Use your RRSPs to buy your first home
The Home Buyers' Plan (HBP) allows you to withdraw up to $60,000 from your RRSPs tax-free to finance the purchase of your first home. A considerable advantage for South Shore buyers.
$60,000
Maximum Withdrawal Per Person
$120,000
Potential for a Couple
15 years
To Repay Your RRSP
What is the HBP?
The Home Buyers' Plan (HBP) is a government program that allows buyers to access homeownership using their retirement savings. You can withdraw up to $60,000 from your RRSP tax-free to buy your first home.
As a RE/MAX broker on Montreal's South Shore, I guide numerous first-time buyers through this process every year, whether in Brossard, Saint-Bruno, Longueuil, Chambly or surrounding municipalities.
How to Benefit from the HBP Even Without RRSPs
Even if you've never contributed to an RRSP, a simple strategy allows you to take advantage of the HBP. Here are the steps:
- Borrow — Get an RRSP loan from your financial institution
- Contribute — Deposit the amount into your RRSP and get a tax refund
- Wait 90 days — Mandatory waiting period before you can withdraw from the HBP
- Withdraw — Withdraw the funds tax-free via the HBP and repay your RRSP loan
- Use your tax refund — Add the tax refund to your down payment
You then have about 15 years to repay your RRSP, interest-free. It's a simple method with incredible results!
Why the HBP is Ideal on the South Shore
Montreal's South Shore offers excellent value for first-time buyers. With properties often more affordable than in Montreal, the HBP combined with attractive prices in areas like Saint-Hubert, Chambly or Sainte-Julie makes homeownership much more accessible.
How I Can Help You
As a RE/MAX broker trained on the HBP, I guide you through every step:
- Assessment of your borrowing capacity
- Coordination with your financial institution for the RRSP/HBP process
- Finding the ideal property on the South Shore
- Full support until key handover
FREQUENTLY ASKED QUESTIONS
Everything about the Home Buyers' Plan
Ready to Become a Homeowner?
I'll guide you through every step, from the HBP to key handover. Free consultation with no obligation.