Keyword: Home Buyer’s Plan

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The HBP allows first-time home buyers to withdraw up to $25,000 from their RRSPs to assist them with buying a home. The funds need to be paid back over a 15-year period. If payment is missed in a particular year, the amount not repaid must be included in the participant’s income for that year.

The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw up to $25,000 from their RRSPs to assist them with the purchase of a home. The funds need to be paid back over a 15-year period. If payment is missed in a particular year, the amount not repaid must be included in the participant’s income for that year.

After months of being lectured on their debt accumulation habits, Canadians have apparently taken up another bad habit, in part to combat the first: raiding their retirement plans. According to a survey conducted by Leger Marketing for BMO Financial, roughly 40% of Canadians with an RRSP admit they have made withdrawals from their plan before […]

  • By: Steven Lamb
  • February 28, 2011 August 21, 2018
  • 14:05

The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw up to $25,000 from their RRSPs to assist them with the purchase of a home. The funds need to be paid back over a 15-year period. If payment is missed in a particular year, the amount not repaid must be included in the participant’s income for that year.