lollypopoh
May 27th, 2009, 08:37 PM
So here's what happened to me.
I needed to use my RRSP's for my closing costs to buy my first home under the home buyer's plan. I deposited my RRSP's on Feb 27 this year. I didn't want to pay the penalty by the RRSP 89-day contribution time peridod. ( May 27 is 90 days from the Feb 27, if the end date is included ).
It's pretty complicated story. I actually am closing my condo tomorrow and I wanted to use my RRSP's but at the same time I didn't want to pay the penalty. So I decided to borrow the money from my brother for a few days while to cover the waiting to get the money from RRSP's.
I filled out the T1036 form and took it to the bank last Saturday and explained everything.They said it usually takes 5-10 business days to process it, so they would hold my document until May 27th and then process it. That way I am going to have the money in my account after a few days.
Guess what? I checked my balance today and the funds were in my account. :mad: Today is day 90. Will I have to pay the penalty or since money was in for 89 days period I should be safe?
Some say the RRSP's should be deposited for at least 90 days, others say 89 days. It seems confusing. I am going to call CRA to find out the details. In the mean time does anybody know the answer?
I needed to use my RRSP's for my closing costs to buy my first home under the home buyer's plan. I deposited my RRSP's on Feb 27 this year. I didn't want to pay the penalty by the RRSP 89-day contribution time peridod. ( May 27 is 90 days from the Feb 27, if the end date is included ).
It's pretty complicated story. I actually am closing my condo tomorrow and I wanted to use my RRSP's but at the same time I didn't want to pay the penalty. So I decided to borrow the money from my brother for a few days while to cover the waiting to get the money from RRSP's.
I filled out the T1036 form and took it to the bank last Saturday and explained everything.They said it usually takes 5-10 business days to process it, so they would hold my document until May 27th and then process it. That way I am going to have the money in my account after a few days.
Guess what? I checked my balance today and the funds were in my account. :mad: Today is day 90. Will I have to pay the penalty or since money was in for 89 days period I should be safe?
Some say the RRSP's should be deposited for at least 90 days, others say 89 days. It seems confusing. I am going to call CRA to find out the details. In the mean time does anybody know the answer?