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I plan to buy a house next month. Can I put my downpayment into my RRSP, get the tax deduction, and then take it out to buy the house?

April 26, 2017buy downpayment House next month Plan RRSP tax deduction

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I plan to buy a house next month. Can I put my downpayment into my RRSP, get the tax deduction, and then take it out to buy the house?

1 Answer

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You cannot claim a deduction for an RRSP contribution if it was made less than 90 days before the Home Buyers’ withdrawal. However, this applies only the extent that the balance in the RRSP after the withdrawal is less than the amount contributed in the 90-day period.