Woodbridge_Heights
Senior Member
Hi all you real estate gurus, I have a question with respect to withdrawing funds from my RRSP under the first time home buyer plan and subsequently using the property as an income generator (i.e. rental).
Logically one would think that this would not be allowed, as the HBP is intended for those that are buying a house that they will live in, however I can't find any documentation that would indicate such a restriction. So far the only thing I have found is that you must intend to occupy (and thus move into) the property in question at some point 12 months from the date of the withdrawal of funds. However there is no minimum time that you must be occupying said property.
So could I, let's say, buy the property move in for a few months or so and then "decide" to rent it out and move into some other residence? Aside from the hassle of changing addresses twice is there any mechanism by the government to prevent this kind of action?
Logically one would think that this would not be allowed, as the HBP is intended for those that are buying a house that they will live in, however I can't find any documentation that would indicate such a restriction. So far the only thing I have found is that you must intend to occupy (and thus move into) the property in question at some point 12 months from the date of the withdrawal of funds. However there is no minimum time that you must be occupying said property.
So could I, let's say, buy the property move in for a few months or so and then "decide" to rent it out and move into some other residence? Aside from the hassle of changing addresses twice is there any mechanism by the government to prevent this kind of action?