Drthorne

Hi All,

Hopefully a very quick question in relation to the HBP and withdrawing some of my funds from the RRSP to fund a house purchase this year.

Question: I would like to withdraw some of my funds from my RRSP to use towards my new home purchase in 2019. One of the eligibility criteria is as follows - You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you or your current spouse or common-law partner owned. I have lived in Canada since Nov 2016 and gained PR this year and I have not owned or purchased a new home since living in Canada, prior to this (in the UK) I also have not owned a home. Given I have only been in Canada for 3 years will I still be eligibly to use my RRSP under the HBP?

Hope someone can help.

Regards

CanadaJimmy

I don't see any issue with you using the HBP, the requirement doesn't say you have to be in Canada or PR for 4 years, just that you have not occupied a home that you or your current spouse or common-law partner owned in the past 4 years. If you weren't in Canada for one of those years it doesn't matter.

Drthorne

Thank you. That's what we thought also but also good to check out!