The Home Buyer’s Plan For First-Time Buyers

• Multiple RRSPs: You can withdraw funds from multiple RRSP accounts if you are the owner of each account.

• Withholding Tax: Your RRSP issuer will not withhold taxes on withdrawals of $60,000 or less.

• Withdrawal Restrictions: Some RRSPs, such as locked-in or group RRSPs, may not allow withdrawals.

• Home Buyer’s Plan (HBP):

  • If you’re a first-time home buyer, withdrawals under the HBP are tax-free.
  • You and a co-buyer can access a combined total of $120,000.

• Repayment: Withdrawn amounts must be repaid within 15 years or added to your taxable income.

• Residency Requirement: You must be a resident of Canada to withdraw funds from your RRSPs under the HBP.