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A young couple in their new home, accompanied by a home inspector, review a document.

HOME BUYER’S PLAN (HBP)

A little help for your first home.

Buying a home is often the biggest investment you’ll ever make. That's why it's important to use all the tools available. The Home Buyers’ Plan (HBP) can help you make your dream home a reality.

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RRSP and mortgage: a winning combination.

How it works.

If you’ve been contributing to a Registered Retirement Savings Plan (RRSP), you likely have funds that you can withdraw to purchase a home under the HBP. Taking advantage of this plan is a great way to increase the amount of your down payment.

It’s for you.

If you’re a first-time home buyer or you haven’t owned a home in the past 4 years.

Withdrawal amount.

Withdraw up to $35,000, or $70,000 per couple, tax-free from your RRSP to buy or build your home.

Repayment.

After the second year following your withdrawal, you need to start repaying at least 1/15th of the amount borrowed from your RRSP, until you’ve paid back the total amount over no more than 15 years.

Qualifying homes.

The property must meet the following conditions to qualify for the HBP:

Located in Canada.

Purchased or built before October 1 of the year after withdrawing the funds from the RRSP.

Become the borrower's principal residence at least 1 year after purchase or construction.

Details about RRSP withdrawals.

  • You can only withdraw funds from your RRSP 90 days or more after your last RRSP contribution.

  • You can take advantage of this program more than once if you’ve fully repaid your previous HBP withdrawal.

  • If you don’t have $35,000 in your RRSP, or if you don’t have an RRSP, you can still take advantage of the program by taking out a Laurentian Bank RRSP loan.


How to use an RRSP loan for the HBP in 3 easy steps.

Keep in mind that you must pay back at least 1/15th of the amount borrowed from your RRSP every year, and pay back the full amount in no more than 15 years.

Borrow the amount you need from Laurentian Bank with confidence.

By looking at your needs and your unused RRSP contributions, you can borrow the amount you need to maximize your withdrawal.

Invest what you borrowed.

You can invest the borrowed amount in a Laurentian Bank RRSP.

Make an HBP withdrawal.

After a minimum of 90 days, withdraw the amount from your RRSP under the HBP and repay your RRSP loan.

You’re all set!

You now benefit from a tax deduction. You can use it to help cover expenses related to the purchase of your property, such as the down payment, notary fees, moving expenses, and so on.

Helpful tips and resources.

Your questions answered.

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