Funds may be withdrawn tax free from you RRSP up to a maximum of $20,000 per person for a down payment on your first home under the following conditions:
1. Married couples are considered first time buyers if neither has owned a principal residence in the last five years.
2. Buyers may own or have owned investment property.
3. In certain cases only one spouse may qualify.
4. Cannot have participated in the plan previously. You can only use the plan once.
5. Must be a resident of Canada. You do not have to be a Canadian Citizen.
6. The home must be located in Canada and be the principal place of residence.
7. You must repay your RRSP withdrawal over a period of 15 years with minimum payment of 1/15 of the total amount
withdrawn.