Rrsp home buyer plan question

[mfmarcel]

Hello readers, I have a question regarding the first-time home buyers withdrawal from your RRSP's. The situation is as follows; basically, I purchased a condo in Nov. 09' to be built in Spring 12', I am planning to put 20,000 into an RRSP fund before March and get help in my tax return, then withdraw the money when finalizing the mortgage, using the money towards a larger final downpayment. Well, I know I'm eligible in basic terms, but, what if I decided to rent the condo for the first years or so, Is there any minimum time period that I must live in it to be considered "eligible" for the tax free withdrawal? The way I see it is, regardless the amount of time spent; it still qualifies, am I correct? Thanks

 

[digitalis]

From the Canada Revenue Agency website:

"When you withdraw funds from your RRSPs under the HBP, you have to intend to occupy the qualifying home as your principal place of residence no later than one year after buying or building it. Once you occupy the home, there is no minimum period of time that you have to live there."

Although more information is available on their website:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/cndtns/prncpl-eng.html