{"id":1992,"date":"2023-07-11T17:53:03","date_gmt":"2023-07-11T17:53:03","guid":{"rendered":"https:\/\/mymortgagepros.com\/?p=1992"},"modified":"2024-02-08T05:45:46","modified_gmt":"2024-02-08T05:45:46","slug":"first-time-home-buyers-plan","status":"publish","type":"post","link":"https:\/\/mymortgagepros.com\/first-time-home-buyers-plan\/","title":{"rendered":"Use Home Buyer’s, RRSP plans for down payment on a mortgage!"},"content":{"rendered":"\n
The Home Buyers’ Plan (HBP), a program offered by the Government of Canada, is designed to help Canadians purchase their first home. The program allows RRSP account holders to withdraw money from their accounts tax-free<\/strong> when the proceeds are used to buy a qualifying home. Once you withdraw the funds, you have up to 15 years to pay it back. Repayments begin in the second year after the year in which you withdraw the funds.<\/p>\n\n\n\n Unless you have a disability (or are helping a relative who has one) to buy or build a home, you must be a first-time home buyer <\/strong>to qualify for this program. To be considered a first-time home buyer, you must have not owned a house that is your principal residence in the last 4 years before withdrawing the funds from your RRSP for a home purchase. RRSP contributions must also be held in the RRSP for at least 90 days before they qualify to be withdrawn to participate in the HBP.<\/p>\n\n\n\n