RRSP Home Buyers Plan Explained

RRSP Home Buyers Plan (HBP) by: Beaver Finance

Check out our video on the Registered Retirement Home Buyers Plan to learn more about the program.

Before you Buy a House, have you heard about the HBP? – RRSP Home Buyers Plan Explained.

Learn how to maximize your down payment with the Registered Retirement Savings Plan HBP.

Definition:

The Home Buyers’ Plan (HBP) is a Federal government that allows you to borrow up to $35,000 from your RRSP tax free to fund your purchase. This money must be repaid within 15 years.

If both you and your spouse qualify, you can each borrow up to $35,000 from your RRSP’s, for a total of $70,000. The money must have been in your RRSP for at least 90 days.

CRA Link to RRSP HBP: https://www.canada.ca/en/revenue-agen…

TaxTips .ca Link https://www.taxtips.ca/rrsp/homebuyer…

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*Disclaimer: This content is intended to be for educational purposes only. Please seek out professional advice from an advisor, accountant or legal professional.