Eligibility hinges on being a first-time homebuyer and a current resident of Canada at the time of withdrawal for the purchase of your eligible home. A "qualifying home" is characterized as a residential unit situated within Canada. This designation extends to encompass a portion of the capital stock in a cooperative housing corporation, provided that the shareholder holds the right to occupy a residential unit located in Canada. An additional requirement is to possess a documented agreement for the purchase or construction of a qualifying home in Canada by October 1 of the year following the withdrawal year. Additionally, you should have the intention to make the qualifying home your primary residence within one year of either purchasing or constructing it.