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Our response:

The Home Buyers’ Plan (HBP) is a federal government program that allows you to borrow up to $25,000 from your RRSP tax- free to fund your home purchase. You have up to 15 years to repay the amount you borrowed. You must start to make repayments in the second year after the year in which you made your withdrawal(s).

You can take additional money out of your RRSP at any time before you retire — for example, to cover an emergency. But you will pay an immediate tax on the money you take out, and possibly more at tax time. And you’ll permanently lose the contribution room you originally used to make the contribution. Learn more about making RRSP withdrawals before you retire including withholding tax rates based on the province which you live.