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The Home Buyers’ Plan

To be eligible:

• You have to be a resident of Canada at the time of the withdrawal.
• Your RRSP contributions must stay in the RRSP for at least 90 days before you can withdraw them under the HBP.
• Neither you nor your spouse or common-law partner that you buy or build the qualifying home for can own the qualifying home more than 30 days before the withdrawal is made.

You must have a written agreement to buy or build a qualifying home.

Generally, you have up to 15 years to repay these funds to your RRSP. However, you can repay the full amount into your RRSP(s), at any time. Repayments are not tax deductible as a contribution and neither do they affect your RRSP contribution limit. You are allowed to repay more than the minimum annual amount.

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