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Can I draw money from my Registered Retirement Savings Plan (RRSP) and use it as a down payment to purchase a house?

April 26, 2017down payment draw House money Plan purchase registered retirement RRSP savings

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Can I draw money from my Registered Retirement Savings Plan (RRSP) and use it as a down payment to purchase a house?

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According to Revenue Canada, first-time home-buyers can draw up to a maximum of $20,000.00 from their RRSP. This amount must be returned to their account and is interest free. Further information can be determined through a Silver Crest Homes counselor or through Revenue Canada.