All first time buyers should get to know the advantages of the RSP Home
Buyers' Plan.
The Home Buyers' Plan (HBP) lets a first time buyer withdraw up to $20,000 from RSPs for a home purchase. The withdrawn amount must be repaid within 15 years, subject to a minimum annual repayment that is 1/15 of the amount withdrawn. If the full $20,000 is withdrawn, the minimum annual repayment is $1,333. If less than the minimum is repaid in any particular year, the balance is added to the taxpayer's income.
Want more information? Check the Canada Customs and Revenue Agency Publication.
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