Change to the Home Buyers’ Plan (HBP)
The Home Buyers’ Plan (HBP) is an effective tool for first-time homebuyers in Canada to increase their available funds for purchasing a home. Through the HBP, individuals can withdraw funds from their Registered Retirement Savings Plan (RRSP) to use as a down payment on a home. This withdrawal is tax-free, but the amount must be repaid within a specified period.
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