Home Buyers Plan (HBP)

HBP without an RRSP?

The Home Buyers’ Plan is a very flexible program that lets you use your RRSP to buy your first home. Even if you haven’t contributed to an RRSP but you have some money put aside, it’s possible to take advantage of the HBP. Here’s how:

1. Get an RRSP loan from your Caisse within your RRSP contribution limit.
2. Deposit it in your RRSP for at least 90 days.
3. Withdraw this non-taxable amount from your RRSP and pay off your loan at your caisse.
4. Use your income tax refund as a down payment to acquire your home.
5. In 2 years, start to pay back your RRSP. Remember, you have 15 years to pay it off completely. And once you can afford it, contribute more to increase your RRSP so you can take that dream retirement.

Want to use HBP more than once?

You may participate in the Home Buyers’ Plan more than once, as long as you have repaid your previous withdrawal in full and within the prescribed time period.