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First Time Buyers Plan

The best real estate program to help you become a homeowner!

The Home Buyers’ Plan (HBP) is a government program which allows first-time home buyers like you to gain financial autonomy. You can become happy homeowners while at the same time building a retirement fund within a Registered Retirement Savings Plan (RRSP). A double advantage!

Is the HBP right for me? Of course!

It’s suitable for most households. With the HBP, your dream of home ownership becomes a reality, while saving you thousands of dollars in tax refunds. For working spouses, refunds could range from $10,000 to $21,000, more than enough to cover the purchase of your first home. The HBP allows each taxpayer to withdraw up to $25,000 tax-free from their Registered Retirement Savings Plan to purchase a home.

What if I've never contributed to an RRSP?

You can still take advantage of the Home Buyers’ Plan, as long as you earn or have earned income that qualifies you to contribute to an RRSP. By contributing as much as you can to your RRSP, you’ll receive substantial tax refunds!

What happens if I don't have enough money to contribute to an RRSP?

It’s very easy to invest up to $25,000 in your RRSP, since contributions not made since 1991 can be clawed back and deducted. What’s more, by choosing a 90-day temporary loan from your financial institution, you have an amount that you can repay from your RRSP. This means you get your tax deduction in full compliance with the law. You then have almost 18 years to reinvest the funds in your RRSP, interest-free. It’s a simple method, but the results are amazing!

How can I get more information about RAP?

Talk to me, and I’ll provide you with more information on this generous government program to make your home-buying process easier.