Real Estate

RRSP First Time Home Buyer Advice - Help Needed

  • Last Updated:
  • Dec 20th, 2019 4:13 pm
[OP]
Deal Addict
Nov 20, 2012
1138 posts
775 upvotes

RRSP First Time Home Buyer Advice - Help Needed

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
7 replies
Newbie
Oct 14, 2019
65 posts
371 upvotes
Yup, you will be fine. Just make sure you complete the proper form T1036 when making the withdrawal from your RRSP.
Member
Jan 28, 2019
442 posts
208 upvotes
Quick question:

I have all my savings in rrsps and want to withdraw it to buy a house for around 200000

I dont have money saved elsewhere.
Can i use my line of credit to make an offer (deposit)?

If yes, can the line of credit be with the same bank i get the mortgage from?

Thank you!
[OP]
Deal Addict
Nov 20, 2012
1138 posts
775 upvotes
chizzayhizzay wrote: Yup, you will be fine. Just make sure you complete the proper form T1036 when making the withdrawal from your RRSP.
thanks for the confirmation. appreciate it.
Newbie
Jul 2, 2019
23 posts
11 upvotes
In Ontario you can borrow only 20K from your RRSP for home purchase. Please correct me If I am wrong.
Deal Fanatic
Mar 27, 2004
7360 posts
5325 upvotes
Toronto
Ontario2019 wrote: In Ontario you can borrow only 20K from your RRSP for home purchase. Please correct me If I am wrong.
its 35k now.
Full-time Realtor
Deal Addict
Feb 19, 2019
1700 posts
2614 upvotes
Stouffville ON
Ontario2019 wrote: In Ontario you can borrow only 20K from your RRSP for home purchase. Please correct me If I am wrong.
It's a federal limit not a provincial, and like Oasis said it's 35K.
Full Time and Full Service Realtor

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