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The Earl Report

Tap into Your RRSPs with the Home Buyers’ Plan

Tap into Your RRSPs with the Home Buyers’ Plan

Saving enough money for a down payment these days is tough. House prices have risen, and controls have tightened around the minimum down payment homebuyers can make, so now we have to come up with even more money. But there is some good news – the Home Buyers’ Plan allows us to withdraw up to $25,000 in a calendar year from our Registered Retirement Savings Plans (RRSPs) in order to buy or build a qualifying home. This means anyone who has RRSPs could potentially fund their down payment to buy a home, though remember that you will have to start repaying the funds in the second year after withdrawing them.