Several conditions apply so before you delve into your RRSP make sure you meet said conditions.
- You must be a Canadian Resident.
- The portion of the RRSP you plan to use towards the purchase of your new home must be in your RRSP account for more than 90 days.
- You must be a first time home buyer. (You or your spouse/common-law partner have not owned a home for at least four years before the date of the RRSP withdrawal.)
- A written contract for the home’s purchase is mandatory.
- You must use the home as your primary residence.