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HERBERT & COMPANY
Chartered Professional Accountant
Tip of the Week
Home Buyers' Plan (HBP)
Individuals may withdraw up to $35,000 from their RRSP's to assist in the purchase of a home without attracting immediate taxation providing:
the home is occupied by the owner
the home is acquired by October 1 of the year following the withdrawal
an ordinary RRSP contribution must be made 90 days or more before the withdrawal
To participate, prospective homebuyers cannot have occupied a home as a principal residence at any time from the beginning of the fourth calendar year before withdrawal year to 30 days before withdrawal. For example: if you wish to withdraw in 2023 you must not have owned a home after 2018.
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