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Cory Kline, AMP
Mortgage Agent
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Hi, I cashed some RRSPs about 10 years ago in Quebec to buy my first home. Since then I divorced and have not bought another house. I still have a balance to repay on this first loan. Here is my question, I am looking into buying another house and was wondering if I could borrow again from my RRSPs in order to put a down payment on a house, even tough the balance from the other one has not been payed back in full as of yet? How does the HBP work? Thank you
posted by christine  :  Views (1804)

To borrow from your RRSP Tax Free for a Home Buyer Plan, you must not currently owe any RRSP funds under a previous home buyer plan as of Dec 31st of the previous year. ( Dec 31st, 2009 for a 2010 withdrawal )

That being said, we do have down payment soultions that can be customized to your situation.

I look forward to advising you.

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