# RRSP (home buyer or withdrawal)



## keen (Jan 1, 2012)

Hello all,

Maybe someone can help me as i am a little confused with government wording on their website.

Situation: My wife an i purchased a home in 2006. We have never used our RRSP money for anything (downpayment), only b/c our bank never told us we could do the home buyers plan.

We now have a bigger family and are entering a purchase agreement for a new home and will sell this home. For the downpayment i was wondering:

Am i able to participate in the HBP, as we have never done it before to withdrawal as part of downpayment,

and if not, is their any other plan we can go to, since the HBP would be penalizing us for our bank's error for not telling us we could have done this 5 years ago.(didn't even know about HBP).

Thanks

Confused


----------



## Four Pillars (Apr 5, 2009)

No. And I don't know of any other similar plans.

http://www.moneysmartsblog.com/first-time-home-buyers-loan-rrsp-hbp/

I doubt you can get any redress from the bank - why is their responsibility to tell you about the hbp? Sure, it would make sense for them to do so, but they aren't obligated.


----------



## MoneyGal (Apr 24, 2009)

From what you've written, you can't participate in the HBP. 

However, you could withdraw funds from your RRSP to increase your downpayment: you'd just be unable to withdraw them tax-free (as with the HBP). 

The HBP is designed (for better or worse) to help first-time home buyers into the housing market...it isn't designed to prop up subsequent purchases.


----------

