Amount Under this plan, the maximum RRSP withdrawal is $20,000 for each eligible person. That is, a home buyer and his/her spouse may each withdraw up to $20,000 from their respective RRSPs. Eligibility You have to be considered a first-time home buyer. You are not considered a first-time home buyer if you or your spouse or common-law partner owned a home that you occupied as your principal place of residence during the period beginning January 1 of the fourth year before the year of withdrawal and ending 31 days before your withdrawal. Minimum Waiting Period The RRSP contribution must be made a minimum of 90 days before any withdrawal is allowed. Payback RRSP funds withdrawn for a first-time home purchase must be repaid in equal annual installments over a 15-year period. If more than the minimum amount is repaid during a year, the annual amount to be repaid in subsequent years is reduced. If less than the minimum is repaid, the shortfall must be included in taxable income in the year ...
