Registered Home Buyer
Savings Plan
The Home Buyers Plan is a program that allows you to withdraw up to $20,000 from your registered retirement savings plans (RRSPs) to buy or build a qualifying home. You do not have to include eligible withdrawals in your income, and your RRSP issuer will not withhold tax on these amounts.
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You can withdraw a single amount or make a series of withdrawals throughout the same year, provided the total of your withdrawals is not more than $20,000. If you buy the qualifying home with your spouse or common-law partner, or with other individuals, each of you can withdraw up to $20,000. Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your Home Buyer Plan balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year. Conditions for participating in the Home Buyer Plan - You buy or build a qualifying home for yourself.
- You, a disabled person, buy or build a qualifying home for yourself.
- You buy or build a qualifying home for a related disabled person.
- You help a related disabled person buy or build a qualifying home.
- To withdraw funds from your RRSPs under the Home Buyers Plan you must first have entered into a written agreement to buy or build a qualifying home. Obtaining a pre-approved mortgage does not satisfy this condition.
- You have to intend to occupy the qualifying home as your principal place of residence no later than one year after buying or building it. Once you occupy the home, there is no minimum period of time in which you have to live there.
- Repay all withdrawals to your RRSPs within a period of no more than 15 years.
Home Buyer Savings Plan
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