You can participate in the HBP if you are a first-time home buyer or if you or your spouse has not owned a home that you occupied as your principal place of residence in the last five years.
There is no restriction as to the type of housing (single family home, condo, etc.); however, it must be your principal place of residence.
In the case of a couple, each spouse may withdraw up to $25,000 from their RRSP without tax consequences at the time of withdrawal.
However, before you can dip into your Fonds RRSP to participate in the HBP, you must have used up all your other RRSPs. Moreover, you must agree to make the repayments to the Fonds.
The redemption of your Shares will be completed within a reasonable time frame, typically not more than 30 days following the date the Fonds de solidarité FTQ receives your redemption request if you have provided all of the necessary documents.