🏡 Home Buyer’s Plan (HBP) – Use Your RRSP to Buy Your First Home in Canada
Dreaming of homeownership but struggling with the down payment? The Home Buyer’s Plan (HBP) lets you use your RRSP savings tax-free to help fund your first home purchase.
As a first-time homebuyer in Canada, you can withdraw up to $60,000 from your RRSP—and if you’re buying with a partner, that amount doubles to $120,000. It’s a smart way to unlock your savings and step into homeownership sooner.
💡 What Is the Home Buyer’s Plan?
The HBP is a government program that allows eligible Canadians to withdraw funds from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home—without paying tax on the withdrawal.
✅ Key Benefits of the HBP
- Tax-Free RRSP Withdrawals – Up to $60,000 per person
- Double the Power – Combine with your partner for up to $120,000
- Flexible Repayment – Repay over 15 years, starting two years after withdrawal
- Boost Your Down Payment – Use your own savings to reduce borrowing
- No Impact on Credit Score – It’s your money, not a loan
📋 Eligibility Requirements
To qualify for the Home Buyer’s Plan:
- You must be a first-time homebuyer (or haven’t owned a home in the past 4 years)
- The RRSP funds must be in your account for at least 90 days before withdrawal
- You must intend to live in the home as your primary residence
- The mortgage must be insured if using self-directed RRSP funds for a non-arm’s length transaction
- You must begin repayment within 2 years, and complete it within 15 years
🏠 Ready to Use Your RRSP to Buy a Home?
Let’s make your first home a reality.
As a Level 2 Mortgage Agent, I’ll guide you through the HBP process and help you combine it with the right mortgage solution.
👉 [Start Your Home Buyer’s Plan Assessment Today] – Fast, secure, and no obligation.