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What is a Home Buyers' plan withdrawal?
Home Buyers' Plan (HBP) withdrawal
The Home Buyers' Plan (HBP) is a program that allows Canadians to withdraw up to $25,000 from their personal or spousal Registered Savings Plans (RSPs) to buy or build a “qualifying” home for themselves or for a related person with a disability. RSP contributions must remain in the RSP for at least 90 days before they can be withdrawn under the HBP, or they may not be deductible for any year. Generally, funds cannot be withdrawn from a locked-in RSP or group RSP. The withdrawals can be made as a single amount or a series of withdrawals in the same calendar year, provided that the total amount withdrawn is not more than $25,000.
Withdrawals under the Home Buyers' Plan must be repaid, starting the second year following the withdrawal, over a period of no longer than 15 years. Repayments are made by contributing into any RSP plan and by filing a Schedule 7 in your income tax return to the Canada Revenue Agency (CRA) to designate the contribution as an HBP repayment.
Since the Home Buyers Plan is a federal government program, please verify your eligibility and conditions for participating under the HBP by contacting CRA or viewing information posted on the Canada Revenue Agency website.
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