Pension towards downpayment on 1st time home buy?

[Brannigans Law]

I've been paying into my companys pension for 4 years now and was wondering if I could borrow against myself for a 1st time home buy? I was under the impression you could do something like this for RRSPs. Or am I out to lunch?

[MoneyGuy]

Nope, can't do that. You're referring to the first time homebuyer's plan, which is totally different.

[Slava]

Well it depends. If they're RRSPs then you can do it, but if its a defined contribution plan then you likely can't. It basically comes down to how the account is characterized. I've done this for clients who have straight RRSPs through a company though.

[MoneyGuy]

If it's an RRSP you can do a first-time homebuyer's withdrawal of up to $25K. If it's a pension plan as you said, then no.