| Laura Burt |
| Professional Mortgage Planner |
Home Buyers Plan (HBP)
The Home Buyers' Plan (HBP) is a government sponsored program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSPs) penalty free to buy or build a qualifying home.
In order to qualify for this program, you MUST be a first time home-buyer. The definition of a first time home-buyer is an applicant that has not directly, or indirectly, owned a residence within the past five years.
Under the HBP, qualifying withdrawals will not be included in your annual income, and the RRSP issuer will not withhold income tax from the withdrawn amount.
To withdraw the funds from your RRSPs, you must first have entered into a written agreement to buy or to build a home. You must also prove that you will occupy the property as your personal residence.
The condition for the HBP is that you will repay the amount withdrawn within a 15 year time period. In each year, you will need to make the minimum contributions to your RRSP equal to 1/15 of the withdrawn funds until the total amount is repaid. Your repayment starts the second year following your withdrawal.
If you think you qualify for the HBP, please call us as we will help you through the entire process.
You can download an HBP Request Form under the Forms tab on this website. We would also be more than happy to email one to you.
Contact Information |
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Calgary: |
403.681.9099 |
Toll Free: |
1.877.875.1946 |
Fax: |
403.457.1548 |
Email: |
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