Introduced in 1992, a RRSP withdrawal limit of $25,000 to buy a Real Estate home or house. If you're purchasing with someone who is also a first time home buyer, you can both access $25,000 from your RRSP for a combined total of $50,000.
To participate in the HBP, ONE of the following conditions must apply:
Your first repayment is due the second year following the year in which you made your withdrawals.
You have up to 15 years to repay the amount that you withdrew under the HBP. Generally, for each year of your repayment period, you have to repay 1/15 of the total amount you withdrew until the full amount is repaid to your RRSPs.
Over 2 million Canadians having used this program.
Compliments of Ron Klingbyle a full time top producer real estate professional serving Windsor and the surrounding Essex County Community Areas. If you're thinking of Buying or Selling a home, investment or commercial property or relocating to the Windsor / Essex County Area? Contact me I can help, let my consistent, proven accomplishments and lifetime experience in real estate go to work for you.
