You don’t have enough cash to purchase the home you want? Instead of looking for a less expensive home or deferring your purchase until next year, take advantage of the Home Buyers’ Plan (HBP). The HBP allows you to withdraw up to $20,000 from your registered retirement savings plan (RRSP) to purchase your first home or a new home if you have not been a homeowner for at least five years.
If you and your spouse are eligible for the HBP, you can withdraw up to $40,000 in cash.
We can grant you an HBP loan. If you have not contributed fully to your RRSPs in recent years, we can offer you a low-cost loan in an amount that is equal to or lower than the total of your unused contributions.
To find out all the requirements of the plan, consult the document entitled Home Buyers’ Plan (HBP), published by the Canada Customs and Revenue Agency (RC 4135).
For further information on the HBP, do not hesitate to contact us.