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20 Posts
Hi all,
My understanding is that you can only withdraw the 25K in your RRSP under the Home Buyer's Plan after that amount has been in there for 90 days. I have the amount in there invested rather foolishly in a blue-chippy mutual fund. Thanks to the gyrations of the market, my market value is bouncing around the 25K line.
So what does the 90 day waiting period apply to? Does my market value have to be 25K+ for 90 consecutive days? If that were true even if I had 25K and it was fluctuating +/- 0.01 every day I'd never be able to use it, ever!
Or do they count the contributions have to be 90 days old? But then if someone were to contribute 20K and then their investments turned that into 25K, they'd NEVER be able to withdraw the full 25K under the HBP.
I'm stumped. Any thoughts?
My understanding is that you can only withdraw the 25K in your RRSP under the Home Buyer's Plan after that amount has been in there for 90 days. I have the amount in there invested rather foolishly in a blue-chippy mutual fund. Thanks to the gyrations of the market, my market value is bouncing around the 25K line.
So what does the 90 day waiting period apply to? Does my market value have to be 25K+ for 90 consecutive days? If that were true even if I had 25K and it was fluctuating +/- 0.01 every day I'd never be able to use it, ever!
Or do they count the contributions have to be 90 days old? But then if someone were to contribute 20K and then their investments turned that into 25K, they'd NEVER be able to withdraw the full 25K under the HBP.
I'm stumped. Any thoughts?