Home Buyers' Plan


  • A government program that gives first-time homebuyers the option to withdraw funds from their registered retirement savings plans (RRSPs) in order to use as a down payment for a mortgage. As of 2012, each borrower may withdraw up to $25,000, but all funds withdrawn using the Home Buyers' Plan (HBP) must be repaid to the RRSP within 15 years.


Relevant Locations

Government assistance for first-time homebuyers.

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Related Terms and Acronyms

  • Down Payment Definition,
    • The portion of the purchase price a buyer pays, in cash, at the time the loan originates.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • Registered Retirement Savings Plan (RRSP) Acronym, Canada, Very Important,
    • A savings plan introduced by the federal government to encourage Canadians to save money for retirement. The investment and the interest earned on it is sheltered: it will not be taxed as long as it is left in the plan.
    Tax deferred investment contribution used to reduce income tax.
  • Tax-Free Savings Account (TFSA) Acronym, Canada, Important,
    • A savings account for Canadians where income earned is not taxed.
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