04/13/2024
When you use the Home Buyers' Plan, there are special rules for the money you put into your retirement savings plan (RRSP) 89 days before taking money out of the plan. These rules might stop you from counting some or all of the money you put in during that time on your taxes.
You can't use the money you put into your RRSP during those 89 days to lower your taxes if it's more than what your RRSP is worth after you take money out for the Home Buyers' Plan. This also applies if you put money into your husband, wife, or partner's RRSP and they take out money for the Home Buyers' Plan from that same RRSP within 89 days.
Basically, to fully count the money you put into an RRSP against your taxes, the RRSP must be worth at least as much as what you contributed after you take money out for the Home Buyers' Plan.
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