Quote:
Originally Posted by to0n
Do I have to pay back my rsp if I take out for down payment on a mortgage?
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There are other conditions to using the HBP as well. For example, you must occupy this home as your principal residence. For further clarity, you cannot take out money from your RRSP to purchase an investment property.
You must take all that you need from the RRSP within the same calendar year (I think).
You do not have to take the funds out of the RRSP before you purchase your home. For example, you may take the funds out of the RRSP after you've already purchased your home... but... you must not have occupied this home for more than 30 days.
For detailed information, just search HBP under the CRA's website. They have a guidebook that's about 15 pages and provides you with all the conditions in plain English (very few complicate legal terms).
Jimmy