Executive Summary
A couple who have begun to save for their retirement can access up to $70,000 from their RRSPs to buy or build their first home.
The Home Buyers Plan (HBP) encourages savings and home ownership by allowing first-time buyers to withdraw up to $35,000 from their RRSP without incurring additional income tax.
People who have never owned a home qualify, but the home must qualify as well. If the home is purchased by a person with a disability or bought for a related person with a disability, the HBP may be available to them, too.
Don’t delay saving for retirement because you’re planning to buy your first home, and don’t delay buying your first home because you have money invested in an RRSP – DO BOTH!
What you Need to Know
