RRSP Homebuyer's Plan

You can use your RRSP savings as a down payment. The Home Buyers’ Plan (HBP) is a government program that allows first-time homebuyers to borrow up to $25,000 from their registered retirement savings plans (RRSPs) to buy or build a principal home. The money you withdraw is not subject to tax but must be paid back to the RRSP account over a 15-year period. Minimum annual repayments are required.