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The Home Buyers Plan (HBP)

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There are many programs available for first time home buyers out there. This one in particular focuses on using your RRSP’s as all or part of your down payment.

The Home Buyers Plan (HBP) is a program for first-time home buyers that allows you to withdraw funds from your RRSPs to buy or build a home. You can withdraw up to $25,000 tax-free ($50,000 for a couple). Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP. Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You’ll have to repay an amount to your RRSPs each year until your HBP balance is zero. If you don’t repay the amount due for a year, it will have to be included in your income for that year. Click here →for more information from Canada Revenue Agency.

If you have any questions about this or any type of mortgage financing please contact →me and I would be happy to help!

Some of the things I can help you with:

Fixed Rate Mortgages
Variable Rate Mortgages
Open and Closed Mortgages
First TIme Buyer Programs
Self Employed Programs
Not So Perfect Credit Programs
Mortgage Refinancing
Mortgage Renewals
Mortgage Planning
Second and Third Mortgages
Investment Property Mortgages
Vacation Property Mortgages
Commercial Mortgages
Short Term Financing
Private Financing

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