The HBP program allows buyers to withdraw funds from their registered retirement savings plan (RRSPs) to buy or build a qualifying home. Up to $35,000 can be withdrawn in a calendar year and the home can be for the buyer or for a related person with a disability. The RRSP contributions must remain in the RRSP for at least 90 days before they can be withdrawn under the HBP, or they may not be deductible for any year.
Generally, repayment of all RRSP withdrawals need to be made within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year. Please consult your financial advisor for more information.