|
 |
 | 
| | HBP (HOME BUYERS’ PLAN)
Did you know you can withdraw money from an RRSP to finance the purchase of a property? The Home Buyers’ Plan (HBP) is a program that lets you use money accumulated in your RRSP as down payment on a home.
Eligibility criteria
If you are a first-time homebuyer or if neither you nor your spouse has owned a home used as a principal place of residence in the past five years, you are eligible to participate in the HBP.
The home you are contemplating buying must be your principal place of residence. It can be a single-family home, a semi-detached or mobile home, a condominium, or an apartment in a duplex, a triplex or an apartment building.
Each spouse may withdraw up to $20,000 from his/her RRSP without paying income tax at the time of the withdrawal. However, you must have first used up all your other RRSPs.
Repaying your RRSP
You must repay the amounts withdrawn under the HBP to your RRSP. These repayments must begin no later than 60 days after the end of the second year following the date of withdrawal and must be completed within 15 years. The amount withdrawn may be repaid at any time. If the yearly minimum is not repaid, it will be added to your income for the year.
 |
| Contact our Shareholder Services or your local representative to find out the right solution for you. |
|
| |
SEARCH
 Home
Site map
Contact us
Français
| |
 |