You’re permitted to withdraw up to $25,000 from your RRSP for qualifying home purchases (up from $20,000 prior to January 28, 2009). Form T1036 needs to be filed to report the withdrawal. Under this plan, only first-time homebuyers are eligible to participate, unless the special rules for persons with disabilities (discussed below) apply. You’re considered to be a first-time buyer if, during the four calendar years prior to the year of withdrawal and up to 30 days before the withdrawal, neither you nor your spouse or common-law partner owned a home in which either of you resided. Loan repayments must take place over a period of 15 years, or less if desired, beginning in the second year following the year of withdrawal. If the required repayment is not made, an amount will have to be included as income in the year of the shortfall.