One of the main questions we get a lot is, "Can I withdraw from my RRSP to buy a house?" Well, if you are a first-time homebuyer, then the answer is Yes.
Taking advantage of the First Time Home Buyers Plan is one of two ways (the other being for education (if you want more info on that let us know)) you can withdraw money from your RRSP tax-free prior to retirement.
The max you can take out is $25k to put towards your first home! But there is a catch... You do have to payback that amount. Over tthe next 15 years, you have to pay back the full amount withdrawn into your RRSP.
There are qualifications and things to consider before taking advantage of the HBP. Luckily, Wealthsimple has put together an excellent piece covering everything you'll need to know. Please follow the link is below.
