Home Buyers Plan (HBP) RRSP

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 The money must have been in your RRSP account for at least 90 days prior to being withdrawn for use in the purchase.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.