The Home Buyers Plan is a government program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
How to Participate in the HBP:
To Meet the Withdrawal Conditions:
You have to make sure that all HBP conditions are met otherwise your withdrawal may not be considered eligible. You must include part or all of the withdrawal as income on tax return for the year that you received the funds.
For more information visit the Government of Canada webpage at https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
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