Home Buyer’s Plan: RRSP

This program exists to help home buyers place a down payment for a property. It gives you the ability to withdraw from your RRSP without penalty.

To be eligible, you must:

  • Not have owned a home within the last 5 years
  • The home you purchase must be principal residence within a year of the purchase

Then you get to:

  • Withdraw $25,000 (individual) or $50,000 (couple) from your RRSP to use as downpayment

Don’t forget:

  • The loan must be repaid within 15 years
  • The Home Buyer Payment balance must be zero on January 1st if you plan to use it a second time (you will find this information on your tax return)
  • You must meet the same eligibility criteria if you want to use this program the second time