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hmm condor a house i donamp;#39;t know believe it or not a registered retirement savings plan can be used for more than just saving for retirement it can help you pay for your first home too seriously the home buyers plan lets you your spouse or your common law partner to each withdrawal up to 35 000 in a calendar year tax-free from your respective rrsps as long as you meet the craamp;#39;s eligibility criteria and conditions and as long as the funds are not in a locked in retirement plan the funds will have to be repaid but the good news is you wonamp;#39;t have to do it right away repayments begin two years after you make the withdrawal then with annual payments youamp;#39;ll have up to 15 years to return the money to your rrsp in full but be careful if a payment isnamp;#39;t made in a particular year during that 15-year period itamp;#39;ll be included on your income for that year and tax ingly there you have it thatamp;#39;s how an rrsp can be used to pay for your first home