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What is the Home Buyers Plan (HBP)?

April 26, 2017buyer HBP Home Plan

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What is the Home Buyers Plan (HBP)?

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The Home Buyers’ Plan (HBP) allows you to withdraw up to $20,000 from RRSP’s to buy or build a qualifying home for yourself (as a first-time home buyer) or for someone who is related to you and is disabled. You may still be considered a first-time home buyer if you own a rental property or if you have not recently owned a home. You can make withdrawals from more than one RRSP as long as you are the annuitant (plan owner) of each RRSP. Your RRSP issuer will not withhold tax on these amounts. Generally, you will not be allowed to withdraw funds from a locked-in RRSP.