The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home.
Withdrawals that meet all applicable Home Buyers’ Plan (HBP) conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home. If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $25,000. You cannot withdraw an amount from your RRSP under the Home Buyers’ Plan (HBP) if you or your spouse owned the home more than 30 days before the date of your withdrawal.
We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.
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