What are the eligibility requirements for the RRSP Home Buyers’ Plan?

In order to be eligible as a first-time homebuyer, you must meet the following criteria1:

• RRSP funds you borrow must be in your account for at least 90 days prior to withdrawal
• You cannot have owned a home within the previous four years
• If you are buying with a spouse (or common law partner) who is not a first-time homebuyer, you cannot have lived in a house they owned for 4 years
• You have entered into a written agreement to buy or build a qualifying home
• You must intend to live in the home within one year of purchase as your primary residence
• If you have used the Home Buyers' Plan before, you cannot have any outstanding balance due
• You must make the withdrawal from your RRSP within 30 days of taking the title of the home
• You must be a Canadian resident

If you make a withdrawal from your RRSP, but do not meet the first-time homebuyer eligibility requirements, this withdrawal will be taxed, and you must include it on your income tax return as taxable income.