What is the Home Buyers' Plan?
The Home Buyers' Plan (HBP) is a Canadian government initiative that allows individuals to withdraw funds from their Registered Retirement Savings Plans (RRSPs) to purchase or build a home. Designed primarily for first-time homebuyers, the HBP can be a powerful tool in your home-buying arsenal, enabling you to access up to $60,000 tax-free from your RRSP to put towards your home. It’s worth noting that the previous limit was $35,000 but the limit was increased to $60,000 as of April 16, 2024.