Question:

If I use my RRSP as a down payment and then in approximately 6 months I get more money in my RRSP, can I use it towards the principal as long as I don't excede the $20,000

Answer:

My understanding is that using your RRSP as part or all of your down payment on a home purchase is a one time privilege allowed by Revenue Canada.
If you wish to pursue this further, I would suggest that you contact your accountant or Revenue Canada as your question falls within their realm of expertise.
John Lozinski

Answered By: John Lozinski

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