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RRSP Home Buyer’s Plan

The Home Buyers Plan (HBP) is a program that allows you to withdraw funds for yourself or for a related individual with a disability from your Registered Retirement Savings Plans (RRSPs) to purchase or build a qualifying home. The HBP allows you to pay back the withdrawn funds within 15-years.
As long as you are the owner of more than one RRSP account, you can withdraw funds from each of them. Your RRSP issuer will not withhold tax on withdrawn amounts of $35,000 or less. Certain RRSPs do not allow you to withdraw funds from them, such as locked-in or group RRSPs.

To be qualified to participate in the HBP, certain requirements have to be met, such as:

  • You must be considered a first-time homebuyer.
  • You must have a written agreement, for yourself or for a related person with a disability, to purchase or build a qualifying home.
  • You must be a resident of Canada when you withdraw funds from your RRSPs under the HBP and up to the time a qualifying home is purchased or constructed.
  • Within one year after purchasing or constructing it, you must intend to occupy the qualifying home as your principal place of residence. If you buy or build a qualifying home for a disabled person or assist a disabled person to buy or build a qualifying home, you must want that person to occupy the qualifying home as his or her principal place of residence.
  • In all cases, if you have already enrolled in the HBP, you will be entitled to do so again if your repayable HBP balance on January 1st of the year of the withdrawal is zero and you fulfill all the other eligibility requirements for the HBP.