What is the Home Buyers Plan?
- The home buyers plan allows first time home buyers to withdrawal up to $35,000 from their RRSP to use for the down payment of a home purchase for you or a related person with a disability
- You then have up to 15 years to pay back the withdrawn funds from your RRSP without triggering the tax consequences
What are the conditions to be eligible for the HBP program?
- You must be a first-time homebuyer.
- You must have a purchase contract to buy or build a qualifying home
- You must be a resident of Canada
- You plan to live in the home being purchased within the first year
- Since 2019 you are eligible for this program if you have had a recent breakdown of your marriage or common law relationship
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