Want to buy a home for the first time, but don't have the down payment.
Take advantage of the RRSP Down Payment Program. As a first time home buyer in Canada, you have the opportunity to withdraw funds from your RRSP without incurring any tax penalties.
(For Example) Jim & Mary used this Home Buyer Plan to arrange their First Time Home Buyer Loan. They didn't have any RRSP's, but they each have just over $25,000 in contribution room available. Jim & Mary can each take out an RRSP Loan (amortized over 3-5 years) for around $25,000 and contribute this amount to a New RRSP. They must keep the money in their RRSPs for 90 days before they withdraw the funds under the first time HBP. . They take this money and pay off the RRSP Loan of $25k each.The down payment generated is not from the RRSP directly, but it's from the Tax Rebate that they receive because they contributed to their RRSP!
