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What is the Homebuyer’s Plan?

November 20, 2009 by  
Filed under Recent News

What is the Homebuyer's Plan?

What is the Homebuyer’s Plan?

  • The Home Buyers Plan is a federal government program that allows homebuyers to use $25,000.00 for each purchaser from his/her own RRSP.
  • You must not have owned a principal residence within the last 5 years.
  • You must intend to occupy your home as a principal residence.
  • Minimum repayment is 15 equal annual installments. This schedule can be accelerated.
  • The funds to be withdrawn must have been invested into the RRSP for a minimum of 90 days prior to withdrawal.
  • You must complete a Form T1036 .

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