$25,000 per person
Amounts over $25,000 must be declared as income for the current year. Couples can withdraw a total of $50,000 for a downpayment on a property.
15 year maximum
After the end of the first year, you must repay one fifteenth of the amount withdrawn on an annual basis for the next 15 years. You can also pay it back in full at any time. Note that your repayments are not counted as RRSP contributions and are therefore not tax deductible.
Talk to one of our mortgage specialists to learn about your financing options.
Apply for financing to benefit from the HBP
TM All-In-One Banking is a trademark of National Bank of Canada.
1. Subject to credit approval by National Bank. Speak with your accountant, tax specialist or financial planner to see if this is the right strategy for you.
2. Subject to credit approval by National Bank of Canada. Certain conditions apply.