Home buyer’s plan

HBP paves the way to home ownership!

The Home Buyers’ Plan (HBP) is a government program designed to help new buyers like you become home owners and achieve financial independence. Start a registered retirement savings plan (RRSP) and become a home owner while saving for your retirement!

Is the HBP right for my situation?

It is certainly suitable for most homes. The HBP can help make your dream a reality, while it allows you to save thousands of dollars in tax refunds. For working couples, tax refunds of between $10,000 and $21,000 can be achieved—an amount that is more than enough to help you purchase your first home. The HBP allows each taxpayer to withdraw $25,000 (non-taxable) from your RRSP to put toward the purchase of a home.

What if I never contributed to an RRSP?

You can benefit from the HBP if you earn or have earned income that entitles you to contribute to an RRSP. If you contribute as much as you can to your RRSP, you will get significant tax refunds in return.

What if I do not have the money to make RRSP contributions?

It is very easy to invest up to $25,000 in your RRSP. Unused contributions since 1991 can be used and are tax deductible. In addition, by choosing a temporary 90-day loan granted by your financial institution, you can pay off your loan by tapping into your RRSP, a completely legal way to obtain your tax deduction. You will then have up to 18 years to repay the funds to your RRSP, interest free! The method is simple but the results speak for themselves!

How can I get more information about the HBP?

Call me. I have all the information you need about this generous government program designed to help Canadians get on the property ladder.