Other conditions

Written agreement
To make a non-taxable withdrawal from your RRSP, you must first have conclude a written agreement for the purchase or construction of an eligible dwelling (offer to purchase, construction contract, or receipts when building your own home). You must also intend to occupy the dwelling no later than 12 months following the purchase or construction.

Contributions
To prevent people from contributing to their RRSPs exclusively for the purpose of participating in the HBP, tax laws state that contributions made in the 90 days prior to the withdrawal are not tax-deductible.

Withdrawal
The money must be withdrawn from the RRSP no later than 30 days after you have purchased the dwelling. Acquisition officially occurs upon signing of the contract or, if the house is under construction, when the dwelling is habitable. Exceptionally, in the case of a condominium, purchase occurs when the buyer is entitled to take possession.

Amount withdrawn
The total amount withdrawn must not exceed $20,000 per person, and these withdrawals must be made during the same calendar year. Therefore, if a couple jointly purchases a residence, the total maximum withdrawal permitted is $40,000.

Purchase
You must purchase the dwelling no later than October 1 in the year following your registration for the HBP. If you cannot fulfill this condition, you must cancel your participation in the HBP and reimburse the amount withdrawn from your RRSP no later than December 31 in the year following your registration in the HBP. Otherwise, the amounts withdrawn for the HBP will be considered as regular withdrawals, and therefore taxable in the year in which they were made.