For exact & current information on the Home Buyers Plan, please visit Canada Revenue Agency. www.cra.ga.ca Enter “Home Buyers Plan” in the search box
· You cannot have owned your principal residence in the last 5 years;
· Each purchaser may withdraw up to $25,000 from their RRSP;
· You must make repayment payments to your RRSP of equal amounts over the next 15 years;
· If the amount is not repaid in a year, that year’s amount will be taken into income and taxed;
· IF less than 1/15th is repaid in one year, the difference is taken into income for that year and taxed;
· The home must be intended to be your primary residence;
· The funds must be in your RRSP for at least 90 days prior to withdrawal.
Source: The Canadian Revenue Agency & August 13, 2010 Edition of Realtor Link
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