What is a qualifying withdrawal?

A qualifying withdrawal is made to purchase a home. The withdrawal can be made in a single lump sum or in a series of withdrawals. No taxes will be deducted.

To qualify, you must:

  • Be a first-time home buyer. In the current or past four years (except the 30 days immediately before the withdrawal), you did not live in a qualifying home that you own solely or jointly with a spouse or common-law partner.
  • Be a Canadian resident.
  • Have a written agreement to buy or build a qualifying home in Canada by October 1 of the year after you make the withdrawal.
  • Acquire the home no more than 30 days before the withdrawal.
  • Intend to live in the home within one year of purchase.
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