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.  

Criteria:

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.

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Bernice Ishmael

Bernice Ishmael

Sales Representative
CENTURY 21 Heritage Group Ltd., Brokerage*
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