Home Buyers' Plan (HBP) Looking for programs to help with your downpayment?

Home Buyers' Plan (HBP)

The Home Buyers' Plan (HBP) 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.

Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year.

Source: TREB website

Pritpal Sodhi

Pritpal Sodhi

Sales Representative
CENTURY 21 President Realty Inc., Brokerage*
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