The Home Buyers’ Plan (HBP) is a program that allows a first-time home buyer to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $35,000 ($70,000 for a couple) tax-free. The HBP allows you to pay back the withdrawn funds within a 15-year period. While this will decrease your mortgage payments and total interest you pay, there are things to consider such as whether you will be able to make the repayments to your RRSP, what it means for your retirement savings goals, and the potential tax liability if the funds are not repaid into your RRSP. For more information: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
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