The Home Buyers Plan is a Government of Canada program that now makes home ownership easier for you. If you're a Canadian resident and have not owned or shared in a home of your own that was used a s a principle place of residence within the last five years, you can participate. The Home Buyers' Plan lets you use up to $20,000.00 from your RRSP tax-free and interest-free to help buy or builds a home. And your spouse or partner can also withdraw another $20,000.00 from his or her plan. That's a total of $40,000.00 available to you this year.
EVEN IF YOU DON'T HAVE ANY FUNDS in an RRSP.....You can still take advantage of this program.
in concert with the 
If you have been earning income for the last few years, and have not contributed, or haven't contributed your maximum allowed to your RRSP account, I can help. You have probably accumulated contribution room that is available to you under the carry -forward provision. Look at your income tax assessment notice or call Revenue Canada to find out how much contribution room you have now. If you're like most Canadians you have significant room left, and you can make new RRSP contributions.
Depending on your credit eligibility, TD Bank can lend you the money needed to contribute the maximum allowable to your account. After 90 days you can withdraw those funds to repay the bank loan.You will have earned income tax deductions that will create significant income tax savings this year and generate, a refund next year. this refund can be used to purchase your home.
The funds you withdraw from your RRSP must be used to purchase a home by October 1 of the year following your withdrawal. This can include your down payment or part of your down payment and any other expenses incurred, like moving, decorating or closing costs.
The Home Buyers' Plan requires you to repay your RRSP account. However, the payments are spread over 15 years, and they begin roughly 3 years after the year you withdraw the funds. If you withdraw the maximum of $20,000.00, you will have to repay about $1,300.00 per year to you RRSP. It's like getting par of your mortgage from yourself, interest free, tax-free!
There are a few simple rules you must follow to qualify. And there are some forms to fill in. I can explain all that to you. Ask for our video and workbook about the RRSP Home Buyers' Plan available at no cost or obligation. The Home Buyers' Plan is like a well kept secret. Learn about it, and you can own your own home this year!
Ask for information
This page is designed for consumer information only.
It is based on recent Revenue Canada interpretations, but it is not meant to be a legal opinion.
Certain credit and eligibility criteria must be met.