The Home Buyers Plan (HBP) is a program that allows you to withdraw funds for yourself or for a related individual with a disability from your Registered Retirement Savings Plans (RRSPs) to purchase or build a qualifying home. The HBP allows you to pay back the withdrawn funds within 15-years.
As long as you are the owner of more than one RRSP account, you can withdraw funds from each of them. Your RRSP issuer will not withhold tax on withdrawn amounts of $35,000 or less. Certain RRSPs do not allow you to withdraw funds from them, such as locked-in or group RRSPs.
To be qualified to participate in the HBP, certain requirements have to be met, such as: