Home Buyers’ Plan

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Is this guide for you?
Use this guide if you want information about the rules that
apply to the Home Buyers’ Plan (HBP).
, s+ ?% S2 u* f# `% l9 fWhat is the HBP?
# n& u$ f* s9 z2 u- `; [4 S" B, {, O2 }4 ?The HBP is a program that allows you to withdraw up
* f5 i9 T7 h" @5 J/ O% n2 rto $20,000 from your registered retirement savings plans
: h8 i! B2 m( n) W; S( q6 F8 s4 c: q(RRSPs) to buy or build a qualifying home. However, the
1 U. w/ O5 @7 X& r7 Hprogram sets out certain conditions for participation. If an
individual meets all the applicable HBP conditions, the
withdrawals will not have to be included in his or her
income, and the RRSP issuer will not withhold tax on these
* p+ \8 D" |" O' n: Namounts. If you buy a qualifying home with your spouse or
8 r2 ^0 |, D  K' _9 Zcommon-law partner, or with other individuals, each of
you can withdraw up to $20,000.
$ a7 ]6 A  ~( q" e# iUnder the HBP, you have to repay all withdrawals to your
RRSPs within a 15-year period. Generally, you will have to
repay an amount to your RRSPs each year, starting the
' l: B5 f7 U4 E( l/ P! R2 Zsecond year after the funds are withdrawn, until you have
2 y' e3 X% N6 t) Rrepaid the total amount you withdrew. If you do not repay
, G8 S% U" T. D7 m; q$ ethe amount due for a year, it will have to be included in
your income for that year.

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