The Home Buyer’s Plan is a program which permits qualified individuals to withdraw up to $20,000 without penalty from a registered retirement saving plan to be used towards the purchase of a home. The program is limited to first time buyers and non-homeowners since January 1999.
If you buy a new home with a spouse or another individual, each person can withdraw up to $20,000 from his/her RRSP. The funds withdrawn must be paid back within 15 years following an initial two year grace period.
For complete information, please visit the Canadian Customs and Revenue website (http://cra-arc.gc.ca) and enter a search for Home Buyers Plan.