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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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Steve & Melanie-New Home Buyers

Aug 27th, 2019

"Dealing with Aaron has been awesome. Nothing beats the expertise he brings and the piece of mind knowing your best interests are his #1 priority. He does his homework and provides very detailed information to help you make the best decisions. I've had the luxury to have bought a home with Aaron on our team and it couldn't have gone any better. We got exactly what we wanted, on our terms and you can't beat that. Not only do I recommend Aaron Albright, I trust him 100% and hope everyone has the opportunity to have him in your corner on your next purchase or home sale. You won't be disappointed." -Steve & Melanie

SCSteve Chadwick

Lisa & George MacGregor-Home Sellers

Jan 27th, 2022

Aaron was honest, helpful and very knowledgeable. He walked us through the process (first time selling for both of us) in a very clear and concise manner. His staging and relocation program were exceptional! We highly recommend Aaron as an agent! ~Lisa & George

LMLisa George MacGregor

Adam & Athena Mizrahi-First-Time Home Buyers

Sep 10th, 2022

As first time home buyers in a crazy market, we didn't know what to expect or even look out for but Aaron helped us navigate with absolute ease and confidence. If you want someone going to bat for you, someone who knows the industry, understands housing and construction and even someone who will find the closest dog park for your pup, then Aaron is the Realtor for you! He is so thorough and patient-we could not have done this without him.

Thank you Aaron! Your knowledge, professionalism and unwavering patience helped us find the perfect home for our family. We are so grateful we had you in our corner and will happily recommend you to our friends and family at every opportunity! Adam & Athena Mizrahi-First-Time Home Buyers

AMAthena Mizrahi

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

Lucas & Julie-Home Sellers and Buyers

Jan 19th, 2019

Aaron truly is an amazing person. He helped find our perfect family home. With time, kindness, patience and professionalism, he was always there for anything. We appreciate everything you did for us and without a doubt, if you're looking to sell or buy, Aaron's your guy! He is absolutely the best! ~Julie & Lucas

LKLucas Julie Krasovskis
Aaron Albright Real Estate
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