As a home buyer in Ontario, there are programs available to help you with your first purchase. One such program is the Home Buyers’ Plan. This program, referred to as ‘HBP” allows eligible individuals to withdraw up to $25,000 tax free from their Registered Retirement Savings Plan (RRSP) to purchase or build a qualifying home.
These conditions include:
- You have to enter into a written agreement to buy or build a qualifying home
- You have to intend to occupy the qualifying home as your principal place of residence
- You have to be considered a first-time home buyer (see http://www.cra-arc.gc.ca/E/pub/tg/rc4135/rc4135-e.html#P105_11069 for criteria)
- You have to be a resident of Canada
Regardless of the situation, you are responsible for making sure that all applicable HBP conditions are met.
Dates and Deadlines
- The first repayment starts the second year following the year the withdrawal is made.
- Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years.
- Contact the Canada Revenue Agency.
- You can also get more help via this link: https://ets.trn.ca/apps/ctt/web/cttfrm_e.php
**all information gathered from www.cra-arc.gc.ca
Krystal Moore, Sales Representative
Royal Lepage Royal City Realty, Brokerage
Independently Owned and Operated
214 Speedvale Ave. W.
Guelph, ON N1H 1C4
Why choose Krystal?
I have over 15 years’ experience in Sales and Customer Service, I am motivated, dedicated
and have a solid background in law. I consistently go above and beyond to make my clients
feel important, valued and appreciated!
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