Real Estate

Withdrawing from RRSP to buy first home

  • Last Updated:
  • Oct 5th, 2020 10:49 pm
[OP]
Newbie
Dec 25, 2015
31 posts
2 upvotes
North York, ON

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)?
2 replies
Newbie
Mar 11, 2007
61 posts
37 upvotes
Toronto
Be careful with selling/buying below market value. You're basically cheating the land transfer tax.
Sr. Member
Nov 6, 2015
936 posts
531 upvotes
Guelph, ON
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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