Home Buyers Plan (HBP)

The Home Buyers' Plan is a federal government program that allows eligible first-time homebuyers to withdraw up to $35,000 from an individual's RRSP savings, tax free, to buy, build or maintain a qualifying home. So, what’s the catch? To avoid paying income tax on the funds, you must repay the full amount you withdraw from your RRSP over the next 15 years.

You are considered an eligible first-time home buyer if, in the four years prior to your home purchase you did not live in a home that you owned, or one that your current spouse or common-law partner owned.