Use your RRSP for your first home.
The Home Buyers’ Plan lets first-time buyers withdraw up to $60,000 from their RRSPs, tax-free, to buy or build a home, then pay it back over time.
How the plan works.
How much
$60,000Per person, or $120,000 for a couple buying together. The limit rose from $35,000 in April 2024.
Who qualifies
You are a first-time buyer if you have not lived in a home you or your spouse owned in the current year or the previous four years. You must intend to live in the home within a year.
Paying it back
Repay over 15 years. Repayments start a few years after the withdrawal. Any amount you miss in a year is added to your income for tax.
Use it with an FHSA
You can combine the Home Buyers’ Plan with a First Home Savings Account for an even bigger down payment.
The plan also helps people with a disability, or relatives buying for them, even if they are not first-time buyers. This is general information. Confirm current rules with the CRA or your financial institution before you withdraw.
Planning your down payment?
We can connect you with a mortgage specialist and show you homes in your budget.
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