RRSP home buyers' plan
One great source of funding for your mortgage down payment is a Registered Retirement Savings Plan (RRSP). The Canadian government's Home Buyers' Plan (HBP) allows first time homebuyers to borrow up to $35,000 from their RRSPs for a down payment, tax-free. If you're purchasing with someone who is also a first time homebuyer, you can both access $35,000 from your RRSP for a combined total of $70,000. However, since the HBP is considered a loan, it must be repaid within 15 years.
*Maximum withdrawal amounts have been updated to reflect changes made in 2019 - please note this video still uses the old maximum figure.
First-time homebuyer eligibility
Buying with a partner
How the HBP process works
Repaying the loan
Missing payments
Check out your best current mortgage rates
First-Time Home Buyer Education Topics
- First-time home buyers tax credit
- Land Transfer Tax Rebate
- First-time home buyer programs
- First-time home buyer grants
- First-time home buyer loans
References and Notes
The knowledge bank
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