Are you ready to invest in your first home, and looking around for ways to fund it? The Canada Revenue Agency’s Home Buyer's Plan (HBP) permits a "first-time buyer" to withdraw RRSP funds for use towards the purchase of a home. Unlike other RRSP withdrawals, an HBP withdrawal is not reported as income.
There are a number of criteria that must be met in order to be eligible for the plan. In addition, the funds must be repaid to an RRSP within a maximum 15-year period, or be taken as income.
For more detailed information, you can check out the CRA website or contact us.