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RRSP Home Buyers' Plan

If you're a first-time homebuyer in Canada, one great source of funding for your mortgage down payment is a Registered Retirement Savings Plan (RRSP). The Canadian government's RRSP Home Buyers' Plan (HBP) allows first-time homebuyers to borrow up to $60,000 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 $60,000 from your RRSP for a combined total of $120,000. However, since the HBP is considered a loan, it must be repaid within 15 years.

Recent changes to the RRSP Home Buyers' Plan

On April 11, 2024, the Federal government announced an expansion to the withdrawal limit for the RRSP Home Buyers’ Plan, to $60,000 from $35,000. This will go into effect on April 16, 2024. This is the second time the withdrawal limit has been increased since it was introduced in 1992; it was last updated from a limit of $25,000 in 2019.

The new measure will also extend the amount of time home buyers have before they need to start making repayment instalments, to five years from the current two, for those who make HBP withdrawals between January 1, 2022, and December 31, 2025.

Check out our blog to learn more about the government’s announcement.

*Maximum withdrawal amounts have been updated to reflect changes made in 2024 - please note this video still uses the old maximum figure from when the legislation was initially announced.

First-time homebuyer eligibility

Buying with a partner

How the HBP process works

Repaying the loan

Missing payments

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