Can a RRSP be used towards the costs of a home without paying taxes.

  1. profile image43
    naulderposted 8 years ago

    Can a RRSP be used towards the costs of a home without paying taxes.

  2. PurpleOne profile image87
    PurpleOneposted 8 years ago

    Yes, if you are a first time home buyer in Canada, you can withdrawn up to $20 000 of your RRSP to help with the cost of the home. Your partner can also withdraw up to $20 000 of his/her RRSP for a total withdrawal of $40 000. This money can drawn without paying taxes on it. However, it must be paid back to your RRSP fund within 15 years or else you will be taxed on the money.

 
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