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Old 03-21-2013, 01:07 PM   #1
Brannigans Law
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Default Pension towards downpayment on 1st time home buy?

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?
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Old 03-21-2013, 01:19 PM   #2
MoneyGuy
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Nope, can't do that. You're referring to the first time homebuyer's plan, which is totally different.
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Old 03-21-2013, 08:06 PM   #3
Slava
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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.
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Old 03-22-2013, 12:39 PM   #4
MoneyGuy
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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.
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