BMO Nesbitt Burns
885 West Georgia St.
|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: