Withdraw money from RRSP (HBP) to buy the 2nd house

[mortgagegopher]

History:
You bought a home 10 years ago and you withdrew $20k from RRSP Home Buyer's Plan (HBP) for the down payment at that time.

Fact:
You have not lived in this home as a Principal Place of Residence for more than 5 years. For example, you sold it 5 years ago, or you rented the whole house to other people (as an investment/rental income property) in the last 5 years.

GOOD NEWS:
You are QUALIFIED for the RRSP Home Buyer's Plan (HBP) again! And you can withdraw a maximum of $20k from HBP again.

Reason:
When you buy the 2nd home, you are considered as a First-time Buyer again because you haven't lived in a home, which you owned or your spouse owned, in the last 5 years as a PRINCIPAL PLACE of RESIDENCE.

Reference: CRA Web site at HBP Condition - First-time buyer

 

[GuardianAngel]

Wow, this is new!

 

[挺傻]

这个不是新增加的，以前的HBP就是这样的。

 

[mortgagegopher]

这个不是新增加的，以前的HBP就是这样的。

同意. 这个不是新增加的, 只是一般人不了解这条款。