If you are a Canadian, you can use the “RSP Home Buyers Plan” borrow up to $25,000 ($50,000 for couples) from your RSP to purchase your home. The money has to have been in the RSP for at least 90 days. This is a loan, and you have to pay it back over 15 years. The repayment is 1/15 of the total amount owed. American’s can borrow up to $10,000 from their retirement for purchase of their first home only without penalty. Consider the pros and cons of whether you are better off saving more money versus borrowing from retirement to make this downpayment.