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Tip of the Week

Home Buyers' Plan (HBP)

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Individuals may withdraw up to $35,000 from their RRSP's to assist in the purchase of a home without attracting immediate taxation providing:

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  • 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

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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 2024 you must not have owned a home after 2019.

 

 

 

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Questions?  Call or email today!

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