The Home Buyer’s Plan

What is the home buyer’s plan? How does it benefit you?

The Home Buyer’s Plan gives you the ability to purchase a qualifying home using your RRSP account. This will enable you to buy a home much faster but allowing you to withdraw up to $25,000.

Here are some of the many rules of the Home Buyer’s Plan:

  • The funds in your RRSP account must be in there for a minimum of 91 days
  • You may not use locked-in RRSPs
  • The funds can be used for other things, not just the down payment, such as furniture, moving expenses, and legal costs
  • You can replenish your RRSP over the next 15 year time period or sooner if you wish
  • And/or you can add the amount ($25,000 divided by 15 = $1,667) to your income each year and be taxed on it and not replenish your RRSP
  • You can use the program again after 5 years of the RRSPs being repaid
  • Both spouses are eligible to withdraw up to $25,000 each, at the same time
  • One family – one principle residence: if you marry someone who has already used the plan and you move into their home, you are no longer eligible to use the program
  • As a first-time home buyer, you are eligible to make a tax-free withdrawal of up to $25,000

This is just one option of many mortgage insured programs. The Home Buyer’s Plan allows you to purchase a qualifying home much quicker.

If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at