I would like to share with you, an interesting article by Jessica Bruno, of advisor.ca

If you will be purchasing or building your FIRST Home, you should review if you qualify for the The Home Buyers’ Plan (HBP)

You’re eligible if you meet CRA’s definition of a first-time home buyer. You would be considered a First Time Home Buyer if you have not lived in a home that you, your spouse or common-law partner, owned in the last four years. If this is the case you would be able to withdraw up to $25,000 from your RRSP to buy or build a home.

Both you and the RRSP issuer will have to complete Form T1036: Home Buyers’ Plan Request to Withdraw Funds from an RRSP to determine if you are eligible for the HBP.

At tax time you will need to report the amount withdrawn. You will also need to report Home Buyers’ Plan RRSP repayments. You will have 15 years, starting the year after you purchased your FIRST home, to repay the amount you withdrew.

Call our office today to determine if the Home Buyers’ Plan will be suitable for you.

Tax Tips for First Time Home Buyers