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Home Buyers' Plan (HBP)

Use your RRSP to buy your home

  • You can withdraw up to $25,000 per borrower from your RRSPs to finance the purchase or construction of a home
  • That's up to $50,000 for couples
  • Your RRSP withdrawal is tax-free
  • You have 15 years to pay back the withdrawal amount, interest-free
  • A government program that lets you borrow from your RRSP to buy or build your home.
  • You can use the Home Buyers' Plan more than once if you've paid back your previous HBP in full within the deadline.

If you and your spouse were not the owner/occupants of a principal residence during the year of the RRSP withdrawal and the previous 4 years.

To learn more about the Home Buyers' Plan, see the Canada Revenue Agency site.

You can still participate in the Home Buyers' Plan if you have few savings put aside or you haven't contributed to an RRSP.

Here's how:

  1. Borrow the amount you need from your Desjardins caisse, but stay within the maximum RRSP contribution room you're allowed.
  2. Deposit that amount in a Desjardins RRSP for at least 90 days.
  3. Withdraw these non-taxable funds from your RRSP and repay your loan to the caisse.
  4. Use your income tax refund as a down payment on the purchase of a property.

You have 15 years to put the money back into your RRSP.