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RRSP Home Buyers Plan

RRSP Home Buyer's Plan (HBP)

RRSP Home Buyers Plan is a program that allows first time home buyer to borrow up to $20,000 from their Self-directed Registered Retirement Savings Plan. You must be a Canadian resident who has not used this program before. The loan is non taxable as long as the funds are repaid into the RRSP (registered retirement savings plan) and must be paid back in equal installments annually  over a 15 year period. The money cannot be withdrawn until 90 days after the RRSP contribution. After 90 days one can use the Home Buyers' plan to withdraw up to $20,000 without penalty. Please visit Revenue Canada website or speak to your tax accountant for further more information.

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