The Home Buyers' Plan (HBP) provides Canadians with the opportunity to become homeowners.

In a nutshell, the plan allows individuals who qualify as first-time home buyers to withdraw up to $25,000 tax-free from their RRSPs to buy or build a home. To avoid tax consequences, the amount withdrawn must be paid back to the RRSP over a 15-year period.

A "first-time home buyer" is a Canadian resident who has not owned a home while occupying it as a principal place of residence at any time in the five calendar years up to and including the current year. For example, the period would start Jan. 1, 2015, for someone wishing to make an HBP withdrawal in 2019. Note that individuals who have lived in a home owned by their spouses in this time frame do not qualify for the program. If, however, both spouses qualify, a couple could borrow up to $50,000. Those who have previously taken advantage of this plan and repaid the funds may be allowed to participate again - as long as they meet certain requirements.

Special provisions also exist to accommodate people with disabilities. individuals who do not qualify as first-time home buyers may be eligible if they or a person related to them is disabled and the withdrawal is made to buy a home that is better suited to the disabled person's needs.
To find out more you can visit Canada  Revenue Agency (CRA) website here.

To request a free consultation call 519-778-0737 or email