The Home Buyers’ Plan (HBP): Simplified and Beneficial

     The Home Buyers’ Plan (HBP) is a fantastic government program that lets first-time buyers and eligible homeowners withdraw up to $35,000 tax-free from their Registered Retirement Savings Plan (RRSP) to buy or build a home. 

Eligibility Requirements

• First-Time Buyer: You must not have owned and occupied a principal residence in the last five years.
• Written Agreement: You need a formal purchase or build agreement for your new home.
• Occupancy Rule: You must live in the property within one year of buying or building it.

Tax Benefits & Repayment

     Funds withdrawn under the HBP are tax-free as long as you repay them into your RRSP within 15 years, starting two years after withdrawal. This gives you flexibility while still securing your future savings.

Accessible Homes for Individuals with Disabilities

      Even if you’re not a first-time buyer, you can use the HBP to purchase or build a home that better accommodates a disability—for yourself or a dependent who qualifies for the Disability Tax Credit (DTC). The property must be more accessible or suited to their care needs.

Why Choose the HBP?

     The HBP is an excellent way to boost your purchasing power without increasing your debt. It’s especially helpful for first-time buyers or those supporting loved ones with unique housing needs.

    Interested in how the HBP can work for you? Let’s discuss how it fits into your home-buying journey!