Home Buyers’ Plan

Rodney Biggar Mortgage Broker

The Home Buyer’s Plan (HBP) is a great program designed to help Canadians become homeowners. The program was introduced by the Federal Government in 1992 to assist first-time home buyers in purchasing or building their first home. The plan allows the first-time home buyer and their spouse to each withdraw up to $35,000 from their RRSP savings for a down payment on a home, without having to pay tax on the withdrawal!

When withdrawing money from an RRSP under this plan, keep in mind the money has to be in the RRSP for a minimum of 90 days.

In order to qualify for the HBP, an individual must be:

The HBP has helped thousands of Canadians achieve the dream of homeownership. It grants them the ability to withdraw from their RRSP in a tax-free manner. The program is also advantageous because it allows buyers to pay themselves back over a 15-year period with interest-free instalments, making it a manageable option.

If you want to find out if the Home Buyers’ Plan will work for you, contact me and I would be happy to assist you.

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