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Dreaming about your new home? Your RRSP is the key!

The RRSP is an effective way to get that trendy downtown loft, the condo in the suburbs or dream house in the country, thanks to the government program known as the Home Buyers’ Plan (HBP).

Under the HBP, you can withdraw up to $25,000 from your RRSP ($50,000 per couple) to help you buy your first primary residence. One of the conditions of this program is that you become the owner before October 1 of the year following your withdrawal. Moreover, a qualifying home under the HBP earns you a federal tax credit of $750 for residents in Ontario.

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