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Conflicting RSP/Home Buyers Plan Info
October 26, 2008
5:11 pm
WW
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Several Customer Service Reps at Citizens gave me conflicting advice about using RSPs for the Home Buyers Plan. Here is the final written word from Citizens:
"Please note as per Sandra, Manager of Sales and Service, funds must be available in an RSP Savings Account upon withdrawing for the RSP Home Buyers Plan. Or, the funds must be passed the 30 days lockout period if invested in the cashable RSP term deposit to earn full interest for the days that your funds have been invested and there will be no withdrawal penalties as long as funds are applied towards the RSP Home Buyers Plan."
So if you want to use RSPs for the Home Buyers Plan, don't lock them in!!!

November 26, 2008
10:09 am
Peter
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From my understanding, you can withdraw the funds under the home buyers plan no matter what type of RSP you have -- it's just that you're bound by the same "early withdrawal" rules if you had the funds in a GIC. That's what happened to me

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