Home Buyer’s Plan
A Tax Court of Canada decision confirmed that an individual who withdraws money from an RRSP as part of the Home Buyer’s Program must still make the required annual repayments to the RRSP even if the house has been acquired by a spouse as part of marriage dissolution, or be taxable under the Canadian Income Tax Act.
The Home Buyers’ Plan
The Home Buyers’ Plan allows first time home buyers to withdraw up to $20,000 from their Registered Retirement Savings Plans (RRSP’s) free of Canadian Income Tax to assist in the purchase of a home and to repay the amount over 15 years
Disclaimer:
"This article provides information of a general nature only. It may no longer be current. It does
not provide legal advice nor should it be relied upon. If you have specific legal questions you
should consult a lawyer."
David J.Rotfleisch,C.A., J.D.
Tax And Business Lawyer,
David J. Rotfleisch, C.A., J.D.
Rotfleisch & Samulovitch Professional Corporation
Barristers & Solicitors
2822 Danforth Avenue
Toronto, Ontario
M4C 1M1, PH :- 416-367-4222 Fax 416-367-8649
