How Exactly Do You Pay Off The Home Buyers' Plan?

Monday Nov 21st, 2022

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How Exactly Do You Pay Off The Home Buyers' Plan? Title Graphic, hand holding key with house keychain.

The Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw up to $35,000 from their RRSP without having to pay taxes. Afterwards, buyers are expected to repay the funds that were withdrawn under this plan. However, they don’t have to start repaying until 2 years after they took out the funds and up to 15 years to repay the full amount. First, find out what your account balance is and the amount owing by logging into your CRA account and selecting “Go to RRSP and... [read more]

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