The Home Buyers' Plan (HBP) is a program that allows you to withdraw
funds for yourself or for a related individual with a disability from
your Registered Retirement Savings Plans (RRSPs) to purchase or build a
qualifying home. The HBP allows you to pay back the withdrawn funds
As long as you are the owner of more than one RRSP
account, you can withdraw funds from each of them. Your RRSP issuer will
not withhold tax on withdrawn amounts of $35,000 or less. Certain RRSPs
do not allow you to withdraw funds from them, such as locked-in or
To be qualified to participate in the HBP, certain requirements have to be met, such as:
- You must be considered a first-time homebuyer.
must have a written agreement, for yourself or for a related person
with a disability, to purchase or build a qualifying home.
must be a resident of Canada when you withdraw funds from your RRSPs
under the HBP and up to the time a qualifying home is purchased or
- Within one year after purchasing or constructing
it, you must intend to occupy the qualifying home as your principal
place of residence. If you buy or build a qualifying home for a disabled
person or assist a disabled person to buy or build a qualifying home,
you must want that person to occupy the qualifying home as his or her
principal place of residence.
- in all cases, if you have already
enrolled in the HBP, you will be entitled to do so again if your
repayable HBP balance on January 1st of the year of the withdrawal is
zero and you fulfill all the other eligibility requirements for the HBP.