Plain meaning
A program that can let eligible first-time home buyers withdraw amounts from RRSPs to buy or build a qualifying home, subject to repayment rules.
Also called
RRSP home buyer withdrawal
HBP
Key points
- The plan is generally for eligible first-time home buyers, although special rules can apply for persons with disabilities.
- Withdrawn amounts must generally be repaid to an RRSP over a repayment period or included in income as required.
- The withdrawal limit and repayment timing can change through federal budget measures.
- Using the plan can help with a down payment but also removes funds from retirement savings while withdrawn.
- The HBP is separate from the First Home Savings Account, though both can relate to first-home purchases.
Why it comes up
Home Buyers' Plan changes connect RRSPs, first-home affordability, mortgage rules, and budget housing measures.