What is the Home Buyers' Plan?

The Home Buyers’ Plan allows a first time home buyer to withdraw up to $25,000 from their registered retirement savings plan (RRSP), without taxes. This comes with the following conditions:

  • The withdrawn amount must be repaid within 15 years.
  • Your funds in the RRSP must have been deposited for at least 90 days before the time of withdrawal.
  • You must have a signed agreement to buy or build a qualifying home.
  • You must withdraw the funds within the first 30 days of owning the home.

More information and the required forms can be found on the CRA page.