Home Buyer's Plan
The Home Buyer's Plan allows you to remove up to $20,000.00 from your RRSP in order to purchase a first home. A first home means that neither of you can have been a home owner for the previous four years.
Married and common law couples may each contribute up to $20,000 from RRSP's towards a purchase ($40,000 in total).
Revenue Canada has hundreds of pages that describe the home buyer's plan. Some of the more popular pages are below:
You have 15 years to pay back the amounts to your RRSP. When you pay back your RRSP there is no additional deduction. If you fail to make an RRSP payment the minimum re-payment amount will be added to your income.