Home Buyers’ Plan
The 2009 budget has increased the Home Buyers’ Plan (HBP) withdrawal limit from $20,000 to $25,000. The HBP allows first time home buyers tax-free withdrawals from a Registered Retirement Savings Plan (RRSP) to purchase or build a home.
Withdrawn funds must be used by October of the following year of the withdrawal. Withdrawn amounts are repayable in installments over a period not exceeding 15 years.
As it is impossible to include all situations, circumstances and exceptions, contact Dustin for a further review or for further explanation. Every effort has been made to ensure the accuracy of the information. However, because of the nature of the subject, no person or firm involved in the preparation or distribution of this commentary accepts any liability for its contents or use.