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 HBP

The Home Buyer's Plan (HBP) is a program that lets you withdraw funds (RRSPs) to $ 25 000 tax free in a calendar year, to buy a first home and earn money for retirement.



Conditions for participation to HBP:

Have an agreement to buy a home;

The qualifying home must be located in Canada and used as your principal place of residence;

You need to be considered a buyer of a first home;

Your HBP balance must be zero on 1 January of the year of withdrawal;

Neither spouse shall be the owner of the eligible house 30 days before the withdrawal;

You must be a resident of Canada;

Complete Form T1036 for each eligible withdrawal;

You must receive all withdrawals in the same calendar year;

The property must be acquired before 1 October of the calendar year following the withdrawal.



* Before you plan the purchase of a house, a serious step is to plan your spending to your income.