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Jan Canning
Cindy Tam
Adam Canning

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885 West Georgia St.
Suite 2300
Vancouver, BC
V6C 3E8
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RRSP Home Buyers Plan

The Home Buyer's Plan is a program that allows you to withdraw funds from your registered retirement savings plan (RRSP) to buy or build a qualifying home. You can withdraw up to $25,000 in a calendar year. If you buy the qualifying home with your spouse or common-law partner, or with other individuals, each of you can withdraw up to $25,000.

The RRSP withdrawals from the home buyer's RRSP must be repaid in installments over a period of fifteen years. If, in any year, an individual decides not to repay the schedule amount fully, the amount not repaid will be included in the individuals's income for that year and subject to tax. It is acceptable to repay more than the scheduled annual repayment in any year. This will result in a lower outstanding balance and lower scheduled annual repayments.

To be eligbile to participate in the Home Buyer's Plan, the account holder must satisfy the following requirements:
  • Be a resident in Canada;
     
  • Have entered into a written agreement to buy or build a qualifying home; and
     
  • Must be considered a first-time buyer at the time of withdrawal to qualify for the withdrawal.
     
    For Terms and Conditions of the Home Buyer's plans, visit CRA Home Buyer's Plan