Home Buyers’ Plan

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Is this guide for you?
Use this guide if you want information about the rules that
apply to the Home Buyers’ Plan (HBP).
What is the HBP?
# X3 E% V0 z2 i3 H8 |& IThe HBP is a program that allows you to withdraw up
' g* C( S, D9 K$ c8 `to $20,000 from your registered retirement savings plans
1 @% e  m' z  X! m6 O(RRSPs) to buy or build a qualifying home. However, the
) h2 R* u+ }/ G, \; t- l4 V$ S; P5 ^program sets out certain conditions for participation. If an
# h; a! U9 \2 p3 l0 W9 Z5 vindividual meets all the applicable HBP conditions, the
( C1 a5 [- r. O2 ^) f* Mwithdrawals will not have to be included in his or her
6 N! N9 u: x8 S: E4 W9 X. sincome, and the RRSP issuer will not withhold tax on these
) H9 E" o* c. u/ }& r% Lamounts. If you buy a qualifying home with your spouse or
0 x8 r& W* h7 s% d" E' r* Ecommon-law partner, or with other individuals, each of
& m: [  ?) }1 c+ L, }3 ^you can withdraw up to $20,000.
( _* E8 q% B2 b, X. w; VUnder the HBP, you have to repay all withdrawals to your
% G, C1 ~% y/ k8 s* a, o( gRRSPs within a 15-year period. Generally, you will have to
! {" L; G0 n4 Hrepay an amount to your RRSPs each year, starting the
: v/ l; |2 h7 |% f' tsecond year after the funds are withdrawn, until you have
  G) R. T. r; h$ o0 a7 drepaid the total amount you withdrew. If you do not repay
  `2 Z- c8 c" ]9 P5 Vthe amount due for a year, it will have to be included in
your income for that year.

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