Home Buyers' Plan (HBP)


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Dreaming of buying a home, but having trouble coming up with the down payment? Or are you looking to increase your down payment? You can make your dream a reality by withdrawing up to $25,000 from your RRSP, tax-free.

You are eligible if you and your spouse (legal or de facto) have not owned a home in the 5 years prior to the withdrawal from your RRSP.

Have less than $25,000 in your RRSP?

You can borrow the amount of your unused contribution room to top it up.

When do you need to repay your RRSP loan?

You have 15 years to repay the total amount borrowed from your RRSP. Repayment begins the second calendar year following the date of withdrawal, or 60 days following the end of the second calendar year, at the latest.

What are the terms and conditions?

Each spouse can withdraw up to $25,000 from his or her RRSP, which comes to $50,000 per couple. The funds to be withdrawn must remain in the RRSP for at least 90 days prior to the withdrawal. In order to withdraw the amount tax-free, you must have a signed purchase or construction agreement for an eligible residence in hand. You must plan on living in the home as your primary residence for at least one year following its construction or purchase.

Quebec public service employees:


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