The Home Buyers' Plan (HBP) is a Canadian program that allows you to withdraw up to $60,000 from a tax-free RRSP for the purchase or construction of a first home. The amount must come from funds deposited at least 90 days ago and be repaid over a maximum period of 15 years.

Operation and Rules

Maximum withdrawal: Up to $60,000 per person ($120,000 for an eligible couple).

Eligibility: Be a first-time home buyer (not have owned a self-occupied principal residence in the previous 4 years).

Repayment period: The 15-year repayment normally begins in the second year after the withdrawal, or in the fifth year for a first withdrawal made between 2022 and 2028 (temporary relief).

It is important to meet all the criteria on the form to be eligible. Do not hesitate to discuss it with your tax accountant or you can consult the complete details or start your process through the Canada Revenue Agency The Home Buyers' Plan - Canada.ca