Using your RRSP for a Down Payment:

The guidelines are as follows:

• You cannot have owned your principal residence in the last 5 years

• Each purchaser may withdraw up to ,000 from their RRSP (i.e. two purchasers may use ,000 each)

• You must make repayments to your RRSP of equal amounts over the next 15 years

• If the amount is not repaid in a year, that year's amount will be taken into income and taxed

• It is acceptable to repay more than 1/15th of the funds per year

• If less than 1/15th is repaid in one year, the difference is taken into income for that year and taxed

• The home must be intended to be your principal residence

• The funds must be in your RRSP for at least 90 days prior to withdrawl