HOME BUYERS' PLAN (HBP)

The RRSP as access to property

Are you dreaming of buying your first home, but you do not have the funds for your down payment? The RRSP is an effective way to purchase your dream home, thanks to the government program called HBP.

The HBP allows you to use up to $35,000 of your RRSP for the down payment required to purchase a first house without paying tax upon withdrawal. You can take advantage of the HBP more than once if you have fully repaid the previous HBP on time.

Advantages

  • Allows you to withdraw up to $35,000 from your RRSP, or $70,000 per couple;
  • Since it is an "interest-free loan" from your RRSP, the HBP allows for a lower mortgage;
  • You have 15 years to repay the withdrawn amount to your RRSP, without interest.

Using the HBP without RRSPs
Even if you have never contributed to an RRSP or have little savings, we can help you to participate in the HBP:

  • Borrow an amount that meets your needs while complying with your maximum allowable contribution.
  • Deposit this amount in an RRSP for at least 90 days.
  • Withdraw this non-taxable amount from your RRSP and repay your loan from the Caisse.
  • Use your tax refund as a down payment for purchasing a home.
  • Take up to 15 years to repay your RRSP.

For more information

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