RRSP REQUIREMENTS FOR FIRST TIME BUYERS

The Canadian Federal Government allows you to withdraw up to $20,000 from your RRSPs to buy or build a qualifying home under the RRSP Home Buyers' Plan (HBP) without attracting any income tax as long as it is repaid to an RRSP over a period of no more than 15 years. In each year of your repayment period, you have to repay 1/15 of your original HBP balance until the full amount is repaid to your RRSP. Your repayment period starts the second year following the year you made your withdrawals. If you do not repay the amount due for a year, it will be included in your income for that year.

You (or your spouse) have not owned a home that you occupied as a principal residence in any of the preceding 5 years.
Once you enter into a binding Agreement of Purchase and Sale you can withdraw from your RRSP.
You must acquire the home before October of the year following the year of withdrawal.
After you enter into the Agreement of Purchase and Sale, you have to obtain and fill out a Form T1036 from Revenue Canada and give it to your RRSP issuer for approval.
If your spouse qualifies, you can each withdraw up to $20,000 each for a total of $40,000.
You may withdraw money from your RRSP tax-free if that money was deposited at least 90 days prior to withdrawal.
The house you purchase has to be in Canada and cannot be acquired more than 30 days before the withdrawal under the RRSP Home Buyers Plan.
You must occupy the home you purchase as your principal residence within one year after the closing date.
The plan is applicable for newly built or resale homes, including condominiums