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If you’ve been dreaming about buying your first home but can’t seem to come up with enough cash, these first-time buyer programs may be the answer.

Home Buyers’ Plan

The Home Buyer’s Plan (HBP) allows first-time buyers (or anyone who hasn’t purchased a home in the last four years) borrow up to $35,000 from their RRSPs to put towards a down payment. The same applies to partners and spouses (for a total of $70,000), with the same four-year clause.

Details:

  • The qualifying home must be your primary residence
  • When applying for the HBP, you must provide a written agreement to purchase (or build)
  • RRSP funds must be available 90 days before purchase
  • Withdrawals under the HBP are tax-free but must be paid back in full within 15…

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