Using Your RRSPs to Increase Your Downpayment through the Home Buyers' Plan (HBP)
You don’t have enough cash to purchase the home you want? Instead of looking for a less expensive home or deferring your purchase until next year, take advantage of the Home Buyers’ Plan (HBP). The HBP allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSP) to purchase your first home or a new home if you have not been a homeowner for at least five years.
If you and your spouse are eligible for the HBP, you can withdraw up to $50,000 in cash
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