Yes, It's True!
First-time homebuyers who are Canadian residents can withdraw up to $25,000 from their RRSP TAX FREE.
In a nutshell here's how:
Through Canada’s Home Buyers Plan (HBP) you and your spouse can each take out up to $25,000 (as of the 2009 federal budget) to build or buy a home that qualifies.
It's really a fairly simple process to get access to your RRSPs through the Home Buyers Plan. Fill out form T1036 at your financial institution for each withdrawal. Then make sure to file an income tax return for the year of the withdrawal and each year thereafter, until the RRSP is fully repaid.
If you feel this information is of value to you and would like to know more, feel free contact me.
As well, check out the Canada Revenue Agency website.
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