How do I use my RRSPs to buy my first home?

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.
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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.

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