Home Buyers' Plan
This plan allows first-time homebuyers with RRSP’s
to borrow up to $20,000 ($40,000 for spouse/partners who take
joint ownership) from their RRSP’s to purchase their
own residence. You must make your withdrawal within 30 days
of completing your purchase. You will not be able to deduct
any portion of an RRSP contribution that is withdrawn under
this Plan within 90 days after it is contributed.
You are requested to repay your RRSP, without interest, over
15 years commencing in the second year after the year of the
withdrawal(s). You will be taxed on any scheduled repayments
you do not make. You can repay it faster, if you wish
If you are planning to buy your first home and have RRSP’s,
look into the Home Buyers' Plan.
The Institute of Chartered Accountants of Alberta provides
information for RRSP Tips as a public service.
RRSP Withdrawals for Education
You may withdraw up to $10,000 per year from your RRSP, without
immediate taxation, to finance full-time training or higher
education of at least 3 months for you or your spouse. A qualifying
educational program requires students to spend at least 10
hours of course-related “work” per week, excluding
study time. Having at least 10 hours of course-related “work”
per week does not necessarily constitute full-time status.
The status is to be determined by the educational institution.
A disabled student can qualify with part-time enrollment.
Withdrawals are not allowed from locked-in RRSP’s,
and cannot exceed $20,000 over a 4-year period.
A tax deduction is not allowed for an RRSP contribution made
less than 90 days before it is withdrawn under this provision.
You will be requested to repay (to any RRSP) the amount withdrawn,
without interest, in equal payments over a 10-year period.
Payments start within the first 60 days after the last year
you were enrolled as a full-time student, or in the sixth
year after the first withdrawal, whichever is earlier. Any
amount not repaid as requested will be added to the income
of the plan holder for that year. Special rules will apply
if the RRSP funds are withdrawn and you, or your spouse, do
not complete the educational program.
The Institute of Chartered Accountants of Alberta provides
information for RRSP Tips as a public service.
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