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Withdraw from your RRSP without penalty to buy a property

Did you know that you can, under certain conditions, withdraw money from your RRSP without penalty to buy a property?

In fact, the Home Buyers' Plan lets you borrow up to $25,000 from your RRSP (up to $50,000 per couple), tax free, to purchase a new or existing home. Normally, withdrawing from your RRSP would subject you to paying taxes on the withdrawal but under the Home Buyers' Plan, you can withdraw all or part of your RRSP without penalty.

You must meet the following conditions:

You have not been an owner-occupant of a residence in the past 5 years.
You have to pay the money back into your RRSP within 15 years, as of the second year after registering for the Home Buyers' Plan.
The money has to have been in your RRSP for at least 90 days before the withdrawal.

Find out more

See Home Buyers' Plan (HBP)

For all of the articles, visit the Did you know page.




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