Withdrawing from RRSP to buy first home

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Oct 5th, 2020 10:49 pm

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Oct 5th, 2020 9:13 pm

Siumaichu [OP]: Newbie; Dec 25, 2015; 31 posts; 2 upvotes; North York, ON

Oct 5th, 2020 9:13 pm

Withdrawing from RRSP to buy first home

Hello - it's my first time purchasing a home. I'll be purchasing my brother's condo from him at lower than market value. I'm thinking of withdrawing from my RRSP to use as part of my downpayment - would this transaction qualify for the Home Buyer's Plan (HBP)?

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Oct 5th, 2020 9:16 pm

admiraltictac: Newbie; Mar 11, 2007; 61 posts; 37 upvotes; Toronto

Oct 5th, 2020 9:16 pm

Be careful with selling/buying below market value. You're basically cheating the land transfer tax.

Oct 5th, 2020 10:49 pm

JoeBlack23: Sr. Member; Nov 6, 2015; 936 posts; 531 upvotes; Guelph, ON

Oct 5th, 2020 10:49 pm

Perhaps you could do just a little Googling like "home buyers plan requirements" and then come back with questions on specific things you didn't understand?

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