Home Buyer's Plan (RRSP)
 

Hi, I'm hoping someone can answer my question.

situation: August 2007 I bought a condo and lived there until the end of April 2009. May 2009 I rented it and moved back home because my mom was sick and I wanted to be with her. Living at home have allowed me to save up quite a bit (20K) in 8months. I want to purchase a house and keep renting out my condo because my renter wants to sign another 2yr lease. However, I do not want to live at home any longer and my mom is doing better now. What I want to do is max out my RRSP from the savings and use it towards a down payment later on next year (fall) with the HBP.

Question(s): Will I qualify for it? I never use HBP when I purchased the condo. Or do I have to wait 4yrs like what the condition stated.

HBP condition - 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

thanks.

I think you have to wait the 5 years. as you are not a "first time buyer"

I thought so to initially... but then I read this:

Who can participate in the HBP? and How many times?

You can participate in the HBP more than once in your lifetime if:
your HBP balance for your previous participation is fully repaid at the beginning of the year you want your participation in the HBP to occur; and
you met all the other HBP conditions that apply to your situation

I'm trying to find answers to whether or not I qualify since I never used HBP but I did buy a place two years ago. still searching and hopefully someone will reply by then. :)

What you typed out after that question does not apply to you, so it is not a "but".

http://www.cra-arc.gc.ca/tx/ndvdls/t.../frst-eng.html

It doesn't matter that you haven't used your HBP on your first purchase.