RRSP Home Buyer’s Plan

Unlock the Door to Your Dream Home with the Home Buyer’s Plan (HBP)! This government program allows you to withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSP) to buy or build a new home.

To access these funds, you need a written agreement specifying whether you’ll buy or build your new home. Imagine moving into your dream home within a year of buying or building it—this could be your reality!

If you haven’t owned and lived in a home as your principal residence in the past five years, you qualify as a first-time buyer. This means each person can withdraw up to $25,000 tax-free from their RRSP. Couples, including common-law partners, can withdraw up to $50,000. The best part? You won’t pay income tax on these amounts, as long as you repay the funds into an RRSP in the future.

Existing homeowners can also benefit if they’re buying an accessible home for themselves or a disabled dependent relative. The individual must qualify for the Disability Tax Credit (DTC), and the new home must be more accessible or better suited for their care.

Whether you’re looking for homes for sale in Bradford, Newmarket, or Innisfil, working with a top real estate agent in Bradford can help you find the perfect property. Don’t miss out on this amazing opportunity to make your dream home a reality!