The Home Buyers’ Plan lets you use RRSP funds for the down payment. You still need to plan the withdrawal, the timing, the repayment to come, and the cash you’ll have left after the purchase.
Coordinate the withdrawal with the purchase date
Don’t improvise the withdrawal during notary week. Check the forms, the processing time and the account where the money will land.
I need to know how much of the down payment comes from the plan, so I can prepare the proof the lender will want.
Think about future repayment
The plan doesn’t remove the need to repay your RRSP under the applicable rules. Your post-purchase budget should account for that, especially if the mortgage payment is already tight.
File checkpoints
| Area | Question | Useful proof |
|---|---|---|
| Budget | Does the payment remain affordable after closing? | Payment, taxes and insurance. |
| Timeline | Is the deadline realistic? | Offer, condition and notary dates. |
| Risk | What could slow approval? | Credit, income and property notes. |
The Home Buyers’ Plan works better when it doesn’t empty every savings plan.
Combine with other sources
RRSP, TFSA, FHSA, savings, family gift: they can work together. The file is stronger when every source is clear and closing costs stay covered.
Where the file usually needs attention
These bars show which items deserve attention first; they are not a credit score or approval promise.
Clean documents reduce back-and-forth.
A realistic condition protects the offer.
Policy fit often matters as much as price.
- ✓Withdrawal form
- ✓Processing time
- ✓RRSP proof
- ✓Net funds available
- ✓Future repayment
- ✓Closing costs