Can buyer use RRSP (Home Buyer`s Plan) for Down Payment on Agreement for Sale?

[kgatch]

Hi,



I have potential buyers for an Agreement for Sale deal. They want to use their RRSP for the down payment. They have verified with CRA that they are eligible. However, I don't know if it's allowed if the title is not transferring.



Thanks,



Kevin

 

[Thomas Beyer]

Likely not as RRSP $s are for first time BUYERS.

Why not sell it and take an assignment fee ?

 

[kgatch]

Thomas,



Thanks for the reply. You're right, it can't happen without a title transferring. In this case, I own the property already. Really looking to put a LTO or AFS tenant/buyer in there.



Kevin