RRSP HBP: The Benefits for Your First Purchase

Are you planning to buy or build your first property soon but don’t have the necessary funds yet? To get your project off the ground, consider the RRSP HBP!

The HBP, or Home Buyers’ Plan, is a program that allows you to withdraw money from your RRSP for a real estate purchase. Thanks to this program, you can become a homeowner quickly while benefiting from various advantages. 

To find out about your HBP options and make the right choice, the accounting and tax consulting firm EB Conseil Fiscal Inc. is there for you. Based in Montreal, we put our expertise at the service of your projects.

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The RRSP HBP: A Helping Hand for Your Future Home

Your dream home is taking shape in your mind… Between you and that dream, there are few steps left to take! To get started on your plans, there are solutions for obtaining additional funds.

If you can relate to this description and are already contributing to a registered retirement savings plan, then the HBP may be for you. With this plan, you can withdraw up to $35,000 tax-free from your RRSP to build or buy your first home, provided that it is one of the types of homes eligible for the plan.

In addition, the funds must have been in your RRSP for at least 90 days to be withdrawn.

The HBP is a loan. You will therefore have to repay the amounts withdrawn by putting them back into your RRSP over a maximum period of 15 years.

Make sure you are solvent and have all the necessary information before taking the plunge. 

Are you interested in this possibility but still have some doubts? EB Conseil Fiscal Inc. can help you. After examining your situation, we will work with you to determine the best RRSP option available.

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What Are the Benefits of the HBP?

First, for a two-person project, you and your spouse or common-law partner can each withdraw up to $35,000 from your RRSP. This gives you a potential total of $70,000—an attractive amount to start a real estate project! 

Then, it is possible to use the money in the RRSP HBP in several ways. For example, you can increase your down payment and reduce the interest on your loan. The amount can also help you cover certain costs related to the purchase, such as notary fees. 

On the other hand, an HBP allows you to withdraw the entire amount at once or in several installments over a year. The latter option will be most suitable for covering the ancillary costs of the project, while a lump sum withdrawal can be used for the construction of your property. 

Finally, with the HBP, you can spread your repayment for 15 years. You start repaying in the third year following the date of your withdrawal, and your repayment is made annually, at a rate of 1/15th of the total amount per year. 


What Are the Benefits of the HBP?

To be eligible for the HBP, you must first satisfy several requirements:

  • Your purchase must be your first home. 
  • You must have a written agreement to purchase or build a qualifying home.
  • You must be a resident of Canada.
  • You must occupy the home as your principal residence within one year of construction or purchase.
  • If you have previously participated in the HBP program, you can only do so again if your HBP repayable balance as of January 1 of the year of the withdrawal is zero. 

Depending on your project, EB Conseil Fiscal Inc. will help you determine if the RRSP HBP is a viable and prosperous option for you.

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EB Conseil Fiscal Inc. is a Montreal-based firm of chartered accountants and tax specialists. Our goal is to optimize your accounting and grow your finances!

To ensure the sustainability of your funds and secure your future, it is essential to take the right steps today. Whether you are a professional or an individual interested in an RRSP loan or an HBP, our members are here to listen to you. Together, we will determine the best investment options and help you make the right decisions. 

For your RRSP HBP, we take stock of your situation and find the solutions that are best suited to your goals. You are just a few steps away from your ideal home!