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HOME BUYER'S PLAN (HBP)
The Home Buyer's Plan (HBP) allows first-time homebuyers or persons who have not been homeowners for five years to withdraw funds from their RRSP to purchase a home, with no income tax payable on the amount withdrawn.
A maximum of $25,000 may be withdrawn.
To qualify for an HBP, the home must be:
REPAYING THE WITHDRAWALS
The amounts withdrawn under an HBP must be repaid over a 15-year period as of the second calendar year following the withdrawal. Each year you have to repay 1/15 of the total amount you withdrew. The repayments are not considered to be contributions to your RRSP and are not tax deductible.