Under the Home Buyer’s Plan you are entitled to withdraw tax free up to $25,000 from your Registered Retirement Saving Plan or RRSP to build or buy a home, provided you have a written agreement of sale and intended to occupy the home within one year from the date of possession.

If you and your spouse are buying the property together then you can withdrawn up to $50,000 in total or in other words $25,000 each, provided your spouse/common law have not owned a home 30 days prior to the withdrawal of the amount.

The Repayment of the RRSP amount is to be made within 15 years commencing from the second year of the date of possession of your property.