Your home is eligible if you buy or build it:
- Before October 1 during the year after the year you withdrew from your RRSP
- Alone or with one or more individuals
Withdraw up to $35,000 from your RRSP to buy your first home.
Did you know you can use your RRSP to buy a home? The Home Buyers' Plan (HBP) lets you withdraw funds from your RRSP for a down payment and pay it back later.
To qualify:
Tip
Take out a mortgage loan with a down payment as low as 5% of the property value.
$35,000 per person
Amounts over $35,000 must be declared as income for the current year. Couples can withdraw a total of $70,000 for a down payment on a property.
Tip
Need to top up your down payment? An RRSP loan or line of credit can help you get to $35,000. Note that your loan balance will come due once you withdraw from your RRSP.
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After the end of the first year, you must repay one fifteenth of the amount withdrawn on an annual basis for the next 15 years.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.
Tip
Instead of making lump sum payments once a year, set up systematic savings to pay back your balance on the schedule that suits you best.
Talk to one of our mortgage specialists to learn about your financing options.
Your home is eligible if you buy or build it:
Finance your down payment with an RRSP loan or line of credit1 to take advantage of the HBP.
Here's how:
TM All-In-One Banking is a trademark of National Bank of Canada.
Our specialists can guide you through every step of the process, and can even come to you.