Home Buyers Plan RRSP Program

First-Tme Buyers (including those who haven't owned a home in the last 5 years) can use the Home Buyers Plan to withdraw up to $25,000 or up to 50,000 if a couple, tax-free and interest free from an RRSP to buy or build a home or pay expenses related to the purchase of their home.  


Property must be in Canada

Money must have been in account at least 90 days

Must occupy the property as your principal residence no later than 1 year after the purchase of having built it.

You must agree to repay the funds in equal installments over a 15 year period.  First payment due no later than 60 days after the end of the second calendar year.  Be aware if any payment cannot be paid in a given year, the unpaid amount is added to your income, and is therefore taxable.

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Bernice Ishmael

Bernice Ishmael

Sales Representative
CENTURY 21 Heritage Group Ltd., Brokerage*
Contact Me