Home Buyers’ Plan (HBP)

August 13, 2018

Home Buyers’ Plan (HBP) is great opportunity for the First Time Home Buyer! You can withdraw up to $20,000 from your RRSPs to buy or build a home. You can also use this money for a related person with a disability. Be careful though, this money needs to be repaid starting the second year following the year you made the withdrawl. You will have 15 years to repay in equal amounts, so the minimum repayment is 1/15th every year for 15 years. Here’s a link to the Canadian Revenue Agency, use this to get full details on the Home Buyers’ Plan.