has completion date for Jan 31st. Due to some issues I am planning to move it to Jan 26th. Now this is the current situation:
1. I have money in RRSP that will complete its 90 days on Jan 28th.
2. I do not need this money for completion date of Jan 26th as I have some money in my other account.

I went to the bank and they told me that I have upto 30 days after the completion to take this money out under HBP program. I also read somewhere that you need to have money in RRSP account 90 days before ownership.

Can you apply for withdrawal after completion date as long as it is within 30 days?

My current plan is:
Leave the RRSP money in for 90 days till Jan 28th.
Do completion of new house on Jan 26th.
Apply for withdrawal of money under HBP from RRSP on Jan 30th.

Do you think it will work out? I want to make sure I am all good.
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