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21 Feb

Use home buyers’ plan (HBP) more than once

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DLC BLOG RRSP –

Use home buyers’ plan (HBP) more than once
RRSP – Use home buyers’ plan (HBP) more than onceUnder the home buyers’ plan, a participant and his or her spouse or common- law partner is allowed to withdraw up to $25,000 from his or her RRSP to buy a home. Before 1999, only the first- time home buyers are permitted to buy a home under this plan. Now a person can take an advantage of HBP plan more than one, two, three, four or more times as long as the participant in this plan fulfills all other conditions. The house can be existing or can be built.

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