Home Buyers’ Plan
The Home Buyers’ Plan allows eligible individuals to withdraw up to $25,000 tax free from their Registered Retirement Savings Plan (RRSP) to purchase or build a qualifying home.
Delivered by: Canada Revenue Agency (CRA)
The Canada Revenue Agency considers the following persons first-time home buyers:
- persons, including former homeowners, who have not owned a home they occupied as a principal place of residence at any time during the four-year period before the date of withdrawal of funds
- disabled persons acquiring a more accessible home
- persons acquiring a more accessible home for a disabled person related to them by blood, marriage, common-law partnership or adoption
- persons providing funds to a disabled person related to them by blood, marriage, common-law partnership or adoption, to build or purchase a more accessible home
- other criteria may apply
Dates and Deadlines
- Participants must begin repayment two years after withdrawing the funds.
- Amounts withdrawn under the Plan must be repaid over a period of no more than 15 years.
- Contact the Canada Revenue Agency.
(The comments contained on this site are for information purposes only and do not constitute legal advice.)
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