The rules for when and how much money you can take out of your group Registered Retirement Savings Plan (RRSP) vary depending on your employer. Your plan contributions are usually automatically deducted from your pay and are often matched by your employer. We suggest contacting your plan administrator or provider to understand the terms of your plan.
These previous Investing Questions questions may also help to provide insight as you move forward:
- “After withdrawing from my RRSP under the Home Buyers’ Plan (HBP), are the funds that are paid back mine?”
- “Is it better to have an RRSP or TFSA as a first-time home buyer?”
- “Can I make RRSP withdrawals if I am also making repayments under the Home Buyers’ Plan?”
To learn more, visit the Canada Revenue Agency (CRA) webpage on participating in the Home Buyers’ Plan (HBP).