Loading...

The Home Buyer’s Plan  is a government program that allows home buyers to withdraw up to NOW $35,000 from their Registered Retirement Saving’s Plan (RRSP) to put towards buying or building a new home, and allows 15 years to pay it back, no penalties or tax consequence (unless an annual pay-back payment was missed)


Of course there are many if's and but's, but generally speaking, this is legit!

It is being contemplated that this benefit may also become available to newly divorced individuals, even if they are not first-time buyers.  September 2019 should bring more news on that detail.


To take advantage of this program you have to be considered a first-time buyer. You are not a first-time home buyer if you (or you and your spouse) has owned a home which you have occupied as your principal place of residence in the past 5 years.


Existing homeowners can also use this program to purchase an accessible home or a home for a disabled dependent relative. The intended individual must qualify for the Disability Tax Credit (DTC) and this home must be more accessible or better suited to the care of this individual. 


Talk to me if you are uncertain if this very helpful benefit applies in your situation.

Contact Me to help get started