Did you know that there is a program that allows you to withdraw funds from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year. This is the Home Buyers' Plan (HBP).
There are certain conditions to participate in the plan.
- Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them
- You have to intend to occupy the qualifying home as your principal place of residence no later than one year after buying or building it
- You have to be considered a first-time home buyer.
- You must repay the funds into your RRSP within a period of 15 years
Read more about the HBP here.