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RRSP Home Buyers Plan

The Home Buyer’s Plan (HBP) is a government program that allows home buyers to withdraw up to $25,000 from their Registered Retirement Saving’s Plan (RRSP) to put towards buying or building a new home.

Before you can withdraw funds, you have to be entered into a written agreement that specifies whether you will be buying or building your new home.  You also must occupy this space no later than a year after buying or building this new home.

To take advantage of this program you have to be considered a first-time buyer. You are not a first-time home buyer if you (or you and your spouse) has owned a home which you have occupied as your principal place of residence in the past 5 years.

Once those conditions are met each person can withdraw up to $25,000 tax-free from their RRSP for a new home. Couples, including common-law, can withdraw up to $50,000. You will not pay income tax on these amounts as long as these funds will be repaid into an RRSP in the future.

Existing homeowners can also use this program to purchase an accessible home or a home for a disabled dependent relative. The intended individual must qualify for the Disability Tax Credit (DTC) and this home must be more accessible or better suited to the care of this individual. 


Also Check Out Our Government Link



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Patrick & Felicia-First-Time Home Buyers

Jan 13th, 2021

Aaron did a wonderful job of making my husband and I feel confident in the purchase of our first home. He was very professional and responsive during the whole process and ensured that we felt comfortable each step of the way. Purchasing a home during a pandemic can be a daunting task but with his vast knowledge and remarkable attention to detail we found a home that suited our needs perfectly. ~Patrick & Felicia

 

FLFelicia Listro

Kristin West-First-Time Home Buyer

Oct 15th, 2022

If you are in search of an honest, reliable, and knowledgeable realtor, look no further because Aaron is your guy! He helped me purchase my home through the most difficult housing market during the pandemic. During when home inspections were essentially non-existent, I could trust Aaron to guide me in the right direction whether or not the property was a wise choice or not! He is very knowledgeable in conditions of the home, electrical, plumbing, proper grading, etc, etc.! He was so patient and reassuring during an immensely frustrating time in an over inflated market. Aaron found us our forever home and I would highly recommend him to anyone looking to buy or sell their home! Kristin West-First-Time Home Buyer

KWKristin West

Mike & Louise Whitney-Home Seller & Buyer

Aug 27th, 2019

"A wonderful transition which Aaron made happen seamlessly. Everything was completed in a timely fashion with the utmost professionalism. Top notch service all the way. Aaron went above and beyond to make our move less stressful. His suggestions and advice were very useful and greatly appreciated. 
Cheers Aaron."~Mike & Louise

MWMike Whitney

Allan & Lisa-Home Sellers

Aug 27th, 2019

"After interviewing a few other agents, and then sitting with Aaron, we knew he was the one. His knowledge of residential construction and finishing's, along with his confident professionalism, set him apart from the others. After drawing out a sales plan, we executed everything as scheduled and accepted an offer far superseding our expectations, $350,000 over asking!! We highly recommend Aaron when it comes to real estate!"-Allan & Lisa

ALAllan Lalonde

Josh & Genny Harding-Buyers and Sellers

Jan 20th, 2022

There’s many people out there that can pass all the tests to obtain their Realtor license, and away they go showing homes to people in hopes for a sale. Then you have Aaron Albright! This man goes above and beyond like I’ve never seen before and I’ve had 3 homes in the past, and Aaron just sold my recent home and helped us to buy another! Many Realtors try to push homes on people to make a sale, but Aaron…? He gives his honest opinion, doesn’t matter the price of the home; gets his hands dirty trying to figure out why certain issues are the way they are in a home, to make you second guess why you should buy a home or not? He has a very competitive and fair commission structure when listing, keeps his professionalism, is easy to deal with and is ((very very)) patient ie; text or calls<<…this is vital. The list goes on really. You will not be disappointed if you hire him as your realtor. Trust me! Things you would miss when viewing  properties…he'll point out in the best of your interest and in today’s market, you need a ((realtor/home inspector)), as I call it.~Genny & Josh

JHJosh Genny Harding
Aaron Albright Real Estate
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Listing Data were last updated: 2026-03-30 02:57:33

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