The Registered Retirement Savings Plan (RRSP) is a powerful financial tool that offers Canadians a unique opportunity to plan for retirement and manage their savings for their financial future. The Home Buyers’ Plan (HBP) allows eligible homeowners to leverage their RRSPs to finance the purchase of their first home without having to pay taxes on the funds withdrawn.
Each eligible Canadian can withdraw up to $35,000, or up to $70,000 for a couple, and has up to 15 years to repay without interest. This represents a golden opportunity for people wishing to realize their dream of becoming a homeowner, while remaining certain of their financial future. By using their RRSPs wisely, Canadians can ensure they have a comfortable retirement and maximize their savings to achieve their long-term financial goals. We are proud of this tool that helps Canadians achieve financial stability and achieve their homeownership aspirations.
The HBP is suitable for most homes. With the HGG, your dream of becoming a homeowner comes true while allowing you to save thousands of dollars in tax refunds. For working spouses, repayments could average between $10,000 and $21,000 each, more than enough to buy your first home. The HBP allows each taxpayer to withdraw up to $35,000 tax-free from their Registered Retirement Savings Plan for the purpose of acquiring property.
Consult me, I will provide you with more information on this generous government program to facilitate your steps in the acquisition of your property.
RE/MAX DU CARTIER REAL ESTATE AGENCY – INDEPENDENT AND AUTONOMOUS FRANCHISEE OF RE/MAX QUEBEC