RRSP Home Buyer’s Plan

The Home Buyer’s Plan (HBP) allows you to borrow funds from your RRSP to buy or build a qualifying home, under the following conditions:

• you or your spouse or common-law partner have not owned a home which you occupied as your principal residence during the four years preceding the withdrawal for the Home Buyer’s Plan, or
• you are buying or building a home for a related disabled person.

The maximum amount that can be borrowed was increased to $25,000 by the Federal 2009 Budget, which also announced a new First-Time Home Buyers’ Tax Credit.