Greenwood Mortgage
Peter McKinnon

Personalized Mortgage Solutions

Cell 604-506-6789
Office 604-609-0333
Fax 604-687-1677
Email peter@peterlmckinnon.com

Blog

Home Buyers Plan

Posted by Peter McKinnon (peterlmckinnon) on Feb 08 2012
Blog >>

The Home Buyers’ Plan (HBP) is a program for first-time homebuyers that allows you to withdraw funds from your RRSPs to buy or build a home. You can withdraw up to $25,000 tax-free ($50,000 for a couple). Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP.

Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You’ll have to repay an amount to your RRSPs each year until your HBP balance is zero. If you don’t repay the amount due for a year, it will have to be included in your income for that year. For more information from Canada Revenue Agency:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

 

Peter McKinnon

604 506 6789

 

Last changed: Feb 07 2012 at 10:35 PM


Back to Blog

Featured Rates

5-Year Fixed

2.99%

Variable

2.70%

Apply Now