RRSP Help - First Time Buyer Plan

[Winsor_Pilates]

I have a couple of questions regarding the home buyers plan for withdrawing money from an RRSP without having to pay tax on it.
Hoping a banker or financial adviser can help me out here:

Q1 - How long do funds need to sit in the RRSP account before they can be pulled and used to purchase a home?
e.g, If I open up an RRSP account today and put 20K into it, can I pull that 20K out 2 days later, buy a home and still write the 20K off on my taxes at the end of year? or does the money have to sit in the RRSP for a minimum amount of time?

Q2-If the money is applied to a pre-construction home as a down payment, but the home won't be ready for 3 years, does this still qualify in the home buyers plan?
Looking on the government websites, it seems to suggest the sale must complete by Oct of the following year, or at most Oct of the 2nd following year. Can anyone clarify?

thank you very much

[cSpooge]

Originally Posted by Winsor_Pilates

I have a couple of questions regarding the home buyers plan for withdrawing money from an RRSP without having to pay tax on it.
Hoping a banker or financial adviser can help me out here:

Q1 - How long do funds need to sit in the RRSP account before they can be pulled and used to purchase a home?
e.g, If I open up an RRSP account today and put 20K into it, can I pull that 20K out 2 days later, buy a home and still write the 20K off on my taxes at the end of year? or does the money have to sit in the RRSP for a minimum amount of time?

Q2-If the money is applied to a pre-construction home as a down payment, but the home won't be ready for 3 years, does this still qualify in the home buyers plan?
Looking on the government websites, it seems to suggest the sale must complete by Oct of the following year, or at most Oct of the 2nd following year. Can anyone clarify?

thank you very much

For Q1 it's 90 days, you can use RRSPs that were purchased less than 90 days but you will not be able to take a deduction for them.

[Flambé]

Q2: House has to be occupied no more than a year from when you do the home buyers plan withdrawal.

[Winsor_Pilates]

Originally Posted by Flambé

Q2: House has to be occupied no more than a year from when you do the home buyers plan withdrawal.

Q2b:
So if the purchase requires a series of deposits at various points, and I pull the funds out for the last deposit which is within the final year does this work? Even though the contract date was 2 years prior.