You can use the funds in your RRSP to buy property through the Home Buyers' Plan (HBP). The HBP allows you to withdraw up to $ 35,000 per borrower from your RRSP to fund your down payment and repay it later.

To benefit from HBP, you must:

• Be a first-time home buyer or have not owned a property for at least 5 years, or in the event of a break-up, have lived separately for at least 90 days.
• Buy or build a qualifying home in Canada and occupy that dwelling as your principal residence within one year of purchase.
• Have RRSPs for at least 90 days.
• Reimburse the amount of the PCR over a period of 15 years, i.e. 1/15 of the amount annually.

Tip!

Don’t have an RRSP? The RRSP loan or line of credit could allow you to take advantage of the HBP *.

*Subject to credit approval by National Bank. Please consult your accountant, tax specialist or other tax planners to validate the applicability and the value of this strategy.