The Home Buyer’s Plan (HBP) is a government program that allows home buyers to withdraw up to $35,000 from their Registered Retirement Saving’s Plan (RRSP) to put towards buying or building a new home.
A series of requirements must be met, including:
- A written agreement that specifies whether you will be buying or building your new home
- You must occupy the space no later than a year after buying/building
- You must receive or be considered to have received all withdrawals in the same calendar year
- This program may be also used to buy/build a home for a related person with a disability
- For further information, visit the Government of Canada website link:
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