Can I withdraw funds from my RRSP to use towards the purchase of my new home?

You can take up to $60,000 from your RRSP as part of the Home Buyers Plan.

Any amount that exceeds $60,000 will have to be reported as income on your income tax for the year you received the funds. In addition, your RRSP issuer will have to withhold tax on the amount in excess at the time of the withdrawal.