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Home Buyers Plan (HBP) RRSP

Blog by Paul Thomas, REALTOR | September 15th, 2017

The Home Buyers Plan

This plan of the federal government allows people to borrow money from their RRSP to be used as a down payment on the purchase of a residential property in Canada.

Here are the details:

  1. Up to $25,000 per person on title can be used;
  2. You cannot have owned a property in the last five years;
  3. You must pay yourself back over the next 15 years;
  4. The money must have been in your RRSP account for at least 90 days prior to being withdrawn for use in the purchase.

For full details click here.