First Time Home Buyers Plan6:
The Home Buyers’ Plan is a program established by the federal government that allows an individual, who is a qualified first-time home buyer, to withdraw up to $35,000 tax-free from their RRSPs (that’s $70,000 per couple) to buy or build a qualified home, located in Canada and be the buyer’s principal residence. The borrower must be a resident of Canada and must not have previously participated in the Home Buyers’ Plan.
If you participate in the Home Buyers’ Plan, you must, however, repay the amount you withdrew within a 15-year period in the amount of 1/15 per year. If you repay less than the amount you should repay, that difference is then added to your taxable income on your income tax return and you are taxed at your tax rate.
6 Author Unknown; “Special Programs for First Time Home Buyers”; https://www.homefund.com/programs.htm; 2014-05-19