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Did you know if you are a first time buyer of a home that you can borrow up to $25,000.00 from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home!
The Canadian Government’s Home Buyers Plan (HBP) allows you to borrow up to $25,000.00 from your RRSP for a down payment, tax-free. If there are two people buying the home together and you are both first time buyers, each of you can withdraw up to $25,000.00!
Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw it.
Since the HBP is considered as a loan, it must be repaid within a period of no more than 15 years. You have to repay an amount to your RRSP each year until your HBP balance is zero. If you do not repay the amount due for a year, it will be included in your income for that year.
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