Herbert & Company - Certified General Accountant


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Home Buyers' Plan (HBP)

Individuals may withdraw up to $25,000 from their RRSPs to assist in the purchase of a home without attracting immediate taxation providing:

  • the home is occupied by the owner
  • the home is aquired by October 1 of the year following the withdrawal
  • an ordinary RRSP contribution must be made 90 days or more before the withdrawal

To participate, prospective homebuyers cannot have occupied a home as a principal residence at any time from the beginning of the fourth calendar year before withdrawal year to 30 days before withdrawal. For example: if you wish to withdraw in 2018 you must not have owned a home after 2013.

 

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