Home Buyer's Plan

The Home Buyer's Plan allows you to borrow funds from your RRSP to purchase your first home. Here are some of the key facts:

• You and your spouse can each borrow up to $20,000.
• The funds must have been on deposit at least 90 days before you withdrew them.
• At least 1/15 of the funds must be repaid each year, beginning two years after the funds were withdrawn.
• A signed agreement to buy or build a qualifying home is required.
• You can only participate in the program once.

For details see Canada Revenue Agency.