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If you have not owned your principle residence for the past 5 years, you may use your RRSP’s as down payment. Each person is eligible to redeem up to $20,000. These monies must be paid back within 15 years in equal portions. If you do not pay these monies back they will become taxable income for that taxation year. Please visit the CCRA for access to info regarding using your RRSP's for homebuying purposes and the form for withdrawl of you RRSP.