Using your RRSP for a Down Payment:

The guidelines are as follows:

• You cannot have owned your principal residence in the last 5 years

• Each purchaser may withdraw up to $20,000 from their RRSP (i.e. two purchasers may use $20,000 each)

• You must make repayments 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

• It is acceptable to repay more than 1/15th of the funds per year

• 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 principal residence

• The funds must be in your RRSP for at least 90 days prior to withdrawl

Click for Canada Revenue Agency's information guide including form T1036 for the RSP Home Buyers Withdrawl Plan (HBP)

The Homebuyers plan is supported by both CMHC and GENWORTH.  Contact your mortgage broker with MyMortgageBC for more information.