Home Buyer's Plan
You may be able to withdraw up to $25,000 tax-free from your Registered Retirement Savings Plan (RRSP) under the Canada Revenue Agency’s Home Buyer’s Plan to add to your down payment or to cover other purchasing costs. Your spouse or partner can do the same for a combined total of $50,000. To avoid paying tax on your withdrawal, you must repay the funds to your RRSP within 15 years. You must meet the following conditions in order to qualify for this program:
- You have to make your withdrawal request in the same year you wish to participate in the Home Buyer’s Plan.
- You have not participated or owned a home within the last 5 years.
- You are a resident of Canada
- You have to enter into a valid written agreement to purchase or build a qualifying home.
Please click here to take you directly to the government Home Buyer’s Plan web page.