Home buyers’ plan (HBP) is a government program which allows you to borrow funds from your registered retirement savings plan (RRSP) tax free to buy or build your home.
The main features of this program are:
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- you can withdraw up to $25,000 ($50,000 per couple)
- withdraws from RRSP are tax free
- repay your withdraws to your RRSP within a period of no more than 15 years.
A number of conditions have to be met in order to participate in the HBP.