The R.A.P (Home Ownership Regime)


Allows when buying a home, to withdraw RRSPs without increasing taxes payable.


Rules of the diet:

  • You must have RRSPs

  • In the past 4 years, you have not lived in a home that you or your current spouse owned

  • You got divorced or separated from your common-law partner (even if you were a homeowner)

  • RRSPs must have been acquired for at least 90 days

  • R.A.P. must be done no later than 30 days after purchase

  • Withdrawal R.A.P. must be done in the same tax year

  • Any subsequent HBP withdrawal must have been repaid

  • After a 2-year respite, the money withdrawn from the HBP must be returned to an RRSP over a period of 15 years

Don't have an RRSP currently ?


Ask me ! I can explain how to get it and get a tax return.