RRSP Home Buyers Plan

How to use the Home Buyers Plan to purchase your first home:

The Canada Revenue Agency, through the Home Buyers Plan, allows qualifying first time home buyers to withdraw up to $60,000 (increased from $35,000 to $60,000 on April 16th, 2024) out of their RRSP account, tax free! This is a great program that allows first time buyers to take advantage of the tax benefits of investing into an RRSP account and the utilizing those benefits to purchase their first home.

If you are planning on taking advantage the the Home Buyer's Plan to withdraw your RRSP's tax free (upon qualification) you'll need to fill out the appropriate forms to make a withdrawal from your RRSP account. Here's a link to the form you'll need to fill out and give to the company holding your investments in order to make the withdrawal. To find more information and qualification criteria on the Home Buyer's Plan, click here.