One great source of funding for your mortgage down payment is a Registered Retirement Savings Plan (RRSP).
The Home Buyers' Plan (HBP) allows first time home buyers to borrow up to $25,000 from your RRSP for a down payment, tax-free. If you're purchasing with someone who is also a first time homebuyer, you can both access $25,000 from your RRSP for a combined total of $50,000.
In order to be eligible as a first-time homebuyer, you must meet the required criteria*. If you're buying with a spouse (or common law parnter) who is not a first time homebuyer, you are not a first-time buyer if you have lived in a house they owned for the past 4 years.
Since the Home Buyers' Plan is considered a loan, you must repay the amount you withdrew from your RRSP within 15 years, with the first payment due two years after you first withdrew the money.
This program is available to existing homeowners to buy or build an accessible home for yourself or a related person with a disability.
* Conditions for participating in the HBP, Canada Revenue Agency
For more information about the RRSP Home Byer's Plan visit:
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